Worldwide debt has risen to a record $233trn (£172trn), latest figures show.
A rise of $16trn between the end of 2016 and the third quarter of last year has taken private non-financial sector debt to all time highs in countries from South Korea and Hong Kong to France and Turkey, according to an Institute of International Finance study quoted by Bloomberg.
However, as global growth improved, the ratio of debt to GDP ticked down by three percentage points. The ratio still stands at roughly 318 per cent.
The decline in the ratio was also helped by rising inflation and countries like China taking action to attempt to mitigate destabilising levels of debt, according to the IIF analysts.
However, the analysts also warn that debt levels could cause banks to shy away from further interest rate rises on fears about how firms and governments with significant debts could afford to service them.