US Households' Non-Mortgage Debt Interest Now Rivals Mortgages

US households now pay as much in non-mortgage debt interest as mortgage interest, a first since the 1970s
Non-mortgage interest payments reached $573.4 billion annually in January 2023, just below the $578.3 billion in mortgage interest
Mortgage rates are still low for most due to cheap rates in the 2010s and pandemic, while rates on credit cards, student loans, etc. have soared
Higher non-mortgage debt burden raises worries about defaults, though overall delinquencies remain below pre-pandemic levels
Interest payments are taking a larger share of income but remain below historical norms before the 2000s