It would appear so … not to let Americans believe they have a unique position as global debtors, the Taiwanese are confronting a similar problem:

 Consumers are almost certainly not spending because they are unable to. Credit-card debt has reached epidemic proportions in Taiwan, prompting the government to institute a national rescheduling scheme to pull the estimated half a million problem debtors - known locally as kanu or “card slaves” - out of the red. Their overdue card debt is worth about US$10,000 per person.