By DeAnna Baumle and Katie Moran-McCabe
Americans are deeply in debt. In the fourth quarter of 2023, total household debt increased by $212 billion to reach $17.5 trillion, according to a report by the Center for Microeconomic Data.
Debt is linked to lower life expectancy, higher mortality, depression, high blood pressure, and forgone medical care. Debt and resulting bad credit scores can impact a person’s ability to secure housing, employment, and medical care. And it has a disproportionate impact on Black, Indigenous, and Latinx communities, contributing to the perpetuation of intergenerational and structural inequity.