In the past year, Swedes have increased their debt by USD 207 billion. If you check how much it is per person, it will be about USD 21,500. So that’s not a small sum this per person. Mortgages account for the vast majority of this increase as they represent a full 90% of the increase.
The total indebtedness
Of Swedish households in August was USD 3 210 billion, of course home mortgages are also for the most part with a full 80%. If you knock out all these borrowed money on every person in the country, you can see that we on average owe lenders USD 335,000 approximately. Of this, about 268,000 are mortgage loans and 67,000 other loans.
Now we must remember that I have calculated statistics here from Statistics Sweden for the number of inhabitants in the country from 2013 and then we talk about all residents.
If you are unauthorized, you cannot borrow money and thus you should not be indebted. However, I did not quickly find any statistics for how many there are younger than 18 years in the country, but I only found that about 18% were 14 years or younger.
We can therefore reasonably calculate
At least 20% of the population and then the average debt would suddenly be around USD 420,000 per person instead.
The increase in loans is 7.1% when compared to last year’s figures, which also seems to be at the level it was in July.
Figures like these are actually quite scary as they show how indebted the normal resident is in this country. How many would not have problems if we got into a really big crisis where lots of people got lost with jobs etc?