New rules for credits – introduced 1 March 2025

When 2024 began, the Swedish people had a debt of SEK 119,099,130,007 with the Kronofogden, which is the largest sum ever with the authority.

When News24 talked to Davor Vuletaspokesperson at the Kronofogden, he told us that the record sum increased by SEK 50 million – daily.

– There haven’t been this many people in debt in Sweden since the 90s. But unlike then, the amounts are larger today, Vuleta said at the time.

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Ahead of Black Friday, among other things, the Financial Supervisory Authority has issued a warning against shopping on invoices, which they see puts many people in debt.

Between July 2023 and June 2024, roughly 3 million Swedes shopped on invoice.

– Many people have had to use their buffer to get their everyday finances together. Therefore, it is especially important that you do not buy more than you know you can pay later. It can cost you a lot, both in the form of high interest rates and fees, says Moa Langemarkconsumer protection economist at FI, in one press release.

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The law as amended on 1 March 2025

In September, the government decided that something needed to be done about the Swedes’ growing mountain of debt. It was then concluded that consumer protection should be strengthened and the risk of lending and over-indebtedness reduced.

On March 1, 2025, the Consumer Credit Act will receive a lot of changes.

Nyheter24 has spoken to Hans Lundinpress officer at the Swedish Consumer Agency, who explains what the changes mean.

– Special information must be provided regarding all credits except mortgages and interest-free credits, and the Consumer Agency has the task of drawing up new regulations there. The information must contain information that a credit entails costs for the consumer, says Lundin.

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The interest ceiling for credits is lowered “from 40 percent to 20 percent”

On his homepage the Government Office justifies the law changes with: “in recent years, consumer credit has grown at a rapid rate, and private individuals’ debts to the Swedish Enforcement Agency have increased.

– The possibility of extending the term of a credit is limited for all credits, except for mortgages, Lundin explains, adding:

– The definition of “High-cost credit” is removed and a reduced, from 40 percent to 20 percent in addition to the reference interest rate, and an extended interest ceiling that will cover all credits except mortgages, is introduced.

A high-cost credit means a credit, a loan, with an effective interest rate equal to the reference interest rate plus 30 percentage points, writes the Swedish Consumer Agency.

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The new law does not apply to all loans

The changes that will be introduced in the Consumer Credit Act will not apply to all types of loans.

– A special cost ceiling for set-up fees is introduced for all credits, except mortgages, and means that the fee may not exceed one percent of the price base amount, says Lundin at the Consumer Agency, and continues:

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– The cost ceiling will apply to all credits except mortgages, account credits that mainly refer to credit purchases and credits that refer to credit purchases where the credit amount does not exceed two percent of the price base amount.