Many Swedes take out so called instant loans to afford all the presents.

Holiday shopping puts many in debt

This year’s Christmas shopping could prove to be more expensive than what most Swedes can handle and the Swedish Enforcement Agency are now warning that too many Swedes put themselves in debt in order to afford the holidays.

Swedes are expected to spend at least 9.5 million US dollars on Christmas gifts this year, which is an average of 1,000 dollars per person and many will take so called instant loans to afford it. These loans are often offered against very little or no security but instead the interest rate is high.

“This time before Christmas we really want to warn people not to shop beyond their resources,” Bo Johnsson, at the Enforcement Agency told Swedish Television.

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