The country ranks fourth in the world in terms of household debt burden based on one's income and the pace of debt growth amid high interest rates.

According to data from the Bank for International Settlements (BIS) on Sunday, the country's debt service ratio (DSR) was 14-point-two percent last year, ranking fourth among the 17 major economies, trailing only Norway, Australia and Canada.

The DSR is a measurement of the amount of principal and interest to be paid by individuals annually in proportion to their yearly salary. A high level of DSR suggests a person has to pay a significant proportion of his or her income to pay off the debt.

The country's DSR is growing at a fast pace too, posting the fourth highest on-year increase among the 17 economies last year.

The nation's DSR increased zero-point-eight percentage points on-year last year, the second largest gain following Australia, Norway and Canada.