Which country has the highest household debt?
1. Denmark. Denmark had the highest household-debt-to-income ratio of all the nations we looked at, with a reported debt of 252.18%.
| Country/Region | External debt (USD) | Date |
|---|---|---|
| Per capita | ||
| United States | 73,507 | December 2022 |
| United Kingdom | 134,000 | December 2023 |
| Japan | 34,832 | June 2023 |
From 20 economies analyzed, 11 have a debt-to-GDP ratio of over 100%. At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.
Total Balance (2023, Q4)
Mortgage debt is most Americans' largest debt, exceeding other types by a wide margin.
- California – 520 billion.
- New York – 368 billion.
- Texas – 324 billion.
- Illinois – 159 billion.
- Florida – 131 billion.
- Pennsylvania – 128 billion.
- Massachusetts – 98 billion.
- Ohio – 93 billion.
White people, on average, are more likely to have mortgage debt than Black people, but Black people are more likely to have credit card debt (Dettling et al., 2017).
It began rising at a fast rate in the 1980's and was accelerated through events like the Iraq Wars and the 2008 Great Recession. Most recently, the debt made another big jump thanks to the pandemic with the federal government spending significantly more than it took in to keep the country running.
The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.
| Characteristic | National debt in relation to GDP |
|---|---|
| Macao SAR | 0% |
| Brunei Darussalam | 2.06% |
| Kuwait | 3.08% |
| Hong Kong SAR | 4.27% |
- Brunei. 3.2%
- Afghanistan. 7.8%
- Kuwait. 11.5%
- Democratic Republic of Congo. 15.2%
- Eswatini. 15.5%
- Palestine. 16.4%
- Russia. 17.8%
Which gender has more debt?
Men have 2% more credit card debt than women. Men have 20% more personal loan debt than women. Men have 16.3% more auto loan debt than women. Men have 9.7% more mortgage debt than women.
The average FICO® Score☉ in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
| Rank | Country | Share of Total |
|---|---|---|
| 1 | 🇯🇵 Japan | 14.7% |
| 2 | 🇨🇳 China | 11.9% |
| 3 | 🇬🇧 United Kingdom | 8.9% |
| 4 | 🇧🇪 Belgium | 4.8% |
The economic downturn has had a greater impact in California than other states, mostly because of its size and that it relies heavily on taxes paid by the wealthy.
In the fiscal year of 2022, the state debt of Hawaii was about 8.52 billion U.S. dollars. In that same year, the state's local government debt was 7.87 billion U.S. dollars.
According to the Federal Reserve, white households held more than 80% of the nation's assets in 2022.
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
But it. is a race up an eroding hill of sand: Black debt means higher. interest with lower returns. Black debt also represents the past. and ongoing theft of Black assets. “
Of course, just as with an individual or family, cutting spending and increasing revenue are smart first steps. Beyond that, the government considers things like new taxes, a higher retirement age, removing loopholes from the tax code, and more to reduce annual deficits and the national debt.
Who owes the U.S. money?
In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion. In isolation, this $7.4 trillion amount is a lot, said Scott Morris, a senior fellow at the Center for Global Development.
The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).
What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.
While the federal government can raise money by selling treasury securities, this option is not available to state and local governments. Debt requires approval of the legislature or even the voting public. Another major constraint is the democratic process itself.
For the current budget window (July 2022 through June 2025): Governor Newsom's proposed budget, released on January 10, estimates a shortfall of $38 billion. However, the actions the governor proposes to take to close the deficit add up to $58 billion, according to the LAO.
