May 20, 2026
Rising costs are pushing more Americans deeper into debt, with increasing numbers falling behind on car loans, mortgages, utilities and student loans. According to the Federal Reserve Bank of New York, household debt reached $18 trillion in early 2026, while experts warn that higher housing costs, elevated mortgage rates and stagnant wages are making it harder for families to keep up.
Local financial counselors in Rochester say more people are seeking help as they rely on credit cards to cover everyday expenses, a major warning sign of financial distress. “If you're using your credit cards to pay everyday expenses, your groceries, maybe even utilities or other bills that you have coming in and you're not paying that off every month, that's a warning signal,” said Karyn Rando, Director of Counseling Operations at Consumer Credit Counseling Service of Rochester.
Experts encourage consumers to create a budget, avoid taking on more debt than they can handle and seek guidance before financial problems spiral further.