Can you afford more debt?

The amount of debt you can safely carry depends on your income, your living expenses and your current debt. As a guideline, your debt should be no more than 20% of your take-home pay (not counting your mortgage). To figure how much debt you can afford, subtract your mortgage from your take-home pay, then multiply by 20%.




Monthly take-home pay
(after taxes)
$
X .20  

Your affordable credit $

Affordable debt worksheet

TYPE OF LOAN MONTHLY PAYMENT AMOUNT STILL OWED
Credit cards
Visa $ $
MasterCard $ $
Other credit card $ $
Other credit card $ $
Retail store $ $
Gasoline card $ $
Other $ $
Installment Loans
Car 1 $ $
Car 2 $ $
Furniture $ $
Appliances $ $
Home Improvements $ $
Other $ $
Educational Loans
Loan 1 $ $
Loan 2 $ $
Other Loans
Loan 1 $ $
TOTAL MONTHLY PAYMENTS $ $

 

Questions?
Call the Financial Insider Network Customer Service Center toll-free at 1-800-510-7033. HOURS: weekdays 7:00 A.M. - 8:00 P.M. (CST).

 

 

 

 

 

 
  Visit our Legal Resource Center  
 
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  Credit Evaluation Worksheet  
 
  Goal setting:1,2,3  
 
  Income worksheet  
 
  Tracking daily expenses  
 
  Spending plan  
 
  Credit tips & warning signs  
 
  Can you afford more debt?  
 
  About your credit report  
 
  10 rules of money management  
 
 

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