Canada, the United Kingdom and the United States are countries having the biggest problems with mounting debt globally, an Invezz report revealed on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 17th August, 2022) Canada, the United Kingdom and the United States are countries having the biggest problems with mounting debt globally, an Invezz report revealed on Wednesday.
The report analyzed global data using several debt-related factors, including credit card ownership, household debt and government debt in order determine which countries have the highest level of debt.
"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 we looked at while also topping the table for credit card ownership," the report said.
In addition, Canada has the highest credit card ownership and household debt, the report said.
The United Kingdom's overall debt score is 7.92, while the United States came in third place, having received an overall debt score of 7.75, the report said.
"The UK has the most debt-conscious population, with the most searches per 100,000 people for debt and credit-related terms. The UK also made the top 10 for government debt, placing tenth, as well for credit card ownership, for which it placed seventh," the report said.
Similarly, the United States ranked in the top ten countries for debt and credit-related searches, government debt and credit card ownership, the report added.
The United States ranks sixth in credit card ownership at 66.70% and fifth in terms of debt-to-GDP that stands at 108.8%, according to the report.
The Congressional Budget Office projected in late July that the US Federal debt will reach 185% of GDP by 2052.
