Countries relying on credit most

Study reveals the countries where people live on credit the most, analyzing debt-to-GDP, debt-to-income, loans, savings, and credit card use.

Australia tops the list of countries where people live primarily on credit, with only 0.6% of residents having personal savings, the lowest rate in the study. With the highest number of outstanding loans per capita, Japan ranks sixth. Finland rounds out the top 10, with 63% of adults owning credit cards. With global debt projected to approach 100% of world GDP by 2030, driven largely by China and the United States, household reliance on credit is becoming an increasingly critical issue. A new study by an online crypto casino Gambulls ranks the countries where people depend most heavily on credit. The analysis takes into account key debt factors and borrowing patterns, including data on household debt-to-GDP ratio, which measures total household debt as a share of a country’s GDP; household debt-to-income ratio, which indicated total household debt as a share of households’ disposable income; outstanding loans, personal saving rates, and credit card ownership rate per country. These factors were combined to calculate a Credit Reliance Index, ranking the countries where people live most on credit. Here’s a look at the top 10 countries where people rely most heavily on credit:

Australia tops the list of countries where people live on credit the most, with a Credit Reliance Score of 99. Only 0.6% of people living in Australia have personal savings, the lowest rate among the countries analyzed. The country also reports a household debt-to-GDP ratio of 112%, the second highest in the study. Switzerland takes the second spot among countries with high credit reliance. The country records the highest household debt-to-GDP ratio at 125% and the highest household debt-to-income ratio at 225%. Over 69% of Swiss adults own credit cards, ranking third among all countries studied. Norway secures third place in the ranking of credit-dependent nations, achieving a Credit Reliance Score of 91. Out of every 1,000 Norwegians, 378 hold outstanding loans, the second-highest rate among the top-ranking countries. Only 7% of the population maintains personal savings, marking one of the lowest rates in the study. The Netherlands claims fourth place, with Dutch households seeing a Credit Reliance Score of 87. The country records the second-highest household debt-to-income ratio at 219%, trailing behind only Switzerland. The Netherlands also reports the second-highest household debt-to-GDP ratio at 94%. Canada secures the fifth spot on the list of countries that rely most on loans, reporting the highest household debt-to-GDP ratio at nearly 100%. Credit card ownership is the highest among all countries at 83%. Similar to Norway, only 7% of Canadians report personal savings. Japan holds the sixth position among countries with the biggest credit burden, with the highest credit card ownership rate at 70%. Only 5% of people have personal savings in Japan, the third lowest among all countries. There are currently 4,880 outstanding loans for every 1,000 people, the highest among all the countries in the ranking. Denmark ranks seventh in the global list of countries where loans dominate household finances, achieving a score of 82. Similar to Norway, Danish households report a household debt-to-income ratio of 211%. Moreover, the country records one of the highest levels of household debt relative to GDP, at 85%. Luxembourg is ranked eighth, with a score of 75. Similar to Japan, nearly 70% of Luxembourgers own credit cards. For every 1,000 individuals in the country, 114 have outstanding loans, reflecting the reliance on borrowed funds within the population. Sweden takes the ninth position among countries relying on consumer credit. Out of every 1,000 Swedes, 289 have taken loans, the third-highest rate among the top-ranking countries. The household debt-to-GDP ratio stands at 84%, with only 16% of Swedes having personal savings. Finland rounds out the top ten countries where people live most on credit, with a Credit Reliance Score of 64. Only 3% of people in Finland have personal savings, the second lowest rate after Australia. More than 63% of adults in Finland own credit cards, further contributing to its position on the list. A spokesperson from Gambulls commented on the study:

“ In today’s global economy, household reliance on credit has become a defining feature of personal finance. While access to loans and credit cards helps families manage expenses and respond to emergencies, growing dependence on borrowed funds can increase vulnerability to economic shocks, rising interest rates, and low savings. Factors such as rising living costs and widespread credit availability have fueled this trend, making financial literacy, responsible borrowing, and long-term savings essential for household resilience and broader economic stability ”.