I suspect that the high household debt has to do with the fact that those countries all have a high number of home owners that have a loan out for their house.

I suspect that the high household debt has to do with the fact that those countries all have a high number of home owners that have a loan out for their house. In Belgium for example all houses bought/built are financed via a loan, which in turn is promoted by the government in the form of a tax deduction. Not getting a loan for a house (even when you have the money available) is simple a bad choice here.