自从住房市场化改革开始，住房问题就一直是政府和社会的热点问题。随着经济的不断发展，近几年来相关部门在国家经济工作会议上多次提出：“要建立健全的、全面的房地产业发展的长效机制，健全住房市场运行制度和住房保障制度，防止房地产泡沫形成”。房地产市场的快速发展，必然离不开住房贷款政策的支持，与此同时也推动了住房贷款市场的蓬勃发展。这几年，由于国内的房屋价格不断攀升，房屋贷款一直是中国居民的主要负债来源。负债购房是家庭生活中一个重要的经济决定因素，它将极大地影响到家庭的支出。

由此，本文分析了住房债务和家庭消费之间的关系，并研究了影响这一关系的机制。根据中国家庭金融调查(CHFS) 2013年、2015年、2017年和2019年四个阶段的面板数据，采用固定效应模型对我国居民在房屋负债前后的支出差异进行了全面的研究。实证结果显示，家庭债务对家庭消费、耐用品消费、非耐用品消费都有显著影响，但是，与非耐用品相比，信贷对耐用品的促进作用要小一些。根据研究结论，本文提出了相关的政策建议，以指导我国居民合理地选择房屋债务，以促进我国居民的持续、高效的消费。

Since the reform of China's real estate market, the real estate issue has become a topic of great concern. In recent years, the relevant departments in China have repeatedly emphasized at the National Economic Work Conference the need to establish a sound and comprehensive long-term mechanism for the development of the real estate industry and to improve the housing market and housing security system in order to prevent the creation of a real estate bubble. Housing credit policies have played a positive role in promoting the rapid development of the real estate market. In recent years, with the rise of domestic housing prices, housing mortgage has become a major debt for Chinese people. Buying a house is a major economic decision in family life and has a great impact on household expenses.

Therefore, this paper theoretically analyzes the relationship between housing indebtedness and residents' consumption and explores its mechanism of action. Using panel data from the China Household Finance Survey (CHFS) for four periods: 2013, 2015, 2017, and 2019, a "fixed effects" model is applied to conduct a comprehensive analysis of the consumption gap before and after housing indebtedness in China. The study finds that household debt has a significant impact on household consumption, consumption of durable goods and consumption of non-durable goods, while the pull effect of credit on durable goods is weaker. Finally, on this basis, corresponding policy recommendations are made on the choice of housing loans for residents, with a view to making a reasonable choice of housing loans for residents, so as to promote their sustainable and effective consumption.