Advocates Call on Incoming Congress and State Legislatures to Deliver Bold Agenda on Affordability and Household Debt Crisis and Hold Trump Administration and Private Corporations Accountable

November 3, 2026 | WASHINGTON, D.C. — Across federal and state elections, voters showed up at the polls frustrated by an affordability crisis of rising costs and rising debts. Under the Trump Administration and Republican-led Congress, American families across the country have seen the cost of groceries, gas, rent, healthcare, and other essentials skyrocket as more have been forced to take on record levels of debt just to make ends meet, while private corporations bring in record profits. In every corner of the country and at every level of government, an economic populist wave swept in a new generation of lawmakers who pledge to crack down on corruption, challenge concentrated corporate power, and lower costs for working people.

In response to the 2026 midterm election results, Aissa Canchola Bañez, Policy Director for Protect Borrowers, released the following statement:

“Voters have made clear that they are fed up with the chaos, cruelty, and corruption coming out of Washington and want their government to help make life more affordable. Unprecedented levels of utility debt, student loans, auto loans, medical and credit card debt have pushed working families further into the red and pushed the American Dream further out of reach—all while President Trump and his powerful corporate and tech giant allies rake in billions. 

“Tonight’s election results send a strong message to the Trump Administration and lawmakers of both parties in Washington: lower costs and enact debt relief now for working families—not special interests. Protect Borrowers stands ready to work with the incoming 120th Congress to enact a bold agenda to tackle the affordability and household debt crisis. It’s time to hold the Trump Administration and the special interests that have capitalized on the financial desperation of working families accountable.” 

In response to the 2026 midterm election results, Winston Berkman-Breen, Legal Director for Protect Borrowers, released the following statement: 

“Affordability was on the ballot today, and the voters demanded change. State lawmakers have a responsibility and authority independent from their congressional colleagues to deliver for their residents, and make their states places where families, workers, and small businesses can thrive. Incoming state legislatures don’t need to rig the system or close the door behind them to maintain their majorities; all they need to do is deliver on kitchen table issues for their communities. This means slashing utility and medical debt, giving financial regulators the tools they need to prevent Buy Now, Pay Later and fintech lenders from preying on financial desperation, and making sure existing consumer and worker protections are vigilantly enforced. Policymakers in all 50 states have an obligation to make sure corporations are held accountable for putting profits over people.”

Background

Over the last year, Protect Borrowers has shed light on the growing household debt crisis that has taken over today’s economy and the Wall Street banks, Silicon Valley fintechs, and corporations that have cashed in on the backs of American families. As costs have risen and as wages failed to keep up, Americans have had to rely on debt to get by and cover the basics. In 2025, credit card debt, car loan debt, housing debt, and student debt reached all-time highs. Debt payments have now grown eight times faster than income gains in recent years, and as a result, American workers are now seeing more than half of their income gains consumed by debt payments—cutting into already strained budgets before they even have the chance to cover other basic necessities. Today, payments on household debts now consume 10 percent of a household’s take-home pay, making it harder for working families to survive amidst a worsening affordability crisis. 

Wall Street and Silicon Valley lenders and fintechs have capitalized on families’ desperation by pushing debt at the point of sale for just about everything. Where finance once helped families build wealth, buy homes, and get an education, today’s era of “desperation finance” is set on extracting wealth and harvesting fees from working-class people on the brink. At the same time, the Trump Administration has abandoned consumers and let corporations we know cheated working families off scot-free.

Further Reading

Substack from Protect Borrowers on desperation finance: The Financialization of Desperation Across Trump’s Economy 

Substack from Protect Borrowers on the politics of debt: Helping families drowning in debt is an economic necessity. It’s also a political winner 

Substack revisiting the politics of debt and Sen. Marshall: U.S. Senator Roger Marshall sued hundreds, jailed dozens of women over medical debt

Utility debt report and state-by-state fact sheets: How Rising Utility Costs Are Fueling Debt and Overwhelming American Families

Credit card debt state-by-state fact sheets and blog: Credit Card Debt Crisis State Fact Sheets

Auto loan debt report and state-by-state fact sheets: How Rising Auto Loan Costs and Debt are Driving Americans Deeper Into the Red

Student loan default fact sheet: January 2026 Default Crisis Fact Sheet

Substack from Protect Borrowers on BNPL: Buy Now, Pay Later Lenders Race to Put a Loan in Every Cart

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About Protect Borrowers

Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.

Learn more at protectborrowers.org or follow us on social @BorrowerJustice.