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Join today<\/a><\/p>\n \n Already a member? American families<\/a> are falling behind on their bills<\/a> at a rate not seen since the Great Recession, according to new federal data.<\/p>\n One in five households are behind on a loan payment, reported the Federal Reserve<\/a> in its three-year survey<\/a> of 4,367 U.S. families.<\/p>\n \u201cBetween the 2022 and 2025 surveys, the share of families that reported being behind on loan payments sharply increased from about 12 percent to almost 20 percent,\u201d the report said.<\/p>\n The median debt<\/a> per household – which includes credit cards, student loans, mortgages and other lending types – rose from $170,200 in 2022 to $183,600 in 2025, the report noted. <\/p>\n The number of families at least two months late on a bill<\/a> has increased 60 percent in the past three years, according to the report.<\/p>\n The last time Americans were so behind on bills was during the 2008 Great Recession when the unemployment rate was double what it is now. <\/p>\n One explanation for the increase in late payments is that consumers took out loans prior to 2026 – and not expecting such significant increases in gas prices, groceries and other essentials. <\/p>\n \u201cIn planning their borrowing, families make assumptions about their future ability to repay their loans,\u201d the report said. <\/p>\n \u201cProblems may occur when events turn out to be contrary to those assumptions. If economic shocks are sufficiently large and prevalent, a broad pattern of default, restraint in spending, and financial distress in the wider economy might ensue.\u201d<\/p>\n Other factors have driven consumers to lean on debt to get them through tough times.<\/p>\n Americans\u2019 cost of living has increased 39 percent since September 2016<\/a>. The median household income has increased 13 percent<\/a> during that same period, according to federal data.<\/p>\n<\/p>\n As consumers\u2019 earning power has fallen behind inflation, many have faced a new reality of paycheck-to-paycheck living, that includes those earning six figures. <\/p>\n Around 35 percent of those earning more than $300,000 are living paycheck-to-paycheck – roughly the same rate as those earning $50,000 to $100,000, a recent Goldman Sachs report<\/a> found. <\/p>\n These factors have contributed to a widespread feeling of financial uneasiness for the average consumer. Some 40 percent of households aren\u2019t \u201ccompletely confident in their ability to afford essentials such as food, utilities, housing, and transportation,\u201d a September study<\/a> from the Financial Health Network found. <\/p>\n
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Many families are struggling to make payments as the median household debt rose from $170,200 in 2022 to $183,600 in 2025 (Getty)<\/p>\n