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Home Equity

An insider's guide to debt consolidation

More Articles:

Is there an acceptable amount of debt to carry?
How do I know if I need help with my debt?
How long does credit counseling payment-reduction take?
Can I consolidate debt onto one credit card?
What are the benefits of consolidating debt through a bank loan?
Is it wise to consolidate debt by refinancing a mortgage?
*How should I handle debt after I consolidate?

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Is there an acceptable amount of debt to carry?

Different experts have different opinions, but most agree that borrowers should try to keep all non-mortgage debt to less than 10 percent of their monthly take-home pay. If you're taking home $2,000 per month, this means your non-mortgage debt should rarely, if ever, exceed monthly payments of $200 per month. Installment debt (school loans, car loans, etc.) counts as debt too. What loan officers and underwriters are looking for is an acceptable debt ratio for your income level. As with every aspect of the mortgage process, such ratios must be tailored to the specifics of each loan.