Global debt has become an issue of concern. After years of low rates that spurred debt-taking and then expansionary government policies to mitigate the effects of the pandemic, a period of rising interest rates has followed, which is further complicating the issue, followed a period of rising interest rates that is further complicating the issue. Global indebtedness (which takes into account the debts of non-financial corporations, governments and the financial sector) reached a record high at the end of the first quarter of 2024, when it reached US$315 trillion. A third of this debt corresponds to emerging economies, which grew thanks to increased indebtedness in China, India and Mexico. How are the main countries of the region participating in this increasingly inflated debt balloon?