Rising costs are affecting families, leading to increased debt. A significant rise in credit counseling demand has been reported, with enrollment in debt management plans reaching a 10-year high. Financial counseling sessions have also seen a substantial increase of 143% since early 2021.

Pressure from rising prices is a major factor, with costs increasing across many spending categories. This includes food, cars, gas, and housing, among others. Further details on the current state of household debt are available, including the record total of $18 trillion in debt and the growing need for credit counseling and financial guidance.