I guess my mortgage could be considered bad debt on account of being adjustable interest rate - this is however the most common type of mortgage arrangement in Sweden where I live. This has led to my interest rate costs going up an eye watering 400% in about a year.

I’ve got ~130k in loans on it. I’m in the privileged position of being able to pay it off fully if the interest rate costs start exceeding the expected returns from the stock market, though, so feel no need to shed even a single tear for me.

The Swedish housing market is a classic zero interest trap story - low interest rates combined with tax incentives and housing availability rates leading to ownership being significantly more lucrative - has led to prices skyrocketing and debt to income ratios spiraling out of control. With adjustable rates being the most common arrangement - again, due to some truly psychotic public policy - now the population that lent money to buy homes are stuck with sickening monthly payments and no way to get out of the debt, since the prices have dropped below purchase price. Not too much though, because of how crazy scarce the housing is.

Everyone loses but the banks.