Elderly Women in Debt: "Don't Shop Wildly"

More and more elderly women are applying for debt relief with the Enforcement Authority. Per-Olof Lindh at the agency is worried about the development. I don't think that group is the most extravagant that is out shopping wildly, he says.

» Updated:

» Published:

Elderly Women in Debt: "Don't Shop Wildly"
Photo: Jessica Gow/TT

Share this article

The number of applications for debt restructuring remains at record levels. During the first six months of the year, 17,458 people applied for debt restructuring, which is the same level as the corresponding period last year.

Compared to the first half of 2022, this is an increase of over 23 percent.

It has never been as high as it is now. It has essentially tripled since 2012. With the exception of one year, it has basically always increased since the debt restructuring law came into effect in 1994, says Per-Olof Lindh.

Tough for pensioners

A change compared to previous years is that older women stand out. Since the turn of the year, applications from women over 65 have increased by 13 percent.

They cannot go out and look for a job and affect their situation in the same way as other groups. They have basically only got an increased cost picture, and then it becomes tough with the daily economy. Normally, you should be able to manage on your pension.

At the same time, the number of applications in the 18-30 age group has decreased by 13 percent.

I'm not saying it's a trend break, but previously, the younger ones have accounted for the largest part of the increase. Here, we've done a lot when it comes to the information part.

Over half are rejected

Even though more and more people are applying for debt restructuring in general, the development is not as bleak as the figures.

One explanation for the record-high levels is that more people are turning to the Enforcement Authority with economic problems – despite not meeting the requirements for debt restructuring. Over six out of ten receive a rejection of their application.

Overall, it's roughly the same number as those who have received debt restructuring as it has been over the past six years. The increase is due to more people applying who are not eligible for debt restructuring. Maybe they're taking a chance without understanding the rules.

It's a lot about credit

Lindh emphasizes that the development still points to more people having economic challenges.

There are many in the older group who meet the requirements but who have not previously applied for debt restructuring, says Lindh.

The entire credit society has also changed quite dramatically. We shop a lot on credit and are an open market. There are a lot of things to look at from a societal perspective.

People with a debt that is so large that it cannot be repaid within a reasonable time can apply for so-called debt restructuring with the Enforcement Authority.

To be granted debt restructuring, the applicant must have control over income, expenses, and debts. They must also be able to show that efforts have been made to improve their economic situation.

This can, for example, be attempts to reduce costs and increase income or get a grip on a gambling addiction.

Source: Enforcement Authority

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Fed Lowers Interest Rate by 0.25 Points to 4.00–4.25 Percent

Fed Lowers Interest Rate by 0.25 Points to 4.00–4.25 Percent

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever

Avanza Introduces Digital Trading on London Stock Exchange

Avanza Introduces Digital Trading on London Stock Exchange

Uber Introduces Safari Tours in Kenya's Nairobi National Park

Uber Introduces Safari Tours in Kenya's Nairobi National Park

Swedish Inflation Expectations Rise Slightly in Latest Survey

Swedish Inflation Expectations Rise Slightly in Latest Survey

Sweden's Unemployment Rate Stays High in August

Sweden's Unemployment Rate Stays High in August

Stockholm Stock Exchange Sees Modest Gain Led by H&M

Stockholm Stock Exchange Sees Modest Gain Led by H&M

Verisure Returns to Stockholm Stock Exchange with Major Listing

Verisure Returns to Stockholm Stock Exchange with Major Listing

Oracle and Partners to Acquire TikTok's US Operations

Oracle and Partners to Acquire TikTok's US Operations

Taco Bell to Open First Sweden Location in Stockholm Winter 2025

Taco Bell to Open First Sweden Location in Stockholm Winter 2025

Retail Outlook Brightens as Consumer Spending Set to Boost Economy

Retail Outlook Brightens as Consumer Spending Set to Boost Economy

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

US Stock Market Sees Slight Decline Amid Retail Sales Data

US Stock Market Sees Slight Decline Amid Retail Sales Data

Trump Extends TikTok Deal Deadline to December 16

Trump Extends TikTok Deal Deadline to December 16

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Swedish Households Shift from Borrowing to Diverse Savings Strategies

Swedish Households Shift from Borrowing to Diverse Savings Strategies