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2 years ago

Sabina makes $2,000 per month. She spends $300 on credit card payments and $450 on an auto loan. Does she have excessive debt?

1 answer:

4 0

She does not have an excessive debt because of her debt-to-income ratio lower than 42 percent. 42% is a limit of good average debt to income ratio and Sabina's debt to income ratio has not yet exceeded that limit. The debt to income ratio can be calculated by<span> dividing her total debt by her total income which results in 37.5% (($300+$450)/$2000 = 37.5%).</span>

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