I’m paying down credit card debts. At what ratio of debt to income would you consider my personal finances healthy?The healthiest level of credit card debt is none. Credit card interest rates tend to be high and variable, which makes this kind of debt toxic to your financial health. Congratulations for making progress on getting rid of yours.
◆ Traditionally, mortgage lenders preferred home loan payments to be 28% or less of your gross monthly income and total debt payments, including mortgage, to be 36% or less.◆ Debt payments, including mortgages, that exceed 40% of gross monthly can be an indication of financial distress, according to the Federal Reserve.
You typically don’t need to rush to pay off lower-rate, potentially tax-deductible debt such as mortgages or student loans. Still, you’ll probably want to have all your debts paid off by retirement so you aren’t draining your nest egg to make the payments.
lizweston Credit ratings came into existence in 1989 following a massive financial industry bailout known as The Savings and Loan scandal. The industry solution was to make life more expensive for poor people.
lizweston Dis bot silly in dis comment section
lizweston Dis dat perspective we dat 16 million dees boys owe
lizweston Keep in mind that GROSS income is before taxes. Depending on your income/filing, up to 32% taxes. Example they say under 40%. +Taxes = 72% of gross. Even with a lesser tax percent, I pay more on taxes than on my mortgage.
I'm not paying a fucking dime until this country figures out how to help the people, not their bottom line or deep pockets.
Now bout dis chit at da gun store one side dees boys gon say mental health one side dees boys gon say gun control
We don't give no f-$ks bout dees internet clowns 😉☕🍿🤟
Dat perspective is dis we get dat mofo money ya dig
Zero