Swedes to pay forever
Print Edition
MOST Swedes with a home mortgage are doomed to die before repaying their debt, according to a study published Wednesday by Sweden’s central bank.
With help from the borrowers, the central bank compared the incomes and loan repayments of almost 4 million people — or 52 percent of Sweden’s adult population — between 2010 and 2013. The study revealed the debt of 25 percent of them grows every year, while for 15 percent, their debt stays the same year after year.
The remaining 60 percent pay back their mortgages at a very slow pace.
“If the borrowers who have reduced their debts over this period continue to reduce these debts at the same rate, on average they will be free of debt in about 100 years,” according to the calculations of central bank economists.
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