By Anna Skoog
Skyrocketing energy and food prices and interest rates have led to considerably higher costs for households across Europe and the rest of the world. The worst affected are those on low incomes and state benefits, who often spend most or all their income on covering essential costs.
With rising inflation, various aid organisations have also experienced increasing pressure. In January, Dagens Nyheter reported that the membership of community grocers doubled in 2022. Faktum also reported earlier this year that the City Mission and the Swedish Church are also providing food, clothes and hygiene products to increasing numbers of service users.
Many of those most affected by the cost of living crisis find their way out of a difficult financial situation using quick loans and credit, leaving them in an even worse financial predicament.
But the digital world has created new ways to borrow money. All someone needs is a Facebook profile and a bank account linked to mobile payment system Swish.
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