Household debt in the US has increased significantly over the years due to various factors like changes in demographics, rising house prices, and new financial practices. This means that people now owe more money compared to their income. As a result, households are more vulnerable to changes in asset prices, income, and interest rates. However, having more access to credit and assets can help them deal with unexpected financial challenges. Overall, some households are now heavily in debt compared to what they own, which can pose risks in the future.