Put Your Debt on a Diet!
Wednesday, July 21, 2010 at 10:56AM DEBT. Nails on a chalk board to most people but I will discuss some ways to help manage your debt. In order to get an idea of where your debt is currently at, the first thing to do is calculate your debt to income ratio (DTI). Write down all of the monthly payments that you make on any current revolving debt. This would be car payments, credit card payments, student loans, installment loans, child support/alimony that you pay, or any health care payments. Take the total of all these payments and divide that number by your gross monthly income (before taxes). This will give you a percentage. This percentage stands for what portion of your gross monthly income is going towards debt alone. Typically, lenders do not want to see above 13%. If your percentage is above this, it’s time to put your debt on a diet!! Here are some helpful tips on how to reduce your debt:
- The first thing to do is stop borrowing! It may be a good idea to cut up your credit cards or lock them away
- You need to create a budget around items that are essential in your life and cut out any unnecessary expenses (for ex. cable is not a necessity, it’s discretionary spending. Can you go without cable for 12 months to save for a house? Yes you can!)
- When making a budget, figure out the most you can afford to pay on each payment and stick to it (paying only the monthly payment does not reduce your debt due to interest)
- Continue to pay on your debts. Once you have a debt paid off, take that monthly payment and apply it towards another debt. For example, if you were paying $50 a month on a credit card and have successfully paid it off, take that $50 and add it to a payment of another credit card. Once that debt is paid off, take both payments and it to another debt. Continue this process.
- Once all of your debts are paid off, resist borrowing again. Instead, save that money that you were spending to prepare for emergencies.
At Housing Our Communities, we provide one-on-one counseling that can help you create a budget, share helpful ideas to reduce your debt, and review your credit. If you need this assistance contact us today at 480-649-1335.
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