One sixth of Irish adults view their debt levels as a heavy burden on their household finances, according to a survey of consumer perceptions of debt.
Roughly half of those in debt said repaying their outstanding balances was "something of a burden". A third said their debt did not impose a burden.
The survey of 3,000 consumers by IIB Bank / ESRI found that one in three adults has regular non-mortgage (unsecured) debt which is not paid off at the end of each month, with the average balance standing at €5,100.
Irish borrowers were more likely to worry about being in the red than UK counterparts questioned recently by the Bank of England, despite owing similar amounts of unsecured debt.
Around twice as many Irish than British borrowers regard their debt as a burden.
Mr Austin Hughes, chief economist at IIB Bank, said the findings of the "Till debt us do stop?" survey reflected the fact that consumer borrowing was a more recent facet of life in the Republic than in the UK.
Mr Hughes said growth in household borrowing was probably close to a peak and could taper off.
"Irish consumers are very aware of the sharp build-up in debt in recent years and the concerns expressed in this survey suggests we will see a much slower pace of borrowing growth when interest rates begin to rise."
Mr Hughes said the survey did not point to any evidence of a feelgood spending bonanza fuelled by high and widespread levels of borrowing. Only 11 per cent of borrowers had non-mortgage debt of more than €7,500, compared to 26 per cent in the UK.
"The popular belief or pub talk is that everyone is drowning in a sea of debt, but that is not what we have found," he said.
However, up to 80,000 borrowers on low or modest incomes will see their finances noticeably strained and feel a significant deterioration in living standards when interest rates rise to more "normal" levels, Mr Hughes estimates.
People with net household incomes below €20,000 were most likely to say that their unsecured debt posed a heavy burden.
The speed of future interest rate increases will be slow enough to prevent widespread problems for individuals and the economy, Mr Hughes added.
ESRI economist Mr David Duffy said consumers' view of their mortgage repayments as something of a burden could be considered in a positive light.
"It suggests that the rapid growth in residential mortgages in recent years is not being accompanied by complacency on behalf of the consumer," he said.
Those who said their mortgage repayments were a heavy burden had an average repayment of €714, compared to an overall average repayment of €500.
