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Household Debt Drops But Strain Persists | Annapolis News
Household debt in America just hit a rare dip—down $13 billion to $18.8 trillion, the first drop since the pandemic—and it’s not all good news. While mortgage balances fell for the third time since 2016, thanks to high rates and cooling home prices, experts say much of the decline was due to a reporting glitch, not real progress. Meanwhile, credit card and auto loan balances surged by $21B and $28B respectively. Underneath the surface, households are under serious strain: demand for financial counseling is up five years straight, debt management plan sign-ups hit a decade-high, lawsuits are…
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