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Saturday, April 19, 2025

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https://nordictimes.com/economy/more-swedes-apply-for-debt-restructuring-but-most-are-rejected/

Economy

More Swedes apply for debt restructuring – but most are rejected

Welfare collapse

Published 28 September 2024
– By Editorial Staff
More and more Swedish households are having their applications for debt relief rejected.
Editorial Staff
editorial@nordictimes.com

Applications for debt restructuring remain at a high level, but six out of ten applications are not granted, according to the Swedish Enforcement Authority’s statistics for the first half of 2024.

During the first six months of the year, more than 17,000 people applied for debt restructuring, an increase of just over 23% compared to the same period in 2022. However, just under four out of ten applications are granted.

Many applications are rejected because they do not meet the strict requirements for debt restructuring, according to the Swedish Enforcement Authority in a press release.

Per-Olof Lindh, Department Head at the Swedish Enforcement Authority, explains that many applications concern people with more temporary financial problems, a group for which debt restructuring is not intended.

– Many applications are about more temporary financial difficulties, and that is not the group debt restructuring is aimed at. Debt restructuring is not a shortcut, but a last resort, he says.

The above tweet translates to: “Marianne calls the Swedish Enforcement Authority because she has been refused debt restructuring“.

Tough requirements

In order to be granted debt restructuring, the applicant must be able to show that their debts cannot be repaid within 7-15 years and that attempts have been made to improve the financial situation, which may involve taking initiatives to reduce expenses, increase income or get control of a gambling addiction.

– We always advise to be proactive. Don’t wait to act until you get an answer to your application, the risk is that debts will only continue to increase, says Lindh, urging those who need advice to contact the municipality’s budget and debt counselor.

A worrying trend is that more older people are applying for debt relief. The number of applications from women over 65 has increased by 13% since the beginning of the year.

– Many older people find it difficult to control their income and have been hit hard by the increased costs of recent years. There are many in the group of older people who probably meet the requirements, but who have not previously applied for debt relief.

There are also large regional differences. In Västerbotten County, the number of applications has increased the most, by 28%, while Kronoberg County has seen a decrease of 25%. At the same time, the number of applications in the 18-30 age group has decreased by 13% compared to the same period last year.

Editorial Staff
editorial@nordictimes.com

Facts about debt restructuring in Sweden

Debt restructuring usually involves paying off part of your debt according to a payment plan and living on a subsistence level for five years - any income above that is used to pay off the debt. You are debt-free when the debt restructuring ends.

Before applying for debt relief

  • Contact the person you owe money to. You may be able to agree to split the payment or find another solution.
  • Try to increase your income, for example by looking for a job, applying for benefits you may be entitled to or selling things you don't need.
  • Pay your debts as best you can - if you have a wage garnishment, this is one way to pay.
  • Avoid taking on new debts.
  • Make a budget and adjust your finances so that you can survive month to month on what you get to keep after wage garnishment.
  • Review your costs, there may be cheaper options for your fixed costs or subscriptions, and subscriptions you can do without.
  • Seek help from budget and debt counseling in your municipality.

Source: via.tt.se/Kronofogden

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https://nordictimes.com/the-nordics/sweden/moderate-youth-league-raise-the-retirement-age-to-finance-swedens-rearmament/

Sweden

Moderate Youth League: Raise the retirement age to finance Sweden’s rearmament

The new cold war

Published 15 April 2025
– By Editorial Staff
Raising the retirement age to fund the Swedish defense effort is not expected to be well received by the electorate.
Editorial Staff
editorial@nordictimes.com

As reported by The Nordic Times, Swedish politicians have decided to borrow at least SEK 300 billion (€26 billion) for what is described as the “biggest rearmament since the Cold War”.

Douglas Thor, chair of The Moderate Youth League (MUF), fully supports the military investment – but emphasizes that it should be paid for by older Swedes through a higher retirement age.

The governing politicians agree that it is reasonable to borrow the equivalent of €4,400 for each Swede of working age for the military project, and analysts have noted that it will largely be future generations of Swedes who will have to pay for the decisions made today.

– It’s clear that future generations will have to take a bigger hit than if we were to just go on this year’s budget. But it also seems reasonable that future generations should help finance reconstruction because it will also benefit them, commented, for example, Daniel Waldenström, professor of economics, and continued:

– It’s simply that they will have to pay a bit more tax as a result of this. They will have to pay taxes to finance our repayment of these loans.

“In the long run, everyone will pay”

Just like the other establishment parties’ youth wings, MUF applauds the military investment, but believes older Swedes must bear a greater share of the cost – not just the younger generation.

– Borrowing money is not free. The costs are postponed to the future, which means that the younger generation has to pay. We are happy to contribute, but it is unreasonable that we alone should bear the cost, they say.

