February 16, 2017 / 9:57 PM / 10 months ago

Business Watch: The catch with being your own boss

The catch with being your own boss

A driver displays Uber and Lyft ride sharing signs in his car windscreen in Santa Monica, California, U.S., May 23, 2016. About a half dozen ride-hailing firms have rushed into Texas tech hub Austin after market leaders Uber and Lyft left the city a little over a monthago in a huff over municipal requirements that they fingerprint drivers. REUTERS/Lucy Nicholson/

Many are leaving the relative security of a day job to join the so-called “gig economy.” Take, for example, drivers for Uber, Lyft and other ride-hailing services. Many are lured by the promise of high pay for part-time work, but tend to overlook the fact that running a business can be costly.

Household debt through the roof

Total debt went up $460 billion from a year ago and is now just 0.8 percent below an all-time peak of $12.68 trillion in the third quarter of 2008, before the worst of the financial crisis and deep recession. The culprit? More readily available credit for mortgages and loans.

Why snap IPO will be a magnet for investors

Wall Street on the offensive

Big U.S. banks will propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after 9/11 are onerous and ineffective.

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