Young women's debts are soaring - the trend behind

Over ten years, young women's debts to the Enforcement Authority have more than doubled. Now they have equally large debts as young men. It's very easy to shop with money you don't have today, says Davor Vuleta at the Enforcement Authority.

» Updated: July 16 2024

» Published: June 18 2024

Young women's debts are soaring - the trend behind
Photo: Anna-Lena Lindqvist

Over the past ten years, young women's debts to the Enforcement Authority have more than doubled. Now they have equally large debts as young men.

It's very easy to shop for money you don't have today, says Davor Vuleta at the Enforcement Authority.

Ten years ago, young men, 18-25 years old, who ended up at the Enforcement Authority had a median debt of around 11,700 kronor, while young women's was just under 8,300 kronor. But now the women have almost caught up, with a median debt of approximately 16,250 kronor, which is only 50 kronor lower than the men's.

According to the compilation of debt among young adults made by the Enforcement Authority, the increasing debt amounts among young women are strongly linked to consumption. The fact that debts are increasing as they do is, according to the authority, a sign of changed consumption patterns.

We've gone from the norm of saving now and buying later to buying now and paying later. It's very easy to shop for money you don't have today; you don't even need to leave the house, says Davor Vuleta, private economist and spokesperson for the Enforcement Authority.

Larger Amounts

The number of indebted individuals in Sweden has decreased over the past ten years due to the economy being in a boom with low unemployment and low interest rates.

However, the debts are larger, which can make it tougher to get out of debt and the Enforcement Authority's register. We need to use coercive measures to get the debts paid, and it's extra tragic when it comes to young people who are entering adulthood, says Davor Vuleta.

The number of young people with debts to the Enforcement Authority is currently 31,314. For those who get into debt early in life, the consequences can be significant, and Davor Vuleta warns against buying on credit, even if it's just small amounts.

A third of the payment claims that come to us are for 800 kronor or less, but the hundreds become thousands quickly when interest and fees are added. The consequences are just as serious regardless of whether the debt is 1,000 kronor or 100,000 kronor, he says.

Common Registers

Debts and payment remarks can lead to wage garnishment and even exclusion from the rental market and certain jobs. It's also not possible to take out loans from established banks to pay off debts, and many end up with quick-loan companies with high interest rates and fees.

To address young people's debt, the Enforcement Authority is calling for more stringent credit checks and common debt and credit registers.

Credit providers need to be able to see who has just been granted credit, and it shouldn't be possible to borrow money if you're not creditworthy, says Davor Vuleta.

Corrected: An earlier version of the article contained incorrect and misleading figures in both the graphic and text.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Nintendo Unveils Details on Upcoming
1 MIN READ

