Getting out of debt is top of mind for too many Americans these days.
According to the Federal Reserve’s Survey of Consumer Finances, the share of American families behind on loan payments at the end of 2025 jumped from 12% in the previous period to nearly 20%, and those behind on the bills by two months or more hit over 8%, up from 5% in 2022.
To complicate things further, the price of borrowing money keeps going up. The cost of a mortgage has gone up from 6% in February to 7.4% at the beginning of October, according to Freddie Mac, and the price of gas is 34% higher than a year…