ING NEWS: ING Survey results show more than half of Luxembourg residents in debt

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Despite results showing that 42% of Grand Duchy residents are either somewhat or very satisfied with their bank savings, 55% admit to having personal debt. This score puts Luxembourg in the top 3 for countries with the most debt, with Romania and Turkey

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20/01/2017 |

"Personal debt" refers to dues such as a bank overdraft, credit card debt, student loans, personal bank loans, and money lent to friends or family. It does not include mortgages.

Taking a closer look at the various types of debt in Luxembourg, it would seem that the main source of resident debt is personal loans at 27%, versus 8% for credit card debt and 11% for bank overdrafts.

Compared with other neighboring countries such as France, Belgium and Germany, Luxembourg has the highest number of residents with a personal loan, at 27%. They are also the most at ease?–?even very at ease?–?with their level of debt (12% + 24% = 36%).

Low interest rates are no doubt a contributing factor to this debt. It would appear this incentivises 14% of Luxembourg residents to take out loans, versus 8% in other neighbouring countries.

More details in attached PDF (“ING International Survey Savings 2017”).