_Private debts are a better economic crisis indicator than public debt. High and rapidly growing levels of private debt weigh on aggregate demand. Interest rate rises make debt maintenance more difficult and can kick off a deleveraging._

•••

**Risk of private-debt crisis**
- **High¹:** France, Korea, Sweden, Switzerland, Thailand
- **Medium²:** Australia, Belgium, Brazil, Canada, China, Ireland, Japan, Netherlands, Spain, United Kingdom, United States
- **Low³:** Germany, India, Indonesia, Italy, Mexico, Poland, Russia, Saudi Arabia, Turkey

¹ High-risk: Country has a private debt ratio > 150%, five-year growth in private debt > 10 percentage points, and interest rates going up.
² Medium-risk: Two of the three criteria above.
³ Low-risk: One or less of the three criteria above.

![Image upload](https://cdn.commonstock.com/830559a11fcecc3d802160700d756d0710212edd7c5e21eb06f36a4e5cebca3b-900x2716.png)

great overview ... someone's Debt is someone's else Asset :) ... never pay attention to the media saying The World Debt reached X trillion ... and other eye catching headlines ... on a planet level we do not own it to the aliens or so, but to ourselves ...

Maverick Equity Research

Debt cycle monitor

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