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Your debt 8 benchmarks for borrowing.(financial planning and debt management)
Those who are financially well off might be tempted to turn the page. Don't. Debt problems can stalk anyone, especially in a slowing economy. "We have doc tors, lawyers, and stock brokers on debt-management plans," says David Jones, president of the Association of Independent Consumer Credit Counsel ing Agencies.
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WARNING SIGNS
You know the signs of excess debt: You rely on credit cards or home-equity credit lines for everyday purchases, you make only minimum payments, you take cash advances from one credit source to pay others. Avoid that fate by heeding these rules for smart borrowing:
20% Add your monthly car payment, the average new charges on your credit cards, and other non-mortgage debt payments. The total should be no more than 20 percent of your gross monthly income.
28% Your monthly mortgage payment (including property taxes and insurance) shouldn't exceed 28 percent of your gross monthly income.
36%-48% Ideally, your total monthly debt payments shouldn't exceed 36 percent of your gross monthly income. But, Jones says, many people go above 48 percent, which should be avoided if possible.
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