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SUMMER 2018
mericans are racking up
a lot of debt. According
to the Federal Reserve
Bank of New York's Center for
Microeconomic Data's latest
numbers, total household debt
increased by $193 billion (1.5
percent) to $13.15 trillion during
the fourth quarter of 2017. That
marks the fifth consecutive year
of positive annual household debt
growth, with mortgages, student
loans, auto loans and credit cards
ranking as the largest forms of
household debt.
But when should you take a step
back and assess whether that new
car, anniversary party or piece of
furniture is really worth racking
up your debt? "Always," accord-
Is that big purchase
really worth the
debt balance?
Experts suggest you
plan smart for the big
stuff and understand
that even though "life
happens," it doesn't
have to force you to
carry a debt balance.
By Bridget McCrea
A
Illustration by ©csaimages.com