Thor’s solution is to raise the age at which older people can start drawing their pension from the current 63 to 67.

– Today, people can start drawing their income and premium pensions at the age of 63. We believe it is reasonable to raise it. One possible age is 67, confirms the Muf leader, who states that raising the retirement age is a much better option than raising taxes.

– In the long run, everyone will pay because we are all getting older. When our country has faced difficult challenges in the past, we have coped by working more, Thor argues.

Unpopular measure

Raising the retirement age to fund military spending is not expected to be a particularly popular message with voters – but Thor says this does not matter much.

– There are many issues that were previously unthinkable, but which have been reconsidered in this serious international situation. For example, loan financing has been reconsidered. It should be possible to do the same with regard to this issue.

According to Muf’s calculations, if older Swedes worked two years longer than they do today, this would mean around SEK 30 billion (€2.6 billion) extra to the public purse annually – about half the contribution needed to meet the government’s target of spending 3.5% of GDP on defense.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/swedens-finances-are-only-in-top-shape-when-it-suits-those-in-power/

Economy

Comment: Sweden’s finances are only in top shape when it suits those in power

Welfare collapse

Jenny Piper

As Trump targets the EU with trade tariffs, Ulf Kristersson claims Sweden has "world-class public finances" and is well equipped for the future. Yet there seems to be no money to take care of its own people or welfare – finances only seem to be in top shape when it suits the power's own false narrative.

Published 4 April 2025
– By Jenny Piper
Ulf Kristersson and Finance Minister Elisabeth Svantesson seem to have a strange view of Sweden's finances.
{ $opinionDisclaimer }

Following President Donald Trump’s announcement that US external tariffs will be higher than expected, with a minimum level of 10%, and 20% for the EU, the market reacted with falling stock futures and lower interest rates. The expected negative effects include an even greater slowdown in growth, stronger inflationary pressures, and more severe economic damage, while the risks of stagflation increase.

For Sweden, however, there seems to be no danger, assures Prime Minister Ulf Kristersson, who says that “Sweden has world-class public finances and is therefore well prepared“.

One wonders where the fantastic government finances are when we need them to take care of our own people. Why is there no funding to make welfare work? Why are there no resources for the justice system? Why is it that infrastructure continues to be neglected? And why does the health sector have to make billions in savings that affect patients, while schools continue to suffer at the expense of pupils – and more? And why is it not more often highlighted that Swedish households are among the most indebted in the world?

At the same time, it is no problem at all to cough up membership fees to the EU and NATO, spend huge sums on the green transition that sinks Europe, or continue to sponsor the proxy war in Ukraine, where Sweden has now sent nearly SEK 100 billion (€9.2 billion) unchecked to one of the most corrupt countries in the world. Financing the EU’s military buildup, costing thousands of billions, is also something we do not hesitate over.

As long as it’s to benefit the war industry and their own wallets, there’s no limit to the money they can spend, and they have no qualms about selling out to foreign powers. But when it comes to helping its own people or thinking about national security, it is a total stop.

Sweden’s finances only seem to be in top shape when it fits the false narrative that has been sold to the population. It’s incomprehensible that the penny hasn’t dropped yet for the masses who still believe that “Uncle State” works for the citizens’ best interests and that our controlled mass media delivers the truth to every household.

 

Jenny Piper

All Jenny Piper's articles can be found on her blog.

https://nordictimes.com/the-nordics/sweden/rising-medicine-costs-for-swedes-government-blames-aging-population/

Sweden

Rising medicine costs for Swedes – government blames “aging population”

Welfare collapse

Published 17 March 2025
– By Editorial Staff
The Minister for Health, Acko Ankarberg Johansson (KD), claims that the increase is necessary to meet the funding.
Editorial Staff
editorial@nordictimes.com

The Moderate-led government has announced that it will invest heavily in military rearmament in the coming years – and borrow billions to finance the project.

At the same time, Swedish welfare is being eroded, and this time the focus is on sick Swedes, as patients’ co-payments for prescription drugs are being sharply increased.

Although the fee has already been raised significantly in recent years, the center-right coalition now want to see another increase – this time of 30%.

This means that from this summer, anyone who regularly takes prescription medicines will have to pay SEK 3,800 (€345) for them annually – instead of the current SEK 2,900 (€260), before the high-cost protection begins to apply and the medicines become free of charge.

– It’s a big increase and a difficult situation, said Minister for Health Acko Ankarberg Johansson (KD), during a press conference.

– It is necessary to increase the costs in the state budget for medicines to ensure that all patients have access to the treatments they need. But it also requires that patients’ co-payments need to be increased to ensure long-term financing, she said.

Referring to “demographic developments”

The government points out that medical advances mean that Swedes are living longer than before – but that this is by no means all positive, as it also means increased costs.

