Do You Need Debt Help
Lets say that your net monthly income (thats after taxes) is $2500. Your monthly debt payments are $600. Divide $600 by $2500, and youve done it.
600 2500 = .24 (24%)
So, how do you figure out your debt to income ratio?
1. Take a look at your last months bills. Add up all the fixed monthly expenses (rent, mortgage, car payments, insurance, gas/electric, etc.)
2. Check your credit card bills and add up the minimum payments required on each
3. Figure out your monthly take-home pay (net salary - meaning after taxes, etc.)
4. Divide the monthly fixed expenses by monthly income
Now, how much debt is too much? The majority of debt settlement and credit counseling companies generally agree that debt expenses should be no more than 25% of your income. A ratio of 10% or less is ideal. Actually, no debt is the best but who are we kidding.
If you are carrying a debt load of more that 25% its time to take action. You may even want to get some type of debt help by looking into a debt settlement or credit counseling program. If you own real property, you may want to look into some type of debt consolidation loan.
To learn more about your options and managing you debt, log onto www.debtreliefoptions.com.
Jon Noble
\r Staff writer
\r Debt Relief Options
\r asktheexperts@debtreliefoptions.com
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