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Economy

Debtors Unable to Pay Off SMS Loans

Published onsdag 3 februari 2010 kl 12.30
'Borrow' - do you really want to do that?

Swedish debt collectors say they note a 30% increase in the number of people in this Nordic nation who are reported for being unable to pay their SMS loans.

The number in the last year has climbed to 46.000 - and most of those unable to pay off their debts are teen-agers and those in their 20's.

Observers conclude that that most experienced people here know enough not to take out an expensive but easy-to-get short-time SMS loans - realizing that the interest rates are far higher than normal bank loans.

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