A report released today by The Pew Charitable Trusts finds that Americans’ debt has increased over the past three decades, due particularly to home mortgages and student loans, with important implications for long-term economic mobility. A full 80 percent of Americans hold at least some form of debt, and nearly 7 in 10 say debt is a necessity in their lives, even though they would prefer not to have it.

The report, “The Complex Story of American Debt,” shows that debt is a routine but also complicated aspect of U.S. households’ overall financial health. At high levels, debt can hinder financial security, but sustainable debt, which allows families to invest in their futures without putting undue pressure on their budgets can also help them take advantage of long-term opportunities, such as those that come from buying a home, getting a college degree, or starting a business.

The report provides a comprehensive look at how families of different generations, races, and ethnicities hold debt; their attitudes toward it; and how it relates to their overall financial health. It also explores the positive and negative impacts of debt on U.S. households, and finds that the effect of debt on the health of family balance sheets, as well as the perceptions of debt, vary dramatically among age and racial groups.

“The typical American family’s debt levels are high, and that can cause financial problems—but that is not the full story,” said Diana Elliott, research manager for Pew’s financial security and mobility project. “Our findings show that debt can also be an important component of overall financial health, provided it is sustainable and is used to support investments in families’ futures.”