March 12, 2008
Loans by text message send young Swedes spiralling into debt
According to the AFP, the simplicity of obtaining SMS loans in Sweden is increasingly luring youths into debt.
"The first (SMS) loan was given in the middle of March 2006," said Janne Aakerlund, a spokesman for Sweden's debt recovery agency Kronofogden, adding that the first bill collectors were sent out just three months later.
Since then, the number of un-repaid text message loans has soared: in 2007, Kronofogden was tasked with collecting debts from 20,000 such loans, 35.9 percent of which were granted to people aged 18 to 25.
"There is reason to be seriously concerned about this development," head of the Swedish Consumer Agency, Gunnar Larsson, told AFP."
Related:
-- $300 Loans by Simply sending a Text Message
-- SMS loans could be ruining your Christmas season
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