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Do you really know how much you owe, or do you just wait until your monthly bills arrive and send some money where it's called for? Don't let your debt be the scary stranger on the other side of the room that you're afraid to look in the eye. In order to conquer your debt, you have to know it inside and out.
Start by adding up all your minimum monthly payments. That might feel like a punch in the gut, especially since the payments by themselves may not seem all that intimidating. Once you have a total in front of you, divide that number by your monthly income. The result is your debt ratio. Creditors usually do not give mortgage loans to people whose debt ratio is above 43 percent.
Another way you can calculate your debt ratio is on an annual basis, although you may want to leave your mortgage out if you use this method. Divide your yearly income by the total of all your debts. If you find that your debt ratio is more than 35 percent, it's a sign that you need to make some adjustments.