“I can't even save, I don't have a savings account,” she said. “I just know that a lot of people are struggling, and things need to change.”

For Walling, that sentiment isn’t necessarily going to be a decisive factor at the ballot box. While she said she was disappointed that Biden’s student debt forgiveness plan was struck down by the Supreme Court, her views on abortion and transgender rights will likely keep her from voting Republican.

Yet the issue overall looks like a headwind for Biden, as it shapes the economic outlook of people like the Nierzwickis.

“Maybe the Fed is done hiking, but as long as rates stay on hold, you still have a passive tightening effect flowing down to the consumer and being exerted on the economy,” said Grein, the Wells Fargo economist. “Those household dynamics are going to be a factor in the election this year.”

Plus, swing-state voters in a February Bloomberg News/Morning Consult poll said they trust Trump more than Biden on interest rates and personal debt.

Cimino, the Denver condo buyer, says despite her debt load, she feels lucky that she makes $65,000 a year and owns a home — a situation that leaves her better off than many others.

“Being middle-class these days,” Cimino said, “is just carrying around a lot of guilt.”

(With assistance from Alexandre Tanzi.)

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