A new report on consumer debt indicates the overall economy remains resilient, driven primarily by homeowners with low fixed-rate mortgages. These borrowers have locked in low payments, shielding them from rising interest rates. As a result, their financial stability contributes to a resilient picture of the broader economy.

However, the data also reveals persisting divides. Many consumers without such mortgages face increasing frustration. Declining real wages have eroded purchasing power, and other loans—such as credit card and auto debt—are becoming more burdensome. This divide underscores the uneven recovery, where some households thrive while others struggle.

The report suggests the ‘overall’ health of consumer debt is a mixed story. While aggregate delinquency rates remain low, the gap between those benefiting from fixed low rates and those squeezed by inflation and stagnant pay continues to widen. The Consumer Debt Data thus captures a snapshot of resilience alongside deepening inequality.