U.S. household debt equaled 67.2% of GDP in the first quarter of 2026, according to the Bank for International Settlements, down from a high of 98.4% at the end of 2007. Among the 43 countries in the BIS series, the United States ranked 14th. Switzerland was highest at 127.0%, followed by Australia (114.1%), Canada (100.0%), Netherlands (94.6%).
The measure compares what households owe, mostly mortgages plus consumer and other loans, with the size of the whole economy. It is a rough gauge of how much debt a country’s households carry relative to national income, not a measure of any one family’s finances.
What changed
From the first quarter of 2025 to the first quarter of 2026, household debt fell as a share of GDP in 18 of the 43 countries, rose in 22 and was unchanged in 3. The U.S. figure went from 68.6% to 67.2%. In 19 countries, including the United States, the latest ratio was at least 10 percentage points below its highest level in the BIS series.
A falling ratio does not necessarily mean households are paying down debt. Debt can keep rising in dollars while the ratio falls, if the economy grows faster. U.S. household debt is higher in dollars than it was in 2007, but nominal GDP has grown faster.
Before the pandemic, at the end of 2019, the U.S. ratio was 74.7%. The United Kingdom was 72.6% in early 2026 (high 97.6% in 2010 Q1), Canada 100.0% (high 113.2% in 2020 Q4), Japan 60.8% and Germany 47.9%.
Household debt by country
| Country | Q1 2026 | Q1 2025 | Q4 2019 | Highest in BIS series | Quarter of high |
|---|---|---|---|---|---|
| Switzerland | 127.0% | 120.9% | 124.4% | 133.2% | 2021 Q1 |
| Australia | 114.1% | 112.6% | 118.5% | 123.9% | 2016 Q3 |
| Canada | 100.0% | 99.3% | 104.5% | 113.2% | 2020 Q4 |
| Netherlands | 94.6% | 94.5% | 109.7% | 126.3% | 2010 Q2 |
| New Zealand | 91.0% | 90.0% | 91.8% | 98.3% | 2021 Q1 |
| Hong Kong SAR | 88.9% | 87.5% | 81.6% | 96.4% | 2023 Q1 |
| Norway | 87.8% | 84.4% | 99.5% | 109.1% | 2020 Q4 |
| Thailand | 86.7% | 87.5% | 84.7% | 96.6% | 2021 Q1 |
| South Korea | 85.1% | 89.1% | 89.6% | 99.1% | 2021 Q3 |
| Denmark | 82.5% | 82.8% | 110.8% | 131.6% | 2010 Q1 |
| Sweden | 82.1% | 82.7% | 88.9% | 94.9% | 2021 Q1 |
| United Kingdom | 72.6% | 74.3% | 83.9% | 97.6% | 2010 Q1 |
| Malaysia | 69.5% | 69.5% | 68.1% | 76.6% | 2021 Q1 |
| United States | 67.2% | 68.6% | 74.7% | 98.4% | 2007 Q4 |
| Finland | 61.7% | 63.6% | 66.2% | 70.1% | 2021 Q1 |
| Japan | 60.8% | 61.5% | 60.8% | 70.2% | 1999 Q4 |
| France | 59.1% | 59.8% | 62.3% | 68.2% | 2020 Q4 |
| Luxembourg | 58.2% | 62.2% | 68.2% | 69.9% | 2020 Q4 |
| China | 57.5% | 60.2% | 54.4% | 61.0% | 2024 Q1 |
| Belgium | 56.8% | 56.7% | 60.9% | 66.0% | 2021 Q1 |
| Portugal | 54.2% | 52.8% | 62.9% | 92.2% | 2009 Q4 |
| India | 49.1% | 44.8% | 39.1% | 49.1% | 2026 Q1 |
| Germany | 47.9% | 48.7% | 52.1% | 70.5% | 2000 Q4 |
| Singapore | 44.1% | 42.2% | 57.6% | 66.9% | 2014 Q4 |
| Chile | 43.4% | 45.2% | 48.1% | 48.7% | 2020 Q2 |
| Spain | 42.5% | 43.3% | 56.5% | 85.7% | 2010 Q2 |
| Israel | 42.5% | 42.1% | 41.5% | 44.9% | 2022 Q2 |
| Austria | 41.3% | 42.4% | 49.4% | 54.8% | 2010 Q4 |
| Brazil | 38.0% | 36.5% | 30.0% | 38.0% | 2026 Q1 |
| Greece | 37.5% | 38.9% | 55.6% | 67.1% | 2014 Q1 |
| Italy | 35.9% | 35.9% | 41.1% | 44.9% | 2020 Q4 |
| South Africa | 33.7% | 33.7% | 35.1% | 44.4% | 2008 Q1 |
| Czechia | 31.6% | 30.7% | 31.0% | 33.6% | 2021 Q4 |
| Saudi Arabia | 31.6% | 30.9% | 24.8% | 31.7% | 2025 Q4 |
| Ireland | 26.3% | 22.7% | 35.0% | 117.4% | 2009 Q4 |
| Colombia | 25.7% | 25.3% | 29.1% | 32.4% | 2020 Q4 |
