ATLANTA — A new report from the Federal Reserve Bank of New York shows household debt in the United States has climbed to a record $18.5 trillion, with the average American household now owing more than $154,000.

Financial experts say the strain of rising debt is taking a toll beyond people’s wallets. Chip Lupo with WalletHub says nearly 40% of Americans report their debt is impacting their physical or mental health. “That’s when you know you have a problem on your hands,” Lupo said. “When your day-to-day household debt is basically affecting your physical and in some cases your mental health.”

Lupo describes the nation’s debt situation as “out of control.” Inflation continues to be one of the main factors people blame for their financial struggles.

Here in Georgia, the average credit card debt per household is just under $13,000, ranking the state seventh highest in the nation for credit card debt.

WSB Radio’s Sabrina Cupit contributed to this story.