During the financial crisis in Europe, several countries have been moaning under an inflicted “German” austerity. How then to explain that more Germans are going into debt? The number of German citizens with debt overload has risen to 6.6 million—that’s one in 10 German adults—representing a 3% increase from last year, according to a recent report from credit agency Creditreform (pdf: German). Creditreform defines debt overload as a person’s inability to pay back debt in the foreseeable future and a lack of any other assets or credit cards. Germans boast a total debt of €218 billion ($283 billion).
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