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More Swedes in Debt through SMS-Loans

More Swedes in Debt through SMS-Loans: “ Since the introduction of sms-loans in 2006 - offering loans of up to 300 US dollars in minutes, simply by sending a text message - more and more Swedes are landing debt. Last year over 20,000 cases were reported to the Swedish Enforcement Agency, responsible for collecting debts. Sveriges Radio International reports.

‘A spokesperson for the Agency said that they had not expected so many cases to be reported. Originally they predicted there would be some 10,000 cases.

The age group worst hit are 18-25 year-olds who account for 36% of those in debt.

The wide availability of sms-loans has been criticized heavily in Sweden for having bad credit checks of their customers as well as interest rates which can reach up to 800%.’

– In Poorer Nations, Cellphones Help Open Up Microfinancing

– Mobile loan sharks start to bite Nordic youth

– $300 Loans by Simply sending a Text Message

“

(Via textually.org.)

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Categories: society
Tags: economy, loans, mobile phone, money, sms

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Wednesday, February 6th, 2008 at 12:15 pm
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Since 2004, R-Echos is an experimental online magazine dedicated to republication; topics vary from biology to graphic design, from ecology to business. It agglomerates anything which is about art, computing, science. His form is made out of collages of texts, links, images, references, videos and sounds - choosen with care to take part to this very personnal publication.

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