Post-pandemic, living costs and interest rates remain elevated worldwide. Needless to say, household debt, which includes mortgages, personal, auto and student loans, credit card balances and bank overdrafts, has climbed to record highs.

With billions of people grappling with sky-high expenses and steeper repayments, click or scroll on to discover the average household debt per working-age person (15-64 years) in 18 major nations.

Our ranking is based on household debt data from CEIC, cross-referenced with population data from the World Bank. We've also included IMF figures revealing collective household debt as a percentage of each nation's GDP, a strong indicator of how deep a country's debt problem runs.

All dollar amounts in US dollars

Traditionally a nation of savers, India is seeing a dramatic shift. Household savings have plummeted in recent years, while debt has surged to 40% of GDP. However, the figure remains relatively small, amounting to just $688 (£512) per working-age person.

The upswing in borrowing could be a positive indicator as it implies Indians are more optimistic about their future earning prospects. But it could also reflect growing financial distress. Wages remain below pre-pandemic levels and credit card default rates have increased, raising questions over the sustainability of the borrowing surge.

Household debt in Indonesia equates to around 16% of GDP. This comparatively low figure can be partly explained by the fact that more than half the population doesn't have a bank account. But by Indonesian standards, household debt remains elevated, and the country is experiencing soaring digital lending debt driven by post-pandemic hardship and low levels of financial literacy, as reported by financial newspaper Nikkei Asia.

A staggering two-thirds of the population have outstanding debt through digital lending platforms. Saddled with excessively high interest rates, many struggle to repay their loans and avoid a debt spiral.

Household debt in Mexico translates to 16.7% of GDP, which isn't far off the record figure of 16.9% recorded during the pandemic.

Like Indonesia, more than half of the population lack access to banking services, which partly explains the country's relatively modest household debt levels. And while loan delinquencies have ticked up of late, they remain low by historical Mexican standards, implying that household debt is more or less sustainable in the nation.

This is borne out by data from the OCED, which shows that the typical Mexican household spends just 26.8% of its disposable income paying off debts.

Household debt as a proportion of GDP is running at a near all-time high in Russia, representing 22.2% of the country's annual output.

While wages have been growing at a rapid rate in the country, rampant inflation caused by the war in Ukraine is fuelling a borrowing explosion, with many Russians taking out expensive microloans to cover their basic needs, according to independent news platform Holod.

This unsustainable reliance on borrowing, together with aggressive debt collection, is leading to a surge in bankruptcies, revealing the fragility of Russia's economic situation.

Household debt as a percentage of GDP has climbed to an all-time high in China, reaching 61% at the last count.

The Bank for International Settlements suggests that negative effects on consumption begin above 60% and intensify beyond 77%, though this does depend on the specific economy. In any case, China's debt appears to be increasingly unsustainable as its economy splutters and unemployment grows.

Mortgage defaults have surged amid the ongoing property sector crisis and the number of people on the dreaded government debt blacklist increased by 50% between 2019 and 2024.

The Chinese government comes down very harshly on citizens who are unable to pay their debts. Those in default are subject to a slew of draconian punishments, including being frozen out of digital payment apps, banned from using toll roads and even effectively prevented from going on holiday.

Household debt levels in Spain have become a lot more sustainable in recent years. Debt as a percentage of GDP peaked at 84% in 2009 when the country was enduring a painful financial crisis.

Since then, Spanish households have deleveraged en masse, and the figure is now down to 43.7%. However, real wages have experienced a decline since the pandemic and cost-of-living pressures caused a blip in the downward trend in 2024.

Despite this recent setback, the overall trend of deleveraging suggests continued progress towards manageable household debt levels in the nation.

Italy has low household debt levels compared to other European countries. The household debt-to-GDP ratio has fallen since the pandemic and now stands at 36%.

As noted by the Financial Times, Italian households tend to live within their means. Another factor contributing to their low debt levels is the proportion of disposable income spent on housing, which at 15% is among the lowest in Europe.

And the country's non-performing loans ratio has fallen sharply in recent years, down from over 15% in 2015 to 2.6% this year.

Japan's household debt as a percentage of GDP has remained consistently elevated for decades, currently clocking in at 65%.

Sluggish real wage growth and higher inflation and interest rates are making borrowing unsustainable for many in the country. According to the newspaper Business Standard, bankruptcies related to personal debt have been on the rise as the financial strain on households in the nation intensifies.

