The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
Investors should be careful not to buy or sell stocks based on last week's brief inversion of the yield curve in the bond market, CNBC's Jim Cramer warns.Investingread more
The service will be available on popular platforms such as Apple TV, Google Chromecast and Roku, but not Amazon's Fire TV.Technologyread more
"If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery," says former SEC Chairman Harvey Pitt.Investingread more
Millennials — already laden with student loans — are adding a different kind of debt to their balance sheets: personal loans.
Those were the findings following an analysis of borrower data from 2015 through August 2018 by LendingPoint, a provider of personal loans. The lender studied 49,545 funded loans in all.
Personal loans typically have a set term of three to five years and generally charge a fixed interest rate. People tap them for a range of reasons, including emergencies and wedding finances.
You can access them at credit unions, consumer banks and online lenders.
These loans are unsecured, but if you default, your lender can assess late fees, and in extreme cases, try to garnish your wages and send debt collectors after you.
Back in 2015, roughly 12 percent of the individuals who took out a personal loan with LendingPoint were 35 and younger.
Since then, that proportion has roughly doubled: As of 2018, that age cohort now accounts for about a quarter of applicants.
"Millennials are driving the borrowing," said Mark Lorimer, chief marketing officer of LendingPoint.
"They are rapidly coming into their earnings and credit wheelhouse," he said. "It takes time to become creditworthy and we're seeing a higher proportion of millennials getting there."
Here are some likely drivers of the younger crowd's penchant for personal loans.
Overall, more individuals are taking on personal loans.
In the second quarter of 2018, outstanding personal loan balances hit a high of $125.4 billion, up 17.5 percent from the year-ago period, according to TransUnion.
The number of accounts has also been climbing, reaching 19.5 million in the second quarter of 2018 and reflecting a 12.5 percent increase from the second quarter of 2017, TransUnion found.
Used responsibly, personal loans can be a valuable tool if you're trying to consolidate high-interest debt and pay it all off.
Depending on your credit score, interest rates on a personal loan can run as low as just over 3 percent to as high as nearly 36 percent, according to MagnifyMoney, a personal finance site.
Rounding up and squashing high-interest rate debt may be the reason why millennials are willing to take out personal loans, Lorimer said.
"Millennials don't like credit card debt as much as boomers did," he said. "They've seen their parents run into difficulty with compounding debt."
There's a fine line between taking out a personal loan to clean up your balance sheet and ending up in over your head in red ink.
Here are a few things to bear in mind:
Borrow what you can afford to repay: A personal loan won't help you if you can't afford the monthly payment. Think about how this cost fits in with the rest of your regular expenses.
One rule of thumb is the "back-end ratio," meaning your monthly housing costs and debt payments should not exceed 36 percent of your gross monthly income.
Know why you're borrowing: It's one thing to take out a loan to kill your credit card balances. If you're trying to finance your wedding or some other large expenditure, consider budgeting and saving for that cost instead.
Also, if you're trying to squash consumer debt, make sure you address your spending habits. A personal loan won't help if you're still whipping out the plastic at the register.
Get familiar with your fees: Shop lenders to find the best rates and keep an eye out for surprise expenses. These include origination fees and prepayment penalties.