Bulgaria is in the Top 25 Countries with the Biggest Debt Slaves
With inflation driving up costs, global debts are nearing record highs at $305 trillion - around $45 trillion higher than pre-pandemic levels. Moreover, a worldwide recession has been warned for 2023 at the World Economic Forum earlier this year in the face of rising debt vulnerabilities.
But which country has the biggest debt slaves?
Keen to find out, the finance experts at Moneyzine analyzed consumer credit levels across 65 countries, and provided their guidance on how to avoid getting into debt traps.
Bulgaria ranks 24th in the ranking, with a Consumer Credit in Millions USD of $18699.637. The Consumer Credit per Capita in the Balkan country is 2.719 USD. In addition, the Consumer Credit per Bulgarian citizen aged (15-64) is 4.276 dollars.
Moneyzine revealed that Switzerland has the most consumer credit debt per person worldwide, with $193.10 of debt per person. This is a staggering 93% higher than the world average consumer debt per person, at $12.98 per person. Being among the top three countries with the highest cost of living, nearly 1 in 6 lives in a debt-laden household in Switzerland.
Coming in second is Australia, clocking in at an average of $137.86 of credit debt per person. As monthly credit card purchases in the country hit an all time high of $33.5 billion in January, credit card debt was further found to be the top concern for Australians phoning the National Debt Helpline, overtaking electricity bills.
In third place is Norway, averaging $108.76 consumer debt per person. Reported to be the ninth most expensive country to live in, Norwegians are saddled with debts as they shoulder a monthly cost of living totalling $2,074.
Japan ranks fourth with ...