Loans Next Hit by Raised Interest Rates

Swedish banks and loan companies have raised their interest rates on mortgages and loans today.

The move comes in response to the Bank of Sweden’s actions yesterday that saw their interest rates go up by a quarter of a percent to 4.5.

Loans will now be smaller and harder to get, say experts.

The increased interest rates come as a blow to many in Sweden. Those aged between 30 and 49 are especially hard hit with 89 percent owing some form of debt.