Household debt in America reaches a record $18.2 trillion, with credit card debt surpassing $1.3 trillion. Interest rates are the highest they've been in decades, contributing to financial woes among many Americans. Millennials experience 'financial FOMO' due to social media, leading to overspending and anxiety. The reality of increased living costs and stagnant incomes creates an illusion of wealth for many, resulting in a deep feeling of economic disparity.