The Business Roundtable said its members forecast that growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%.Politicsread more
Jerome Powell will "underwhelm everyone and not overwhelm anyone," one economist saysMarket Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Some worry the regulators will squander an opportunity to crack down on potentially monopolistic behavior due to their own infighting.Technologyread more
Oil prices retreated after President Donald Trump said he ordered the Treasury Department to "substantially increase" sanctions on Iran.Energy Commoditiesread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
Trump's announcement of his fourth national security advisor comes eight days after the abrupt departure of John Bolton.Politicsread more
Central Park Tower is not just a new building – it's a statement. Topping off at 1,550 feet, with 131 floors, it will be the tallest residential building in the world. It may...Wealthread more
Online shopping giant Amazon is betting that some of its customers would rather use cash.Financeread more
The monthly Architecture Billings Index (ABI) from the American Institute of Architects fell to 47.2 from 50.1 in July. Any score below 50 indicates a decrease in architecture...Real Estateread more
Americans are in a borrowing mood, and their total tab for consumer debt could reach a record $4 trillion by the end of 2018.
That's according to LendingTree, a loan comparison website, which analyzed data from the Federal Reserve on nonmortgage debts including credit cards, and auto, personal and student loans.
Americans owe more than 26 percent of their annual income to this debt. That's up from 22 percent in 2010. It's also higher than debt levels during the mid-2000s when credit availability soared.
Debts on auto loans and credit cards are climbing by more than 7 percent annually, while housing debt is rising at a little more than 2 percent.
Consumer credit has been rising by 5 percent to 6 percent for about two years.
LendingTree projects total consumer debt will top $4 trillion by the end of 2018.
That kind of growth is not surprising, according to LendingTree chief economist Tendayi Kapfidze, and is in keeping with the growth of consumer debt that has been happening since 2012.
At these levels, consumers are spending about 10 percent of their income paying these debts each month, Kapfidze said. From 2000 to 2008, that averaged about 12 percent to 13 percent, he said.
Still, credit card delinquency rates, which are at 2.4 percent, are low.
"It's a level of debt that's pretty manageable for consumers on aggregate," Kapfidze said.
But there are some things you should consider if you find your personal debts rising.
While paying 10 percent of your income per month toward nonmortgage debts is "not necessarily a danger zone," you should watch how those debts are allocated, said Roger Ma, a certified financial planner and founder of lifelaidout.
High interest credit card debt that continues to climb every month is concerning, while lower interest rate debt on auto loans or student loans may not have the same cause for worry, Ma said.
The Federal Reserve plans to raise interest rates several times this year, which will inevitably make consumers' debt burden more expensive.
"Consumers should probably consider refinancing some of their debts," Kapfidze said.
That could mean moving credit card debt at a 16 percent annual percentage rate to a personal loan that offers 6 percent to 8 percent. It could also mean refinancing your student loans at a fixed rate to guard against those rate hikes.
Regardless of your personal debt levels, you should have a good sense of how much money you have coming in and going out, according to Ma.
If you find you're spending beyond your means, cut unnecessary subscriptions, reduce your bank fees and scale back on shopping.
If your credit card debt is growing, switch to using your debit card only, Ma said. From there, you can whittle down your debts by attacking the balances with the highest rates first. If you have small balances, you may want to knock those off first.
"Paying that off sooner will allow a person to decrease the number of obligations and also give them a nice short-term win," Ma said.
More from Personal Finance:
It turns out, there is a point at which money can buy happiness
You're probably using the wrong credit card. Here's how to fix that
How today's Fed rate hike will affect your finances