How do you know when you are in debt?
Basically, if your auto loan, credit card payments, and other debt payments, other than your rent or house payment exceeds 20% of your income--you're in trouble. And need help to get out of debt.
Consider this example:
Monthly take home pay: $3,000
Credit card bills: $400
Auto loans: $375
Department store credit card: $125
Student loan: $75
Total Monthly Debt Service: $975
Percent of take home pay: 32%
Yes, you may have troubles lurking. After paying your monthly debt bills, you are left with $2,025 for housing, food, gas, and utilities. And oh yeah, what about entertainment or going out to eat?
It doesn't leave a lot left over. And, if the transmission falls out of the car on the way to work tomorrow, how are you ging to fix it? Charge it?
I'm sorry to be so negative, but debt is a financial killer, and it will stress you out.
Here are three ways you can get help with debt and learn how to repair your credit:
Receive A Loan or Credit Card Even with Bankruptcy!
Credit Repair Secrets Revealed
Credit Secrets Bible
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