COVID and Global Household Debt – Already over $12 trillion higher than in the run-up to the 2008 global financial crisis

COVID-19 Exacerbates Household Debt Burdens

• Global household debt tops $47 trillion—over $12 trillion higher than in the run-up to the 2008 global financial crisis
• More than three-fourths of the 75 countries in our sample now have higher household debt-to-GDP ratios than in 2007
• Anticipated COVID-19-related job losses imply a massive jump in household debt relative to income and assets. This could trigger a sharp drop in private consumption, particularly among lower-income, high-debt households

*Quarterly update to the IIF Global Debt Monitor coming next week*

Chosen excerpts by Job Market Monitor. Read the whole story @  IIF Weekly Insight : COVID-19 exacerbates household debt burdens