Germany's household debt-to-GDP ratio is also modest for a European nation. It stands at 49.9%, which is actually low by recent historical standards.

This comes down in large part to housing. Germany is a nation of renters; the nation's home ownership rate is only 47.2%, the second-lowest in Europe, and the relative paucity of outstanding mortgages makes for lower household debt.

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France's household debt-to-GDP ratio has been coming down since the end of 2020. The figure now sits at 60.5%, which is roughly equivalent to the pre-pandemic number.

While cost-of-living pressures have led to an increase in those seeking debt relief in the country, French households have plenty in their favour, including one of Europe's lowest average mortgage rates.

South Korea is something of a paradox. While it has one of the highest savings rates in the world, household debt now sits at 90% of GDP.

CNBC suggests the widespread use of credit cards in the country and its unique 'jeonse' rental system are likely to blame for its excessive household debt levels.

Instead of monthly rents, South Koreans have to pay a huge deposit equal to between 50% and 80% of the value of the property they're leasing. The deposit is returned to the renter at the end of their tenancy, but it often necessitates taking out substantial loans, contributing massively to household debt.

The UK's debt-to-GDP ratio is among the highest in Europe at 76.1%. However, the figure has been falling since the pandemic and is considerably lower than the record levels of 2009 to 2010.

Britain's expensive house prices are behind its relatively large levels of household debt. Historically low pre-pandemic interest rates encouraged borrowing, but elevated interest rates have pushed monthly repayments to punishing levels for many. Credit card and unsecured lending are also on the rise.

Singapore's household debt as a proportion of GDP has fallen dramatically post-pandemic, and at 44.3% it mirrors levels last seen in 2007.

Household debt became significantly more sustainable in 2024. Though debt actually rose in nominal terms due to cost-of-living pressures, wages and financial assets grew at a more rapid pace than inflation, offsetting the impact of rising prices and enhancing household financial health, according to the Monetary Authority of Singapore.

However, wage growth in the city state is slowing, and the average debt per person is beginning to creep up.

In contrast to the nation's government debt, which stands at a worrying 123% of GDP, US household debt is considerably more manageable at 69%, well below the peaks seen amid the subprime mortgage crisis.

However, credit card debt has climbed to a record high as living cost pressures continue, and credit card delinquencies, as well as auto loan defaults, are elevated. The vast majority of US mortgages are fixed-rate, usually for 30 years, so homeowners with this type of product haven't been affected by increased interest rates. But at $18.8 trillion (£14tn) as of March this year, America's household balance sheet is flashing red warning signals.

Canada's household debt as a percentage of GDP is much higher than America's. While it's down from the peak of 112% recorded during the pandemic, at 100% the figure remains very high – the highest among G7 countries, in fact.

Mortgage debt due to Canada's steep house prices is the major driver, though it remains relatively healthy, says data company TransUnion. But as living costs have increased, Canadians have been borrowing more on their credit cards and taking out additional loans. And this, combined with high interest rates, has led to a rise in non-mortgage delinquencies in the country.

The Netherlands also has high levels of household debt, representing 93.6% of GDP. However, this figure is considerably lower than the peak of 125% recorded in 2010.

Once again, mortgage debt is the chief driver. According to the nation's central bank, no other European country has a higher proportion of the population with a mortgage loan. Thankfully, most mortgages in the country are fixed-rate over long periods, so higher interest rates haven't led to a significant rise in defaults.

Household debt has been described as Australia's Achilles' heel. In relation to GDP, it currently sits at a whopping 112% – only one other country records a higher figure. Still, this number isn't record-breaking, with the figure maxing out at 124% in 2016.

Over the years, household debt in Australia has risen in tandem with wealth, so servicing the debt hasn't been a major issue even amid higher inflation and elevated interest rates.

Delinquencies have increased but at a slow pace, while mortgage defaults have remained remarkably stable. However, the high levels of debt are posing more of a problem as interest rates in the country rise.

Switzerland has relatively modest government debt, but its household debt as a percentage of GDP is the highest in the world at an enormous 125%. The figure was even higher during the pandemic when it hit a record 134%.

Despite relatively low levels of home ownership, Switzerland's household debt is largely driven by mortgage debt, and house prices are very high in the country. Another key driver is the country's steep healthcare costs.

But while a reported 11.5% of Swiss households are behind with at least one repayment, household debt in the country is generally manageable thanks to high wages and the substantial personal wealth of its citizens.

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