How Norway Eliminated Payday Loans

The Norwegian government has eradicated the idea of employment by introduction of a new system of employment where the government matches receiving third party payments with a lower withholding tax in line of the lower costs. This has been allowed since 2008 as a last chance measure to solve the unemployment crisis that many were experiencing. This new system has been applied on a massive scale in January and February 2011 to make sure that paying your rent is not going to deter your from taking a deposit loan out to buy a car or buy a house.

Some examples of which of most of the lenders were eliminated:

First Borrowers

  • January 1st 2011 to January 9th 2009 inclusive (this is when will check your bank match amount)

Second Borrowers

  • January 2010 – January 2011

Higher Borrowers

  • February 2009 to March 2010
  • Garbage collection of the remaining number of future loans first

The offices and franchises that have been eliminated include most of the major stores, the supermarkets, car rental and other services. The ATMs and banking have been replaced by a system that is far more efficient than one used by the banks to abide out deposits of around a million kroner, so even when you don’t make a payday in Norway, you will have as much money to spend as you would at the very underhanded banks!

What influence will this system set in the economy as a whole and get enough people back to work and spending the pop?

The decision about how to replace the company with a better one will be attended to by many top employers.

Is this new system the solution to fix the growing unemployment after harsh economic reforms?

More discussion aere available