Swedes in debt through SMS loans

More and more Swedes are landing debt thanks to the “easy” borrowing through SMS. Last year over 20,000 cases were reported to the Swedish Enforcement Agency, responsible for collecting debts. According to the Agency’s spokeperson, they were surprised with the number — they’ve predicted there would be some 10,000 cases.

Those between 18 and 25 are worst hit and they account for 36% of all SMS loans. And while SMS loaning services has been publicly criticized for having poor credit checks and whooping interest rates, I guess it’s the pure convenience that makes people land debt.

[Via: textually.org]