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

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

Average household debt: $53,430.77
Average yearly net salary: $45,433.20
Loan-to-income ratio: 117.60%

Learn More: What Moody’s US Credit Rating Downgrade Means for the Middle Class

8. New Zealand

Average household debt: $43,987.51

Average yearly net salary: $36,810.84

Loan-to-income ratio: 119.50%

7. Luxembourg

Average household debt: $87,235.44

Average yearly net salary: $72,789.24

Loan-to-income ratio: 119.85%

6. Sweden

Average household debt: $45,796.27

Average yearly net salary: $37,528.32

Loan-to-income ratio:122.03%

5. Denmark

Average household debt: $59,926.00

Average yearly net salary: $47,495.64

Loan-to-income ratio: 126.17%

4. Switzerland

Average household debt: $124,785.99

Average yearly net salary: $86,807.04

Loan-to-income ratio: 143.75%

3. Canada

Average household debt: $54,572.63

Average yearly net salary: $34,609.56

Loan-to-income ratio: 157.68%

2. Australia

Average household debt: $70,348.47

Average yearly net salary: $43,060.44

Loan-to-income ratio: 163.37%

1. Norway

Average household debt: $74,629.74

Average yearly net salary: $43,955.28

Loan-to-income ratio: 169.79%

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This article originally appeared on GOBankingRates.com: Think the US Is Bad? People in These 9 Countries Have Way More Debt