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spikelee
Joined: 06 Aug 2005
Posts: 18
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 Posted:
Thu Jan 11, 2007 6:57 am Post subject:
debt income ratios? |
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here http://www.3debtconsolidation.com/ it says "Experts in the finance industry suggest that your outstanding debts (that includes credit card & mortgage debt) should NOT exceed 36% of your Gross monthly income. This 36% is also referred to as the Debt-to-Income ratio."
what's the debt to income ratio of people here? if i have 20%, is that good enough?
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martin56
Joined: 01 Jun 2008
Posts: 11
Location: Grand Rapids, Michigan
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Sun Jun 01, 2008 10:49 pm Post subject:
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| Well if you count your mortgage I think most people would have more debt than annual income. |
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OneHellOfAMess
Joined: 31 Jul 2008
Posts: 2
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Thu Jul 31, 2008 7:38 pm Post subject:
Bad-Debt-to-Income-Ratio |
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My blog (http://money-funk.blogspot.com) is all about how I figured out my family's bad-debt-to-income-ratio (which started out at 86%!) and how we are going to erradicate the mess. So, 36%...I have a 44% to go! Woo Hoo! (sarcastic) 
I'd like to get it down to 15%.
Anyhow, I figured out all these equations thru fool.com. Great site. In fact, next week I will have one of my CC's paid off! Small balance, but big accomplishment.
Glad I found this site.
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finvik
Joined: 11 Aug 2008
Posts: 7
Location: Indore, India
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Wed Aug 13, 2008 11:24 am Post subject:
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36 is a fine percentage. Debt income ratio is the percentage of a consumer's monthly gross income that goes toward paying debts. all the best to ONeHellofaMess, lets hope that you achieve your target pretty soon
vik |
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OneHellOfAMess
Joined: 31 Jul 2008
Posts: 2
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Wed Aug 13, 2008 2:48 pm Post subject:
My Debt-to-Income Ratio... |
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I figured my debt-to-income ratio as in the first post. Taking my gross income and including the minimum cc payments + mortgage. My family is at 38%. But, I will tell you that we don't have two nickels to rub together with this figure.
Minimum monthly debt (cc+mortgage): $3318.14
Gross Monthly income: 8817.60
This figure doesn't represent my "pain"
Now, when I figured the bad-debt-to-income ratio I feel the "pain" of our family's mess we created when trying to live like the Joneses. I am not sure how debt-to-income ratio is a true presentation?
Thank you for the encouragement of getting out of my mess. I need it cuz I feel I am only making very minimal process. Any ideas how to erradicate quicker? |
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finwiz
Joined: 23 Sep 2008
Posts: 8
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Tue Sep 23, 2008 3:39 pm Post subject:
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| you are so realistic with the figures you have provided. it seems you have a fair idea of waht and when to pay. just concentrate on clearing your debts and you will come out of this mess |
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