EconomySep 5, 2024
Household Debt in the U.S. is Relatively Low
What We’re Showing
This graphic shows household debt (as a % of net disposable income, 2022) across OECD countries.
What is the OECD?
The OECD (Organisation for Economic Co-operation and Development) is an international organization that promotes policies to improve economic and social well-being.
It has 38 member countries, though data for all of them was not available.
Key takeaway
Household debt levels are generally higher in developed nations due to these factors:
- Greater access to credit (mortgages, credit cards, etc)
- Higher cost of living (housing, education, etc)
- A more consumer-oriented culture
Why is Norway first?
Norway has a high ratio of household debt to disposable income for several reasons:
- High rate of home ownership (many have mortgages)
- High incomes (which allow people to take on larger debts)
- Interest paid on debt is tax deductible
Dataset
Country | Household debt (%) |
---|---|
Norway | 253 |
Switzerland | 225 |
Netherlands | 211 |
Denmark | 208 |
S. Korea | 204 |
Luxembourg | 196 |
Sweden | 196 |
Canada | 188 |
Finland | 150 |
UK | 147 |
France | 127 |
Japan | 123 |
Portugal | 120 |
Belgium | 116 |
U.S. | 110 |
Ireland | 108 |
Germany | 100 |
Spain | 96 |
Austria | 89 |
Italy | 87 |
Greece | 86 |
Slovak Rep. | 83 |
Chile | 82 |
Estonia | 81 |
Czechia | 73 |
Slovenia | 51 |
Poland | 49 |
Lithuania | 41 |
Hungary | 41 |
Latvia | 37 |
Mexico | 27 |
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