As the United States pays more in interest on its debt than on its entire military or Medicare system, and governments and households worldwide sink deeper into trillions in obligations, a staggering global debt crisis is quietly reshaping our economy.
Key Takeaways
- As of September 2024, the US national debt exceeded $35.3 trillion, representing approximately 122% of GDP
- In FY 2023, US federal interest payments on debt reached $659 billion, surpassing spending on defense and Medicare
- Japan's government debt-to-GDP ratio stood at 255% in 2023, the highest among developed nations
- In Q2 2024, US household debt totaled $17.8 trillion, up 0.4% from previous quarter
- US mortgage debt outstanding reached $12.61 trillion in Q2 2024
- US credit card debt hit $1.12 trillion in Q2 2024, a record high
- US total student loan debt outstanding was $1.61 trillion as of Q2 2024, affecting 42.6 million borrowers
- Average federal student loan debt per borrower was $38,375 in 2024
- 45 million Americans have student loan debt, with total private student loans at $117.7 billion in 2023
- Total US corporate debt outstanding was $13.7 trillion in Q2 2024
- US nonfinancial corporate business debt-to-GDP ratio was 50.3% in Q2 2024
- Leveraged loans outstanding reached $1.4 trillion in US in 2024
- Total global debt reached $307 trillion in 2023, 336% of global GDP
- Global government debt hit $91.4 trillion in 2023
- World household debt totaled $59.1 trillion in Q1 2024
Surging global debt burdens threaten both governments and ordinary households worldwide.
Corporate Debt
1Total US corporate debt outstanding was $13.7 trillion in Q2 2024
Verified2US nonfinancial corporate business debt-to-GDP ratio was 50.3% in Q2 2024
Verified3Leveraged loans outstanding reached $1.4 trillion in US in 2024
Verified4Corporate bond market in US totaled $10.2 trillion in Q1 2024
Directional5BBB-rated corporate bonds yield spread was 1.25% over Treasuries in Sep 2024
Single source6China's corporate debt-to-GDP ratio was 162% in 2023, highest globally
Verified7Eurozone non-financial corporate debt was 104% of GDP in Q1 2024
Verified8US corporate debt service ratio hit 42.5% in Q2 2024
Verified9Zombie firms (interest coverage <1) represent 15% of US public companies in 2024
Directional10Global corporate debt issuance reached $7.5 trillion in 2023
Single source11Japan's corporate debt-to-GDP was 110% in 2023
Verified12UK non-financial corporate debt was 92% of GDP in 2023
Verified13India's corporate debt stood at 49% of GDP in FY2023
Verified14Brazil corporate debt-to-GDP ratio was 42% in 2023
Directional15High-yield bond default rate in US was 4.1% in H1 2024
Single source16US speculative-grade corporate debt issuance was $380 billion in 2023
Verified17Average corporate debt maturity in US lengthened to 6.8 years in 2024
VerifiedCorporate Debt Interpretation
While America’s corporate body is flexing on $13.7 trillion in debt, its pulse—a debt service ratio of 42.5%—is racing, and a 15% zombie infestation suggests this isn't just a workout, it's a haunted house.
Global Debt
1Total global debt reached $307 trillion in 2023, 336% of global GDP
Verified2Global government debt hit $91.4 trillion in 2023
Verified3World household debt totaled $59.1 trillion in Q1 2024
Verified4Global corporate debt outstanding was $94.3 trillion at end-2023
Directional5Global debt-to-GDP ratio peaked at 336% in 2023
Single source6Emerging markets external debt was $11.4 trillion in Q1 2024
Verified7Low-income countries debt service payments reached 15.5% of government revenue in 2023
Verified8Global debt accumulation slowed to $12 trillion in 2023 from $16 trillion peak
Verified9Advanced economies debt-to-GDP averaged 266% in 2023
Directional10Emerging markets debt-to-GDP was 251% in 2023
Single source1159 low-income countries face debt distress or high risk in 2024
Verified12Global bond market size was $133 trillion in 2023
Verified13Offshore dollar debt of non-banks in EMs was $13.2 trillion in Q1 2024
Verified14Global pension fund assets invested in debt were $25 trillion in 2023
Directional15Debt of 60% of low-income countries unsustainable per IMF/World Bank DSA in 2024
Single source16Global syndicated loan market outstanding was $6.8 trillion in 2023
VerifiedGlobal Debt Interpretation
With the world collectively staggering under a debt load three times its economic output, it appears we've all agreed to a dangerously luxurious, multi-trillion-dollar "buy now, pay later" scheme for the entire planet.
