Think the US Is Bad? People in These 9 Countries Have Way More Debt
In the U.S. it’s more common than not to carry a boatload of debt. As of the third quarter of 2024, Americans owed $17.57 trillion in total debt — up 2.4% year over year, according to Experian data. Even spread over hundreds of millions of people, it’s a lot of debt: $58,215.12 for the average household, according to a new study by QuickLoan Pte Ltd.
Check Out: 20 Countries Holding the Most US Debt in 2025 — and How It Impacts Your Wallet
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But the U.S. isn’t the only country with a serious debt issue among its citizens. The study analyzed household debt data across multiple countries to find which nations live most on credit and where debt-to-income ratios pose the greatest financial risks. The U.S. came in 10th, based on loan-to-income ratio, as it has a loan-to-income ratio of 112.21%. Below are the nine countries where the burden of household debt is even greater.
9. Netherlands
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Average household debt: $53,430.77
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Average yearly net salary: $45,433.20
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Loan-to-income ratio: 117.60%
Learn More: What Moody’s US Credit Rating Downgrade Means for the Middle Class
8. New Zealand
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Average household debt: $43,987.51
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Average yearly net salary: $36,810.84
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Loan-to-income ratio: 119.50%
7. Luxembourg
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Average household debt: $87,235.44
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Average yearly net salary: $72,789.24
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Loan-to-income ratio: 119.85%
6. Sweden
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Average household debt: $45,796.27
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Average yearly net salary: $37,528.32
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Loan-to-income ratio:122.03%
5. Denmark
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Average household debt: $59,926.00
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Average yearly net salary: $47,495.64
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Loan-to-income ratio: 126.17%
4. Switzerland
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Average household debt: $124,785.99
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Average yearly net salary: $86,807.04
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Loan-to-income ratio: 143.75%
3. Canada
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Average household debt: $54,572.63
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Average yearly net salary: $34,609.56
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Loan-to-income ratio: 157.68%
2. Australia
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Average household debt: $70,348.47
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Average yearly net salary: $43,060.44
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Loan-to-income ratio: 163.37%
1. Norway
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Average household debt: $74,629.74
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Average yearly net salary: $43,955.28
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Loan-to-income ratio: 169.79%
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