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One notable observation from recent financial reports is the deceleration in the growth of housing debt. This slowdown can be attributed to the increasing difficulties many Americans face in affording home purchases. Consequently, this has created a stagnant environment where homeowners hesitate to sell as their residences remain their only feasible living arrangement.
Drilling down into other types of debt, student loan debt now stands at a staggering $1.61 trillion. Additionally, credit card debt has surged to approximately $1.21 trillion, with auto loans also on the rise, totaling $1.66 trillion. These figures raise significant concerns, especially when compared to household income.