Given the latest reports from the New York Federal Reserve regarding data on debts in US households , a new analysis from WalletHub released the results of a survey on how households evaluate their debt management.

The FED report indicated that during the first quarter of this year the debt of American households reached $18.8 trillion dollars; however Data from WalletHub indicate that, compared to 2025, total household debt decreased by $339 billion dollars between January and March of this year.

In this regard, John Kiernan, editor of WalletHub, commented that “taking into account the general affordability crisis and, in particular, high gasoline prices, some may be surprised to know.” that household debt, adjusted to inflation, decreased during the first quarter of the year. Consumers even paid off 351% more debt than during the first quarter of 2025.”

However, the survey revealed that 56% of Americans say recent increases in energy costs are caused by increasing indebtedness, in addition 2 in 5 respondents state that their family debt will continue increasing in the next 12 months.

For their part, 40% of those surveyed indicated that family debts are directly affecting their health, indicating that they currently find it difficult to stay afloat. While 67% believe that good budgetary planning could solve the problem; however, 1 in 5 sures that they willn't be willing to sacrifice their discretionary spending to get out of debt.

According to New York FED data, the majority of debt accumulated in American households comes from mortgages and car loans, student and credit cards.

“It is important to remember that the war in Iran did not begin until the end of this quarter, and some early indicators point to these being difficult times.” "The best way to prepare for possible economic turbulence is to budget, save, and pay off as much debt as possible now," Kiernan highlights.