Nintendo Unveils Details on Upcoming Switch 2 Console Today

Northvolt Ends US Bankruptcy Process,
1 MIN READ

Northvolt Ends US Bankruptcy Process, Secures Jobs for 1700 Employees

FI Warns Housing Association Fees
1 MIN READ

FI Warns Housing Association Fees May Keep Rising Due to Loan Costs

Volvo Cars Sees 10 Percent
1 MIN READ

Volvo Cars Sees 10 Percent Drop in March Sales, Electric Models Hit Hard

Stockholm Stocks Slide as Tariff
2 MIN READ

Stockholm Stocks Slide as Tariff Fears Hit Dustin Hard

Genre image
1 MIN READ

Systemair CEO Roland Kasper Steps Down After a Decade

Dustin Announces 1.25 Billion Kronor
1 MIN READ

Dustin Announces 1.25 Billion Kronor Boost to Strengthen Finances

Folksam Divests Tesla Shares Over
2 MIN READ

Folksam Divests Tesla Shares Over Swedish Labor Dispute

Trump Set to Announce New
2 MIN READ

Trump Set to Announce New Tariffs as Global Markets Brace

Stockholm Stock Exchange Faces Decline
1 MIN READ

Stockholm Stock Exchange Faces Decline as Futures Point Downward

Trump's Tariffs Predicted to Slow
1 MIN READ

Trump's Tariffs Predicted to Slow Global Economy Growth

Construction Sector Sees Modest Growth
1 MIN READ

Construction Sector Sees Modest Growth with Housing and Government Boost

Asian Markets Show Mixed Reactions
1 MIN READ

Asian Markets Show Mixed Reactions Ahead of Trump's Tariff News

Sweden's Housing Market Faces Uncertainty
2 MIN READ

Sweden's Housing Market Faces Uncertainty as Interest Rate Fears Loom

Motorhome Registrations Surge 59 Percent
1 MIN READ

Motorhome Registrations Surge 59 Percent in 2025

Wall Street Closes Mostly Up
1 MIN READ

Wall Street Closes Mostly Up After Volatile Day

Swedish Paper Industry Secures Two-Year
1 MIN READ

Swedish Paper Industry Secures Two-Year Wage Agreement

Trump's New Tariffs on Imports
1 MIN READ

Trump's New Tariffs on Imports Set to Take Effect Today

Sweden to Acquire C-390 Transport
1 MIN READ

Sweden to Acquire C-390 Transport Aircraft in Joint Deal with EU Partners

Finland Shuts Down Last Coal
1 MIN READ

Finland Shuts Down Last Coal Plant, Slashing Emissions by 50 Percent

Volvo and Major Automakers Fined
1 MIN READ

Volvo and Major Automakers Fined 458 Million Euros for Cartel Involvement

Ericsson Drops Diversity Language from
2 MIN READ

Ericsson Drops Diversity Language from Annual Report After US Pressure

Saab and H&M Lead Gains
2 MIN READ

Saab and H&M Lead Gains as Stockholm Stocks Rebound

Gunvor Faces 42 Percent Profit
1 MIN READ

Gunvor Faces 42 Percent Profit Drop in 2024 Despite Revenue Boost

Hooters Files for Bankruptcy, Plans
1 MIN READ

Hooters Files for Bankruptcy, Plans to Sell Company-Owned Locations

Eurozone Unemployment Drops to 6.1
1 MIN READ

Eurozone Unemployment Drops to 6.1 Percent in February

Eurozone Inflation Drop Fuels Hopes
2 MIN READ

Eurozone Inflation Drop Fuels Hopes for ECB Rate Cuts

Swedish Central Bank Boosts Dollar
1 MIN READ

Swedish Central Bank Boosts Dollar Holdings in Reserve Shift

Central Bank Deputy Predicts Inflation
1 MIN READ

Central Bank Deputy Predicts Inflation Easing in Sweden

Tesla Faces Significant Decline in
1 MIN READ

Tesla Faces Significant Decline in Swedish Car Registrations

Sweden's New Industrial Deal Sets
3 MIN READ

Sweden's New Industrial Deal Sets Wage Growth for 2025-2027

Snus Delivery Strike Averted as
1 MIN READ

Snus Delivery Strike Averted as Union Reaches Agreement

Swedish Manufacturing Gains Momentum as
2 MIN READ

Swedish Manufacturing Gains Momentum as Eurozone Shows Positive Trends

Positive Outlook for Harvest Season
1 MIN READ

Positive Outlook for Harvest Season Despite Challenges Ahead

Sweden's New Industrial Agreement Brings
2 MIN READ

Sweden's New Industrial Agreement Brings Stability in Uncertain Times

Stockholm Stocks Rebound with Global
2 MIN READ

Stockholm Stocks Rebound with Global Markets as Key Shares Rise

Gold Prices Hit Record High
1 MIN READ

Gold Prices Hit Record High as Tariff Decision Looms

Australian Central Bank Holds Rates
1 MIN READ

Australian Central Bank Holds Rates Steady, Signals Caution on Inflation

Bankruptcies Rise Again with Hotels
1 MIN READ

Bankruptcies Rise Again with Hotels and Restaurants Hit Hardest

Asian Markets Rebound as Investors
1 MIN READ

Asian Markets Rebound as Investors Await Tariff News