Americans feel crushed by debt.
For Gen Z and younger millennials, the problem starts with low wages compared to high housing costs and a credit regime that makes borrowing more expensive for people without a credit history. Elder millennials and Gen X Americans face mounting family obligations, and retired savers contend with inflation, interest rates and the financial consequences of how much they saved during working years and how soon they retired.
The nation’s household debt stood at $18.8 trillion in the second quarter of 2026, according to the Federal Reserve Bank of New…