More Teens in Debt
Send a text and get an instant loan - it's that easy. Now new figures show that more young people in Sweden are getting into more and more debt every year.
The number of 18 year olds in debt rose almost 14% in 2008 compared with 2007. Petra Rosvall of the Swedish Credit Enforcement Agency says that having a bad credit rating can have serious consequences in later life, making it harder to rent an apartment or get a bank card or even tougher to get a job.
The figures on youth debt are linked to the rise in easy credit - statistics show that the number of instant loans has doubled from 2007 to 2008.
Petra Rosvall says that this has a heavy impact on the young and that regulations for credit companies are simply too loose.