Why Americans are drowning in debt

$16.15 trillion: that's how much debt American households owed at the end of second quarter of 2022, a staggering 42% increase from $11.39 trillion just 10 years ago. And with inflation at a 40-year high, debt in America will likely grow. Forty-three percent of Americans are expected to add even more debt within the next six months, according to one report. So why are so many Americans in debt today and what potential impact will that have on the health of the U.S. economy?