Explanation

Non-financial debt consists of credit instruments, borrowings, and debt obligations incurred by non-financial sectors of the economy, namely households, non-financial corporations, and the government:

– 1. Housing loans owed by households (Included): Represents consumer mortgage debt contracted by households.
– 2. Credit card balances (Included): Represents short-term unsecured consumer credit liabilities owed by individuals.
– 3. Treasury bills (Included): Represents sovereign short-term debt instruments issued by the government to finance fiscal requirements.
– Financial sector borrowings (such as inter-bank lending or bank bonds issued to finance other financial intermediaries) are excluded from this category to avoid double counting.

Hence, all three items constitute non-financial debt — Option D.