Components of Non-Financial Debt

Non-financial debt comprises debt owed by non-financial sectors of the economy, specifically households, non-financial corporations, and the government. Housing loans and outstanding credit card balances are debts owed by households, hence they are non-financial debts (Statements 1 and 2). Treasury bills are debt instruments issued by the government to borrow money; since the government is a non-financial entity, T-bills also constitute non-financial debt (Statement 3). > One-line conceptual takeaway: Debt is classified as 'non-financial' based on the borrower's identity (households, corporates, government), not the lender's identity. Answer: (d).