The Fed is raising interest rates, but American families are unscathed? It turns out that due to the subprime mortgage crisis, most American households have locked in lower mortgage interest rates through fixed-rate loans over the past 10 years or so and have not been affected by interest rate increases. According to Moody's statistics, in the first quarter of this year, only 11% of the existing loans to U.S. households were priced according to market floating interest rates. Federal Reserve data shows that American households spend about 10% of their disposable income repaying debt. Although it is not as much as the sharp drop in debt repayment pressure during the epidemic, it is still an extremely low level in the past few decades. This also explains why, almost a year and a half after the Federal Reserve raised interest rates, U.S. consumer data did not collapse as expected.