In many countries of the world, private debt is growing fast, including not only business debt, but also consumer debt such as student loans, medical debt, micro debt, housing debt, and credit card debt. Such growth of private debt is not only a microeconomic concern, but also a macroeconomic issue.

Furthermore, private debt raises a number of concerns from a human rights perspective. It has come to the attention of the Independent Expert that private debt entraps many people in a cycle of debt and poverty, as they struggle to make loan repayments and to afford their basic needs, such as food, water, housing and electricity.

The Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of human rights, Juan Pablo Bohoslavsky, prepared a thematic report to the Human Rights Council on private debt and human rights.