America's Debt Problem Is Getting Worse--Debt Awareness Week Wants People to Pay Attention

As credit card balances climb and interest rates remain high, Debt Awareness Week, sponsored by Debt.com, draws attention to the mounting financial pressure facing millions of Americans and the urgent need for education and action.

FORT LAUDERDALE, Fla., Feb. 10, 2026 /PRNewswire/ -- As credit card debt climbs to $1.23 trillion and auto, retail, and student loan balances continue to rise, American households are increasingly trapped by the economic landscape, focused on making minimum payments rather than understanding how long it will take to become debt-free.

For consumers, these trends point to a growing reliance on multiple forms of high-cost borrowing, making it harder to reduce balances and increasing the risk of long-term financial strain. Debt Awareness Week, held Feb. 16-22, highlights the urgency of helping consumers move beyond minimum payments and understand their options for regaining control of their finances.

"Too many Americans are stuck paying just enough to survive their debt, not escape it," says Howard Dvorkin, chairman of Debt.com. "When households rely on minimum payments, debt quietly becomes a long-term financial trap, and that's exactly why Debt Awareness Week matters."

The Numbers are Staggering and Underscore the Need for Awareness

• U.S. non-housing balances grew by $49 billion in a single quarter.
• Credit card balances jumped $24 billion in Q3 of 2025, reaching $1.23 trillion outstanding—nearly 6% higher than a year ago.
• Auto debt stands at $1.66 trillion, reflecting the ongoing cost of transportation amid elevated prices and interest rates.
• Retail and consumer finance borrowing is expanding. Balances rose by $10 billion, totaling $550 billion, often driven by buy-now-pay-later-style financing and store cards.
• Student loan debt is growing again with balances increasing $15 billion, bringing the total to $1.65 trillion.

(Statistics: Federal Reserve data 2/6/2026)

To help consumers take meaningful steps toward financial control, Debt Awareness Week also offers a series of practical 7-Day Action Steps that anyone can start implementing immediately. Each day focuses on a specific task, from listing debts and identifying interest rates to reviewing spending, calculating your debt-to-income ratio, checking your credit report, and setting short- and long-term debt goals, giving people a clear way to begin improving their finances and understanding their debt picture.

Debt-Free Day Calculator

The cornerstone of Debt Awareness Week is Debt.com's Debt-Free Day Calculator, an interactive tool designed to help consumers visualize how much of their working life is dedicated to paying off debt.

For the average American earning $62,000 annually, paying off $15,000 in debt would require over three months of full paychecks, assuming every dollar went toward debt and nothing else. "Our Debt-Free Day Calculator gives users clarity and a true picture of their financial well-being," says Don Silvestri, President of Debt.com. "It shows how many days you must work just to pay off debt, and that realization can be powerful."

How the calculator works:

• Users input total amount of personal debt
• Annual income is factored in
• The calculator converts the results into the number of days needed to work to pay off the debt
• A personalized "Debt-Free Day" displays on a calendar

"It's a real wake-up call when you realize a significant portion of your year, is spent working just to pay down your debt," Silvestri added.

As debt levels continue to rise nationwide, Debt Awareness Week underscores the importance of helping consumers understand the true cost of debt and move beyond minimum payments. By promoting education and practical tools, the initiative aims to give Americans the clarity they need to take control of their financial future.

About: Debt.com is a leading resource for personal finance education, offering expert advice on debt relief, credit counseling, budgeting, and financial planning. Through educational initiatives like Debt Awareness Week, Debt.com is committed to helping Americans achieve financial freedom.

SOURCE Debt.com