Debt in Sweden


In Sweden, most people are careful about their funds and think about future. Therefore, they save money and avoid spending more than they can afford. They use credit cards but are rarely in huge debts, thanks to this way of thinking (although some of the most indebted Europeans live there). When they are anyway, this results in being registered as a bad payer and that person is less likely to be trusted with money or rented possessions in the next few years.


Sometimes lenders sell the debt, meaning that the buyer can collect it and keep the money. Swedish law allows that as long as the debtor consents to it and credit card companies sell debts, too. They usually include their right to do so in fine print in the initial contract so customers might not even be aware that they have Ā»agreedĀ«. However, debtors only have to pay debts to purchaser if they were bought from Swedish citizens or companies.


Kredittkort gjeld (credit card debt) can be collected with help of collector companies. After a court order, a public organisation is allowed to get money from the debtor in many ways including selling his or her property.

In extreme cases, people go bankrupt because of those debts. Many countries would write off their debts after bankrupcy but in Sweden, this happens after five years of paying portions decided by a custodian. The custodian is chosen by state to manage the bankrupted person’s money.

Scandinavian culture emphasizes fairness and responsibility. People are expected to repay all debts and legislation makes it hard to avoid that. Wherever you are, it is better for you, for you family and for lenders if you avoid exceeding your financial capabilities, be it by overusing credit cards or some other way

Both comments and pings are currently closed.

Comments are closed.