Balance Transfers Cafe

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Balance Transfer Tips - Debt Ratios:

• Ignore banker's mentality. Your debt-to-income ratio is the measure of how much debt you carry to how much money (after taxes) you have coming in. In the world of lending, it is "acceptable" to carry 25% of your income in debt. Consider this example:

• Total credit card debt: $6,437
  Total after-tax annual income: $30,000
  Debt-to-income ratio: 6,437/30,000 = 21.4%

• A 21.4% debt-to-income ratio is too high in our opinion. The ideal number of course is zero. But at the very least you want to keep your debt - including car loans - to 15% or less of your after-tax income.

You can see our balance transfer tips directory here.

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