Household Debt in the U.S. is Relatively Low

What We’re Showing

This graphic shows household debt (as a % of net disposable income, 2022) across OECD countries.

What is the OECD?

The OECD (Organisation for Economic Co-operation and Development) is an international organization that promotes policies to improve economic and social well-being.

It has 38 member countries, though data for all of them was not available.

Key takeaway

Household debt levels are generally higher in developed nations due to these factors:

• Greater access to credit (mortgages, credit cards, etc)
• Higher cost of living (housing, education, etc)
• A more consumer-oriented culture

Why is Norway first?

Norway has a high ratio of household debt to disposable income for several reasons:

• High rate of home ownership (many have mortgages)
• High incomes (which allow people to take on larger debts)
• Interest paid on debt is tax deductible