Household/Consumer Debt
1In Q2 2024, US household debt totaled $17.8 trillion, up 0.4% from previous quarter
Verified2US mortgage debt outstanding reached $12.61 trillion in Q2 2024
Verified3US credit card debt hit $1.12 trillion in Q2 2024, a record high
Verified4US auto loan debt stood at $1.62 trillion in Q2 2024
Directional5Student loan debt in the US was $1.61 trillion in Q2 2024
Single source6US household debt service payments as percentage of disposable income was 9.95% in Q2 2024
Verified7In 2023, average US household debt was $104,215
Verified8UK household debt-to-GDP ratio was 82.4% in Q1 2024
Verified9Canada's household credit market debt reached CAD 3.135 trillion in Q1 2024
Directional10Australia's household debt-to-GDP was 111.8% in Q1 2024, highest globally
Single source11China's household debt-to-GDP ratio hit 63.3% in 2023
Verified12South Korea's household debt was 105.7% of GDP in Q1 2024
Verified13Netherlands household debt-to-GDP was 96.2% in 2023
Verified14US delinquency rate on credit cards was 3.22% in Q2 2024, highest since 2012
Directional15Mortgage delinquency rate in US was 2.89% in Q2 2024
Single source1611.6% of US credit card accounts were 30+ days delinquent in Q2 2024
Verified17US personal loan debt totaled $248 billion in Q2 2024
Verified18In 2023, 40% of US adults carried credit card debt month-to-month
Verified19Japan's household debt-to-GDP was 65.1% in 2023
Directional20Germany's household debt was 52.3% of GDP in 2023
Single source21France household debt-to-GDP ratio was 64.8% in Q1 2024
Verified22Italy's household debt was 40.1% of GDP in 2023
Verified23Spain household debt-to-GDP fell to 53.6% in 2023
Verified24Sweden's household debt was 88.5% of GDP in Q1 2024
DirectionalHousehold/Consumer Debt Interpretation
From Tokyo to Toronto, we've built a towering, global monument to credit, where the average American's six-figure debt load feels quaint next to Australia's GDP-defying mortgage altar, all while credit card delinquency bells ominously chime in the background.
Public/Government Debt
1As of September 2024, the US national debt exceeded $35.3 trillion, representing approximately 122% of GDP
Verified2In FY 2023, US federal interest payments on debt reached $659 billion, surpassing spending on defense and Medicare
Verified3Japan's government debt-to-GDP ratio stood at 255% in 2023, the highest among developed nations
Verified4Greece's public debt was 161.9% of GDP in 2023, down from peaks over 200% post-2010 crisis
Directional5In 2024, Italy's general government gross debt hit 137.3% of GDP
Single source6France's public debt reached 110.6% of GDP in Q2 2024
Verified7UK's public sector net debt excluding Bank of England stood at 96.4% of GDP in July 2024
Verified8Canada's federal debt-to-GDP ratio was 42.1% in 2023-24
Verified9China's general government debt was estimated at 83.4% of GDP in 2023
Directional10Brazil's gross government debt reached 78.4% of GDP in 2023
Single source11India's central government debt stood at 57.1% of GDP in FY 2023-24
Verified12Australia's gross debt was 37.6% of GDP in 2023-24
Verified13South Africa's national government debt hit 73.9% of GDP in 2023/24
Verified14In 2023, US federal debt held by the public was $26.2 trillion
Directional15Eurozone public debt averaged 88.4% of GDP in Q1 2024
Single source16Saudi Arabia's public debt reached 29.9% of GDP in 2023
Verified17Turkey's general government debt was 38.5% of GDP in 2023
Verified18Mexico's public debt stood at 49.7% of GDP in 2023
Verified19Argentina's public debt was 85.3% of GDP in 2023
Directional20Egypt's general government debt hit 88.7% of GDP in FY 2022/23
Single source21Pakistan's public debt reached 77.3% of GDP in FY 2023
Verified22Nigeria's federal government debt was 38.7% of GDP in 2023
VerifiedPublic/Government Debt Interpretation
It seems we’ve built a world where what we owe is now our biggest line of business, complete with lavish interest payments that comfortably outpace our most ambitious spending ambitions.
Student Debt
1US total student loan debt outstanding was $1.61 trillion as of Q2 2024, affecting 42.6 million borrowers
Verified2Average federal student loan debt per borrower was $38,375 in 2024
Verified345 million Americans have student loan debt, with total private student loans at $117.7 billion in 2023
Verified4Student loan delinquency rate was 7.46% in Q2 2024 for US
Directional514% of student loan borrowers are 3+ years delinquent or in default as of 2023
Single source6Bachelor's degree holders have average debt of $37,310 upon graduation in 2023
Verified756% of federal student loan borrowers owe less than $20,000 in 2023
Verified8UK student loan debt total exceeded £200 billion in 2023, with average borrower owing £44,840
Verified9Australia's total HELP/HECS debt reached AUD 74.4 billion in June 2023
Directional10Canada's student debt averages CAD 28,000 per borrower in 2023
Single source11In 2023, 70% of US college seniors graduated with debt averaging $29,800
Verified12Black college graduates owe average $53,000 in student debt 10 years after graduation vs $28,000 for white peers in 2023 data
Verified13Women hold 58% of total US student loan debt, averaging $31,680 vs men's $30,710 in 2023
Verified14Parent PLUS loans total $114 billion in 2023
Directional1518% of US bachelor's degrees result in debt over $50,000 in 2023
Single source16For-profit college borrowers have 13% default rate vs 4% for public 4-year in 2023
Verified17Average student loan payment is $524/month for US borrowers in 2024
Verified1839% of borrowers struggling with payments say student debt delays homeownership
VerifiedStudent Debt Interpretation
This gargantuan, generation-spanning IOU—a staggering $1.61 trillion shackle shared by millions—reveals a system where the average graduate’s ticket to the middle class is an immobilizing $38,375 anchor, disproportionately heavier for Black graduates and women, while delinquency whispers the quiet part aloud: for many, this debt is simply not working as advertised.
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