15 countries that have highest household debt

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.