All seven exceed the European Commission’s 55% threshold for identifying household debt as a potential macroeconomic vulnerability. People assume that high household debt is harmless when it is secured against homes. Household debt reached 84.1% of GDP, while debt was approximately 177% of disposable income in 2024. Cyprus stands at 54.2%, although its household debt ratio has fallen by approximately 62% since December 2016. Private debt can be more immediately destructive because households cannot tax the population, issue currency, or roll their liabilities indefinitely.