The Institute of International Finance (IIF) published a report on Thursday (Jan. 4) stating that the global debt soared to a record $233 trillion in the third quarter of 2017. The latest numbers indicate an eight percent, or $16.5 trillion, increase from where the debt stood at the end of 2016. Basically, the main thing you should take away from all of this information is that the entire world's financial struggles just keep collectively getting worse with no signs of improvement. 

In addition to a new record global debt, the private non-financial sector debt saw record highs in countries, such as Canada, France, Hong Kong, Korea, Switzerland, and Turkey, and the ratio of debt-to-gross domestic product took a dip for the fourth consecutive quarter. The IIF speculates if an extended period of low-interest rates contributed to the latest findings, and will ultimately lead to the central banks taking preventative measures when it comes to tightening lending conditions. 

"High debt levels could limit the pace and scale of policy tightening, with central banks proceeding cautiously in an effort to support growth," Hung Tran, executive managing director for a group of IIF analysts, wrote in the report. 

With a reported global population of 7.6 billion, the United Nations believes the world’s per capita debt stands at more than $30,000.

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