Household Debt

A residential street of suburban houses.

Households Paid Down $74bn of Mortgage Debt Into the Highest Rates in Years

Mortgage balances fell by $74bn in the second quarter, to $13.1 trillion. Households do not usually retire debt when the alternative uses of cash pay this well, and the composition of who is paying and who cannot refinance explains more about the housing market than any measure of affordability.

By Daniel Okafor 5 hours ago

A close-up of a customer making a contactless payment with a blue card using the SumUp Solo card reader. In the background, a larger point of sale (POS) system is visible, emphasizing the versatility and modern design of SumUp's payment solutions. The scene reflects a sleek and efficient checkout process ideal for small businesses, beauty salons, cafes, or retail environments.

Money

Groceries Go on the Card. The Card Payment Comes Out of Groceries.

In a survey of two thousand people already carrying at least ten thousand dollars in unsecured debt, two-thirds had put food on a credit card in the past year — more than any other purchase. Seven in ten said the balance came from ordinary spending rather than anything they chose.

By Margaret Holloway September 2, 2026

Household Debt

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Households Paid Down $74bn of Mortgage Debt Into the Highest Rates in Years

Groceries Go on the Card. The Card Payment Comes Out of Groceries.