| Poland | 22.1% | 22.3% | 34.1% | 36.8% | 2015 Q2 |
| Russia | 21.0% | 20.9% | 19.1% | 22.2% | 2023 Q3 |
| Hungary | 18.7% | 17.3% | 18.5% | 41.2% | 2010 Q2 |
| Mexico | 17.4% | 16.9% | 15.6% | 17.4% | 2025 Q4 |
| Indonesia | 15.2% | 16.0% | 17.0% | 17.8% | 2020 Q4 |
| Türkiye | 10.1% | 9.4% | 14.4% | 19.4% | 2013 Q4 |
| Argentina | 5.6% | 5.0% | 5.4% | 7.6% | 2000 Q1 |
Credit to households and nonprofit institutions serving households, from all lenders, at market value, as a percentage of GDP, adjusted for breaks in the series. "Highest" is the highest quarterly value in the BIS series for that country, whose start date varies (the U.S. series begins in 1947; many others begin in the 1990s or 2000s). The United States row is shaded. BIS stopped receiving data from public authorities in Russia after February 2022.
Groups of countries
| Group | Q1 2026 | Q4 2019 |
|---|---|---|
| Advanced economies | 66.0% | 73.0% |
| Euro area | 50.2% | 56.6% |
| G20 | 57.8% | 61.3% |
| Emerging market economies | 45.0% | 42.3% |
| All reporting countries | 58.4% | 62.3% |
Why it matters
High household debt relative to income can leave households more exposed when interest rates rise or incomes fall, especially where many mortgages have rates that reset quickly. Countries differ a lot in home-ownership rates, in how mortgages work and in how housing is financed, so a higher ratio is not by itself a sign of trouble. The U.S. ratio is now well below its 2007 peak and below that of many other advanced economies.
What it means for your own debt
National ratios do not tell you whether your own debt is manageable. A more useful personal check is how much of your monthly income goes to debt payments. Lenders look at your debt-to-income ratio, your monthly debt payments divided by your gross monthly income, when you apply for a mortgage or other loan, and a lower ratio gives you more room if your income drops. Our page on debt payments as a share of income shows the national average for U.S. households.
What these numbers are
The figures are from the BIS’s data on credit to the non-financial sector. They cover loans and debt securities owed by households and nonprofit institutions serving households, from all lending sectors, at market value. BIS compiles them mainly from national central banks and statistical offices; definitions can differ from country to country, and BIS adjusts for breaks in the series. GDP in the ratio is a four-quarter sum. Figures can be revised.
Source and terms
Source: Bank for International Settlements, Credit to the non-financial sector (dataflow WS_TC), households and NPISHs, all sectors, market value, percentage of GDP, adjusted for breaks; retrieved through the BIS SDMX API on October 19, 2026. These are BIS statistics, reproduced under the BIS terms of permitted use of BIS statistics, which allow reproduction with the BIS cited as the source. The BIS does not endorse this page and is not affiliated with My Credit Guide, and it does not guarantee the accuracy or completeness of the statistics. The rank, the changes and the count of countries are our calculations. Our table and calculations are available under CC BY 4.0; that license covers only our own work, not the BIS’s rights in its statistics, so anyone reusing the BIS figures in the CSV should also follow the BIS terms. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Household Debt by Country: Credit to Households as a Share of GDP," My Credit Guide, October 19, 2026, https://mycreditguide.org/data/household-debt-by-country/.