Personal loan debt is soaring in the developed world, with a recent report showing that India is the top country in terms of total debt, according to data from the World Bank.
The data also revealed that a staggering $1.4 trillion in debt is owed by the majority of the world’s population, with many of these loans being held by individuals with very little credit history.
The world’s largest consumer market, China, also holds a massive $1 trillion in unsecured loans, according the data, with the country’s gross domestic product (GDP) rising by about 9% in the past year alone.
According to data compiled by the Global Financial Integrity Project, India has the world the second-largest personal loan market behind only China.
A total of $1,977.5 billion in loans are held by Indians with no credit history, according a recent study by the Financial Times.
The World Bank also released a report in May detailing its latest data, which found that China is the most indebted country in the world, followed by the US with $2.8 trillion.
The report, which is based on a survey of more than 10,000 borrowers, found that India was the third-largest borrower, after China and the US.
With the government’s current economic policy, the country is still experiencing the most economic and social hardship in the global financial system, the World Borrowing Survey found.
The government has not been able to manage the debt burden by focusing on the financial needs of borrowers, the survey found.
However, with India’s massive debt load, it may be able to attract a number of foreign borrowers to the country, who are likely to offer the government more financial services, the report said.
While there are more than 2.2 billion people in India, the vast majority of them have limited or no credit, according figures released by the National Payments Corporation of India (NPCI).
It has said that more than 40% of Indian households have no credit and that the government is trying to get people to start paying their debts in cash, but has been unable to do so due to a lack of funds.
In addition to the lack of money, there are also concerns about the stability of the banking sector.
The National Payments Company of India said it has seen a spike in credit card usage, with banks saying they are unable to process payments in a timely manner.
In a report last month, the Financial Express newspaper also highlighted that the country has the second highest number of ATM machines in the country.
It added that nearly three quarters of the households with no financial resources have no access to banking services, with about 60% of them having no access at all.
The survey also found that many of the borrowers with credit card debt have an average credit score of 580, while many others have an extremely low credit score, and only about 60%-70% have a credit score higher than 572.
It was also revealed in a report by the Pew Research Center that many Indians are also struggling to repay their loans, with some saying that they are paying back interest charges, while others say that they will be unable to repay the debt because they have insufficient funds.
The largest borrowers in India have an interest rate of 7.5% on average, while the average rate for all borrowers is 8.3%, the report found.
India is also one of the poorest countries in the Western world, where an average household is earning just $1 in income, according data from World Bank data.
The country also has the third largest population in terms, with over 300 million people living in the developing world.
