Short-term credit card loans swell in Sweden as few people believe they will be hit by the economic crisis and lose their jobs.

Many Swedes seem to turn a blind eye to the fact that the country is part of the global economic downturn as they plan to increase borrowing and spend more on credit card shopping while few fear losing their jobs.

As unemployment number rapidly swell in Sweden, with 100,000 more persons being without a job today than a year ago, only 11 percent of the Swedes think “It could happen to me”, according to a survey by the bank SEB and research firm Demoskop. Only 3 percent of the Swedes are “very worried” that a member of their household will lose his or her job.

“Considering the prognosis of higher unemployment from the government, the National Institute of Economic Research and other evaluators, I’m surprised that not more people are concerned that someone in the household might lose their job”, said Gunilla Nyström, private economy adviser at SEB, to business daily Dagens Industri.

The same survey showed a doubled interest in taking new loans. Among Swedish house owners 11 percent plan to sign up for a new loan this year, up from only 6 percent a year ago.

The positive attitude is boosted by the fact that the Riksbank has cut interest rate to a record low of 0.25 percent, the stock market has increased in value and the housing market is getting brighter after the long downturn.

“People are also tired of all talking about the crisis”, Gunilla Nyström said.

Swedes are also spending more money on their credit card. The amount of nonrecourse loan has swelled 4 billion kronor (€364 million, $533 million) to 147 billion kronor compared to a year ago, Dagens Industri writes.

In June retail sales for durables, for example clothing stores, stores for furniture, stores for second-hand goods, increased by 3.5 percent, the statistics office said Tuesday.

At the same time the number of errands increase at the Swedish Enforcement Authority, Kronofogden. The number of injunction to pay is up 20 percent this year.