Wages have not kept pace with the cost of living, so debt has become the bridge leading to debt traps.

WASHINGTON, D.C., July 06, 2026—The Financial Services Innovation Coalition (FSIC) today released a new white paper, The Consumer Financial Health Crisis: Wage Stagnation, Rising Costs, and the American Household Debt Trap, examining the economic trends contributing to growing financial strain for millions of American households. The report draws on federal data to reveal how today’s consumer financial challenges are rooted in decades-long structural shifts, including wage stagnation, rising housing and healthcare costs, increasing household debt, and growing reliance on high-interest credit.

Wage Stagnation, Rising Costs, and the American Household Debt Trap. Debt is no longer a tool for getting ahead for middle and low income families. For millions of American households, it has become a survival mechanism – the only way to pay rent, cover medical bills, and keep the lights on when wages have failed to keep pace with the real cost of living. FSIC has done the research, now its time to implement the solutions.

The FSIC Healthcare Inclusion Task Force respectfully urges TN legislators to oppose HB 1959. HB 1959 would force widespread pharmacy closures across Tennessee. This restriction could force widespread closures of chain retail pharmacies, specialty pharmacies, supermarket pharmacies, and mail-order services that serve hundreds of thousands of Tennesseans.