Photographs: David Gray/Reuters
There are some countries that are struggling to manage the rapid increase in household debt, mainly due to loose lending practices by banks.
Let's take a look at 15 economies that have highest household debt in the world.
Source: The Economist
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15 countries that have highest household debt
Photographs: Cathal McNaughton/Reuters
Ireland
Debt as percent of GDP: 106 per cent in Q1 2013
Percentage-point change: 22 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 1
Ireland, which was hit badly by the 2008 global economic crisis, has the highest household debt in the world.
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15 countries that have highest household debt
Photographs: Andrew Winning/Reuters
United Kingdom
Debt as percent of GDP: 93 per cent in Q1 2013
Percentage-point change: 1 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 2
United Kingdom, one of the biggest financial centres in the world, has the second-highest household debt in the world.
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15 countries that have highest household debt
Photographs: Mathieu Belanger/Reuters
Canada
Debt as percent of GDP: 92 per cent in Q1 2013
Percentage-point change: 22 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 3
Canada, which is seeing a minerals boom, reported a 22 per cent rise in household debt.
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15 countries that have highest household debt
Photographs: Lee Jae-Won/Reuters
South Korea
Debt as percent of GDP: 86 per cent in Q1 2013
Percentage-point change: 15 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 4
South Korea, one of the most advanced countries in the world, has household debt that's 86 per cent of GDP.
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15 countries that have highest household debt
Photographs: Bazuki Muhammad/Reuters
Malaysia
Debt as percent of GDP: 81 per cent in Q1 2013
Percentage-point change: 20 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 5
Malaysia, one of the fastest growing economies in the region, saw its household debt increase 20 per cent.
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15 countries that have highest household debt
Photographs: Adrees Latif/Reuters
United States
Debt as percent of GDP: 78 per cent in Q1 2013
Percentage-point change: Minus 13 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 6
United States, the biggest economy in the world, has one of the highest household debts in the globe.
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15 countries that have highest household debt
Photographs: Kerek Wongsa/Reuters
Thailand
Debt as percent of GDP: 68 per cent in Q1 2013
Percentage-point change: 21 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 7
Thailand, one of the fastest growing economies in the region, saw its debt increase by 21 per cent.
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15 countries that have highest household debt
Photographs: Stringer/Reuters
Japan
Debt as percent of GDP: 66 per cent in Q1 2013
Percentage-point change: Minus 2 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 8
Japan, one of the biggest economies in the world, has debt that's 66 per cent of its GDP.
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15 countries that have highest household debt
Photographs: Tim Chong/Reuters
Singapore
Debt as percent of GDP: 61 per cent in Q1 2013
Percentage-point change: 19 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 9
Singapore, one of the biggest financial centres in the world, saw debt increase by 19 per cent.
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15 countries that have highest household debt
Photographs: Bobby Yip/Reuters
Hong Kong
Debt as percent of GDP: 61 per cent in Q1 2013
Percentage-point change: 8 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 10
Hong Kong, one of the biggest financial centres in the world, saw debt increase by 8 per cent.
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15 countries that have highest household debt
Photographs: Fabrizio Bensch/Reuters
Germany
Debt as percent of GDP: 58 per cent in Q1 2013
Percentage-point change: Minus 12 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 11
Germany, the economic powerhouse of Europe, has household debt that's 58 per cent of GDP.
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15 countries that have highest household debt
Photographs: Nir Elias/Reuters
China
Debt as percent of GDP: 32 per cent in Q1 2013
Percentage-point change: 21 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 12
China, the fastest growing economy in the world, has debt that's 32 per cent of GDP.
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15 countries that have highest household debt
Photographs: Enny Nuraheni/Reuters
Indonesia
Debt as percent of GDP: 17 per cent in Q1 2013
Percentage-point change: 6 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 13
Indonesia, one of the fastest growing economies in the region, has household debt that's 17 per cent of GDP.
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15 countries that have highest household debt
Photographs: Henry Romero/Reuters
Mexico
Debt as percent of GDP: 14 per cent in Q1 2013
Percentage-point change: 3 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 14
Mexico, one of the fastest growing economies in the region, has household debt that's 14 per cent of GDP.
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15 countries that have highest household debt
Photographs: Stringer/Reuters
India
Debt as percent of GDP: 10 per cent in Q1 2013
Percentage-point change: Minus 2 per cent, from Q2 2006 to Q1 2013
Overall rank in household debt: 15
India, one of the fastest growing economies in the world, has household debt that's 10 per cent of GDP.
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