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Finns Borrowing More

Finns Borrowing MoreFinns Borrowing More

As the economy improves and household savings rates stand at an historic low, more and more Finns are choosing to fund their consumer spending with borrowed money, yle.fl reported. Finland’s central bank warns that interest rates will rise before long, so consumers should be careful with ever-expanding opportunities for easy credit. The Finnish economy is once again heating up and consumer spending is growing faster than incomes. Bank of Finland reports that household debt grew 5% in May on the previous year, with so-called unsecured consumer credit, via international online credit providers and peer-to-peer lending services, up by 13% in the same period.

 

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