Trapped by SMS loan debt
Just send a text message, wait 15 minutes and you have $500 on your bank account; the simplicity of obtaining SMS loans in Sweden is increasingly luring youths into debt.
Since 2006, the number of un-repaid sms loans has soared: in 2007, Kronofogden was tasked with collecting debts from 20 000 loans, 36 % of which were granted to people aged 18 to 25.
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