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Am I in debt?
The first step in finding out if you are in debt would be to use the 20 / 10 Rule to figure your debt load. This rule states that you should never borrow more than 20% of your yearly net income. (Note, housing debt should not be used in this calculation). Monthly payments should not exceed 10% of your monthly net income. Other indications may be that you are only making minimum payments, you are habitually late paying bills, or have lost track of what you owe, or how much interest you are paying. If you are finding your debt exceeds your income, don’t panic but take immediate action. If you need help, talk to a professional. Minnesota Credit Association has credit councilors that can determine your debt, and would be happy to talk to you and suggest a course of action to reduce your debt.