In January 2025, the European Union's household debt reached $6.96 trillion, with mortgage borrowings making up a significant portion. Despite a decreasing debt-to-income ratio, concerns arise from high borrowing in wealthy areas. Kevin Mountford discusses the causes of personal debt, including credit cards and social media, and offers tips for managing debt, emphasizing the importance of communication and financial education. He recommends seeking help from credit unions and avoiding predatory lending.