Not surprisingly, the banks, which have had no choice but to offer loans regardless of the financial background or earning potential of the borrower, are wriggling out of the scheme.

ECONOMIST: Students are struggling to cover their loans

McKinsey believes, however, that this increase in financial institutions' debt disguises a positive trend: much of the debt is now of a longer-term nature, so poses less of threat to the stability of the economy (it can't be called in at a moment's notice, to the potential ruin of the borrower).

BBC: UK's debts 'biggest in the world'

Company analysts are assigned to rate potential borrowers as "very favorable" or "highly questionable" after reviewing hundreds of scanned pages detailing the borrower's salary and credit history.

WSJ: Mortgage Jobs Sent to India by U.S. Banks