Global debts are at a new record high of $237 trillion. This is a rise of $21 trillion compared with 2016. Debts are rising particularly sharply in China, Argentina, Nigeria and Turkey. Households in Europe are also borrowing enthusiastically. The global debt-to-GDP ratio has dipped 318%, due to strong economic growth. But if this growth spurt subsides or interest rates rises, the debt burden could bring serious risks for the world economy.