The Swedish Financial Supervisory Authority's statistics show a clear pattern: in July, Swedes take out the most unsecured consumer loans for consumption. It is no coincidence that this occurs during the holiday season.
When we asked households about this, one in ten confirmed that they are considering taking out a consumer loan to pay for their summer vacation, says Langemark.
The problem is that these loans are often significantly more expensive than, for example, mortgages. Interest deductions on these types of loans have now also been removed, which means that you don't get anything back on them when you receive your tax refund.
"Exceptional situation"
Unsecured loans and spontaneous consumption increase the risk of over-indebtedness, according to the Swedish Financial Supervisory Authority's analyses.
In an international situation that is exceptionally difficult to assess, and where the implications for the Swedish economy are uncertain, we would like to urge caution before taking out this type of loan, and instead try to adapt your holiday finances to the conditions you have.
The question is, for example, what a family with children on a tight budget should do if the vacation fund is not enough.
"I think it's important to talk to your family about what the financial situation is like and what you can do about it. And talk together about priorities and what you need to do to reach a certain goal, and that goal may not have to be this particular summer," says Moa Langemark.
No to friends
The authority's recommendation is to say no to friends' travel suggestions if you feel you cannot afford them, instead of considering taking out an unsecured loan.
It's important to dare to talk about when things aren't working out financially. Our statistics show that you're probably not alone in this.
You might rather be the brave one who dares to bring this up in your circle of friends and help others who may not dare to put their foot down and say that they actually can't afford it, says Langemark.
