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The total debt of the Dutch household sector equaled 96 percent of its GDP in the third quarter of 2022. This was a slight decrease compared to the previous quarter. These figures take into account the debt of households, as well as that of non-profit institutions. A high debt increases the vulnerability of the households to changes in economic conditions, interest rates or inflation. Part of the outstanding debt must be refinanced periodically. Rising interest rates may lead to higher periodic interest payments for borrowers. A deteriorating economic situation may persuade banks to tighten their conditions with respect to collateral. As a result households may receive lower mortgage loans with potential implications for the developments on the housing market and in the construction sector.