Debt Warning Signs, and Ways to Dig Out

Over the past decade, Americans have racked up an increasing amount of debt. In fact, household debt has steadily eaten up a bigger slice of personal incomes since the mid-'90s, according to the Federal Reserve Board.

So how do you know if you are carrying too much debt?

Here are four clues that you've taken on too much debt, and four tips to get out from under it.

Clue No. 1. A high debt-to-income ratio. The debt-to-income ratio is calculated by dividing your monthly debt payments (excluding mortgage or rent) by your monthly income. Many credit counselors believe that a debt-to-income ratio of 15% to 20% is a sign of trouble. Any higher and you already have too much debt. ...