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With Christmas just around the corner and the cost of living on many people’s minds, credit cards are often turned to. This might seem like the best option for many in the short-term but it is something that can lead to problems in the longer-term when debts need to be repaid.
Analysts at Invezz have analysed global data looking at several debt-related factors including credit card ownership, household debt and government debt to reveal the countries with the highest levels of debt.
With the analysis, Canada comes top as the most indebted of nations, followed by the U.K. (with the U.S. in third place). Canada has the biggest overall debt problems, with a combined debt score of 8.42 out of 10, having appeared in the top 10 countries for each factor. The 10 countries with the most debt are:
| Rank | Country | Credit Card Ownership | Household Debt (% of disposable income) | Government Debt (% of GDP) | Debt searches per 100,000 | Overall Debt Score |
| 1 | Canada | 82.74% | 185.62% | 87.16% | 801.54 | 8.42 |
| 2 | United Kingdom | 62.11% | 147.74% | 83.85% | 2,385.47 | 7.92 |
| 3 | United States | 66.70% | 101.11% | 108.80% | 1,445.57 | 7.75 |
| 4 | Norway | 66.74% | 246.30% | 40.94% | 232.25 | 7.09 |
| 5 | Finland | 65.29% | 154.20% | 59.59% | 212.06 | 6.75 |
| 5 | Australia | 51.41% | 203.02% | 46.80% | 1,165.99 | 6.75 |
| 7 | Japan | 69.66% | 114.69% | 236.14% | 27.40 | 6.34 |
| 8 | Switzerland | 69.21% | 222.09% | 39.80% | 131.99 | 6.33 |
| 9 | Ireland | 54.96% | 123.64% | 57.22% | 733.44 | 6.17 |
| 9 | Netherlands | 37.43% | 228.20% | 47.56% | 433.90 | 6.17 |
When it comes to the UK, the research reveals that despite the relatively high position, the U.K. has the most debt-conscious population, at least if Internet activity is a good measure. The data suggests that the U.K. has the most searches per 100,000 people for debt and credit-related terms.
The U.K. has also been revealed as the most debt-conscious country in the world. There are 2,385.47 searches per 100,000 people. This indicates that people in the U.K. are the most engaged with the world of debt, either by seeking new lines of credit or looking for help with managing their financial situation.
The U.K. also has by far the highest number of searches for “debt advice” per head at 44.23 per 100,000 people. The highest number of searches per head for each debt-related search term analysed. With 122.19 searches for “borrow money” per 100,000 people, as well as 2219.05 for “credit card” per 100,000. As these search rates are actually almost double that of the U.S. (which is in second place for this criterion).
The U.K. also made the top 10 for government debt, placing tenth, as well for credit card ownership, for which it placed eight. Eight place equates to 62.11 percent of the adult population owning one.
The highest percentage of credit card ownership however goes to Canada with 92.74 percent of the country owning a credit card.
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