American household debt rose $320 billion in 2022, marking one of the highest increases over the past two decades and reaching the highest level since the 2008 financial crisis.

Households owe a combined $17 trillion as a result of their mortgages, student loans, credit cards, and auto loans, according to an analysis from WalletHub. Current debt levels are approaching the $18 trillion held by households in 2008, the year in which the American housing market collapsed, and the world was plunged into a severe recession.