Global debt monitor
Private debt service and public debt burdens, side by side.
Quarterly BIS DSRs (sectors P, H, N), credit stocks and HP gaps for the same country basket asthe DSR explainer, plus annual IMF general-government gross debt (% GDP). Sovereign and private tracks use different definitions — keep them mentally separate.
BIS DSRs are usually published with about a one-year lag; IMF panel years may include forecasts in the same series. Use this page for structural monitoring, not live trading.
BIS throughQ1 2026
BIS fetchedOct 24, 12:07 AM
IMF debt year—
BreadthPrivate + public
Today’s read
Pressure easing
Private DSR (P): 1 up /4 down (YoY of 5 tracked). Government debt / GDP: 0 up /0 down (0 tracked).
Full ledger
Private BIS rows, then public IMF
Rows are grouped by source: DSR sectors P/H/N, credit and HP-gap series from the BIS, then general government gross debt (% GDP) from the IMF DataMapper. Click a row for a full history view.
| Signal | What it shows | Current | Path | Change | Weight |
|---|---|---|---|---|---|
| DSR — private NFC (P) (US)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | 13.8%% of income | -1.4%YoY | ||
| DSR — household (H) (US)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | 8.0%% of income | +1.3%YoY | ||
| DSR — corporate (N) (US)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | 36.9%% of income | -2.4%YoY | ||
| Total credit to private NFC — US■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 139.7National currency | -1.3%YoY | ||
| Credit-to-GDP ratio — US■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 139.7%% GDP | -1.4%YoY | ||
| Credit-to-GDP gap — US■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -11.3 ppPercentage points | +10.2%YoY | ||
| DSR — private NFC (P) (GB)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | 12.9%% of income | -0.8%YoY | ||
| DSR — household (H) (GB)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | 8.8%% of income | -1.1%YoY | ||
| DSR — corporate (N) (GB)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | 27.3%% of income | +1.1%YoY | ||
| Total credit to private NFC — GB■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 128.4National currency | -3.2%YoY | ||
| Credit-to-GDP ratio — GB■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 128.4%% GDP | -3.1%YoY | ||
| Credit-to-GDP gap — GB■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -20.1 ppPercentage points | +9.5%YoY | ||
| DSR — private NFC (P) (DE)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | 12.2%% of income | -0.8%YoY | ||
| DSR — household (H) (DE)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | 5.4%% of income | 0.0%YoY | ||
| DSR — corporate (N) (DE)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | 32.1%% of income | 0.0%YoY | ||
| Total credit to private NFC — DE■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 134.8National currency | -1.2%YoY | ||
| Credit-to-GDP ratio — DE■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 134.8%% GDP | -1.2%YoY | ||
| Credit-to-GDP gap — DE■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -4.2 ppPercentage points | -17.3%YoY | ||
| DSR — private NFC (P) (FR)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | 19.9%% of income | +2.1%YoY | ||
| DSR — household (H) (FR)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | 6.0%% of income | 0.0%YoY | ||
| DSR — corporate (N) (FR)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | 58.2%% of income | +2.6%YoY | ||
| Total credit to private NFC — FR■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 214.3National currency | +0.2%YoY | ||
| Credit-to-GDP ratio — FR■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 214.3%% GDP | +0.2%YoY | ||
| Credit-to-GDP gap — FR■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -15.7 ppPercentage points | +2.9%YoY | ||
| DSR — private NFC (P) (ES)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | 11.7%% of income | -4.9%YoY | ||
| DSR — household (H) (ES)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | 5.1%% of income | -3.8%YoY | ||
| DSR — corporate (N) (ES)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | 32.4%% of income | -3.3%YoY | ||
| Total credit to private NFC — ES■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 119.4National currency | -3.3%YoY | ||
| Credit-to-GDP ratio — ES■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 119.4%% GDP | -3.3%YoY | ||
| Credit-to-GDP gap — ES■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -24.3 ppPercentage points | +19.5%YoY | ||
| DSR — private NFC (P) (GR)■ Quarterly · BIS WS_DSR · Private | Private non-financial aggregate (households + corporates). | —% of income | — | — | |
| DSR — household (H) (GR)■ Quarterly · BIS WS_DSR · Private | Household debt service burden. | —% of income | — | — | |
| DSR — corporate (N) (GR)■ Quarterly · BIS WS_DSR · Private | Non-financial corporate debt service burden. | —% of income | — | — | |
| Total credit to private NFC — GR■ Quarterly · BIS WS_TC · Private | Nominal stock of credit to the private non-financial sector. | 96.7National currency | +0.6%YoY | ||
| Credit-to-GDP ratio — GR■ Quarterly · BIS WS_CREDIT_GAP · Private | Credit-to-GDP ratio (actual, HP-based dataset). | 96.7%% GDP | +0.7%YoY | ||
| Credit-to-GDP gap — GR■ Quarterly · BIS WS_CREDIT_GAP · Private | Deviation of credit-to-GDP from its long-run trend (gap). | -18.1 ppPercentage points | +23.6%YoY |
What each row is forShowHide
- DSR — private NFC (P)
- Combined household + corporate debt service as a share of income. — Broad early-warning pressure; watch fast rises and cross-country splits.
- DSR — household (H)
- Household debt service relative to household income. — Rate sensitivity and mortgage-heavy stress (often high in variable-rate markets).
- DSR — corporate (N)
- Non-financial corporate debt service relative to corporate income. — Refinancing and leverage in the business sector.
- Total credit (P)
- BIS total credit to the private non-financial sector (nominal stock, national methodology). — Stock of credit alongside DSR flow burdens.
- Credit-to-GDP ratio & gap
- HP-filter ratio vs long-run gap; structural leverage vs trend. — Medium-term financial-cycle context; not the same as DSR.
- Government gross debt (% GDP)
- IMF DataMapper general government gross debt as a share of GDP (annual; includes forecasts in-series). — Sovereign stance separate from private DSR — do not mix definitions with BIS DSR labels.
History
Compare private DSR (P) across economies
Each line is BIS private non-financial DSR (P) in percent of income — the same basket as the long-form article. For sector splits and credit series, use the ledger below.
SourceBIS (WS_DSR, WS_TC, WS_CREDIT_GAP)
Quarterly · through Q1 2026Lines
Lines
Lines share a percent scale (BIS DSR P). Methodology and caveats:How to read DSRs·BIS DSR statistics.
Context
Not financial advice
For a plain-English tour of the methodology behind the BIS DSR lines, readUnderstanding Debt Service Ratios. IMF general government debt is a separate sovereign measure — compare levels thoughtfully and check official documentation for definitions.