Switzerland might have the dubious honour of topping the list of nations with the highest consumer credit debt per person, but Australia isn’t far behind. The world is grappling with a growing debt crisis, as global debt balloons to a shocking $305 trillion. The World Economic Forum has warned of an impending global recession in 2023, underscoring the urgent need to navigate the debt minefield carefully.
The finance gurus at Moneyzine examined consumer credit levels across 65 countries to reveal the biggest ‘debt slaves’. In a surprising revelation, Switzerland leads the pack with an average consumer credit debt of USD$193,100 per person, nearly 93% higher than the global average of $12,980 This finding indicates a significant debt crisis within one of the world’s wealthiest nations.
However, for readers of our Aussie magazine, it’s the plight of the Land Down Under that stings the most. Australia claims the second spot, with an average credit debt per person of $137,860. As monthly credit card purchases hit an all-time high of $33.5 billion, credit card debt has become the primary concern for Australians. It has even surpassed electricity bills as the main reason Australians are ringing the National Debt Helpline.
Norway, Japan, and France round out the top five countries with the highest per-person consumer debt, with $108,760, $47,530, and $44,400 respectively.
Jonathan Merry, CEO of Moneyzine, advises individuals to keep a close eye on their spending to avoid spiralling into unmanageable debt. He explains, “The danger comes when people continue to take out loans or finance options to buy things they can’t afford… By tracking your spending, you can better prepare for the future and reduce the need for payday loans with high-interest rates.”
This financial landscape serves as a stark warning to live within our means and manage our finances prudently. As we teeter on the edge of a worldwide economic downturn, it’s vital to address the growing debt crisis and offer support to those most affected. By promoting financial literacy and providing sound advice, we can start to mitigate the impact of this looming economic threat.
Source: https://moneyzine.com/
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