Student loan debt

With Sen. Elizabeth Warren's cancellation plan to alleviate student debt, millennials would save up for mortgage down payments three years sooner, according to Redfin.

The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans.

While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.

American homeownership has been on the decline, and Federal Reserve researchers point to the high cost of college as one culprit.

Late payments on mortgages are expected to keep dropping and credit is expected to remain strong next year, in part because housing prices remain healthy in most areas, according to TransUnion.

Student debt continues to weigh down potential homebuyers, as the share of first-timers decreased for the third-consecutive year, according to the National Association of Realtors.

Mortgage debt outstanding remains below pre-crisis levels and home equity is growing, even as overall consumer debt is on pace to surpass its previous 2008 peak by $1 trillion, according to LendingTree.

Although mortgage default risk remains very low, it was the only category of consumer lending to experience increases both sequentially and year-to-year in VantageScore's latest update to its index.

Credit score damage is a chief regret among consumers, but among financial goals it impedes, buying a home lies further down the food chain than other priorities.

Earlier versions of the bill would have caused bigger changes in how Americans finance home purchases, higher education and retirement. Still, the final legislation will have important effects on borrowing and saving decisions.