Scandinavians: Debt Whores

Those precious Scandinavians, with their reputations for probity and craftsmanship and good working order. Do not be fooled. Behind the veil of Scandinavian tidiness lies a region rife with DEBT ADDICTS.

Some may object that labeling the entire citizenry of Denmark, Norway, and Sweden "Debt Whores" amounts to an irresponsible and inflammatory smear against an entire geographic region. To them I say—*dramatically throws open an account ledger*—how do you answer for this?? From Bloomberg:

In Denmark, consumers owe their creditors 321 percent of disposable incomes, a world record that the Paris-based OECD said in November demands a policy response. In Sweden, debt by that measure is close to 180 percent, a level the government and central bank say can't be allowed to rise. Norway's central bank has struggled to find a policy mix that addresses its 200 percent private debt burden.

Indeed, while the governments of these nations have relatively low debt, the private citizens of these nations behave as a bunch of debauched financial reprobates, drunk on the demon debt. And those debts are backed by pensions and home equity—two things that America has proven are bound to collapse (if administered by Americans). If you are owed any money by a Scandinavian, I suggest you collect soon, before you're forced to take delivery of your payment from a bankruptcy court, in the form of reindeer meat.

To put the debt level of the average Dane in perspective, it would be equivalent to a Gawker Media staffer accumulating almost ten thousand dollars in debt.

Heal thyself, Scandinavian Debt Whores.

[Photo: Flickr]