“The demographic development with an ageing population, the increase in chronic diseases and the increased possibilities for treatment have, however, led to a sharp increase in government expenditure on medicines included in the high-cost protection, and forecasts show that costs will continue to rise rapidly”, it says.

The decision is expected to hit sick and poor pensioners hardest and yesterday protests were also organized in Stockholm where hundreds of people marched under the slogan “Vi vill ha råd med vård” (We want to afford healthcare).

– It’s a pitiful increase from the government’s point of view, so drop it for the sake of pensioners, pleads Curre Hansson, PRO chairman in Stockholm.

– If the government can afford to cut taxes for high-income earners, it can afford to ensure that ordinary people can afford to get their medicine, argues Karin Rågsjö, spokesperson for the Swedish Left Party on healthcare issues.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/swedish-wages-lowest-in-the-nordic-region/

The Nordics

Swedish wages lowest in the Nordic region

Welfare collapse

Published 17 March 2025
– By Editorial Staff
Swedish wages in several occupations are increasingly lagging behind their Nordic neighbors
Editorial Staff
editorial@nordictimes.com

Swedish salaries for key occupational groups are the lowest in the Nordic region, according to figures from 2023. Denmark, Norway and Iceland top the salary league table with significantly more generous pay envelopes, while Finland is closest to Sweden and in some cases trumps Swedish salaries.

Sweden is increasingly lagging behind its Nordic neighbors when it comes to salaries for key professions such as caretakers, nurses and social workers.

Statistics show that Sweden, often in the company of Finland, has the lowest average salaries for these occupations, while Denmark and Norway top the list with significantly higher compensation.

The figures are based on data from 2023, the most up-to-date figures available, and are taken from national statistical offices such as Statistics Sweden, Statistics Norway, Statistics Finland, Statistics Denmark and Statistics Iceland, as well as trade unions in each country.

  • Property managers in Sweden earn the least in the Nordic region, while Denmark and Norway stand out with clearly higher salaries. Finland, however, is close to Sweden in terms of pay.
  • Nurses in Sweden are also at the bottom of the pay league with lower salaries than our Nordic neighbors. Denmark leads with the highest salary levels, while Finland is close to Swedish levels.
  • Social workers in Sweden show the same pattern and are the lowest paid in the Nordic region. Denmark and Norway offer significantly better pay conditions, while Finland is again hot on Sweden’s heels. Iceland also reaches higher levels than its Swedish colleagues.

It is important to note that wages can vary by region, sector and experience, which may in fact affect the ranges shown.

Purchasing power not included

Differences in wage levels can be linked to varying labor market policies, taxes and productivity in the Nordic countries. Sweden stands out as the country where the occupational groups above are rewarded the least in real terms.

This raises questions about future wage developments – not least with a view to the forthcoming collective bargaining round.

It is worth pointing out that the figures do not take into account purchasing power, which can ultimately affect how wages are perceived in everyday life depending on the cost of living. Exchange rates also affect the results.

The differences underline that Sweden is lagging behind in wage growth. Finland can be considered the closest competitor, but is still slightly ahead in a couple of cases. Denmark and Norway lead the way with the highest wages, highlighting a clear Nordic wage gap.

Sources:

Statistics Sweden (SCB), Sweden, 2023: https://www.scb.se/hitta-statistik/statistik-efter-amne/arbetsmarknad/loner-och-arbetskostnader/lonesok/

Statistics Norway, 2023: https://www.ssb.no/en/statbank/table/11420/

Statistics Finland, 2023: https://www.stat.fi/tup/suoluk/suoluk_palkat_en.html

Statistics Denmark, 2023: https://www.dst.dk/en/Statistik/emner/arbejdsmaerket/loen-og-indkomst/loenstatistik

Statistics Iceland, 2023: https://www.statice.is/statistics/society/wages-and-income/wages/

Trade unions such as Vårdförbundet (Sweden), Tehy (Finland), Norsk Sykepleierforbund (Norway), etc., 2023.

Editorial Staff
editorial@nordictimes.com

Average salaries in the Nordic countries - 2023 statistics (1€ = 11 SEK)

Property managers: Sweden is the lowest with 30,200-31,100 SEK/month, while Denmark and Norway reach 40,500-48,000 SEK and 40,000-45,000 SEK respectively. Finland (SEK 30 800-35 200) and Iceland (SEK 36 000-40 000).

Nurses: Sweden has 37,500 SEK/month, the lowest in the Nordic countries, while Denmark leads with 52,500-60,000 SEK, followed by Norway (50,000-55,000 SEK), Iceland (48,000-52,000 SEK) and Finland (38,500 SEK).

Social workers: Sweden is lowest at SEK 38,000/month, while Denmark reaches SEK 48,000-57,000, Norway SEK 45,000-50,000, Iceland SEK 40,000-44,000 and Finland SEK 35,200-39,600.

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