Hi All,

With the rotten news coming out of Washington and Wall Street about the national debt, you might be wondering about how you can determine whether or not your debt is at appropriate levels.

Well, the quick rule of thumb is, don’t have your debt payments amount to more than 20% of your income, excluding housing. So, for example if you take home $3,000 per month then your credit cards and student loans shouldn’t amount to more than 20%, or $600 dollars per month.

Otherwise, here are some warning signs that indicate you might have too much debt.

1) You’re Juggling Payments. For example if you are stalling one company to pay another one, that’s probably a good indication that your obligations are getting away from you.

2) You Can’t Even Save Small Amounts. If you’re having a hard time socking away $25 or $50 dollar amounts, and you can’t seem to build up an emergency fund, then you might want to examine your debt situation.

3) Creditors Start To Say No. If you’ve been denied a loan or have been denied a product that requires a credit check, then its a pretty good indication that you may have too much debt.

So, if any these seem to apply to your situation, you might want some help on dumping your financial obligations (Clicky to learn how).

Thanks,

James

MANAGE YOUR MONEY TOGETHER

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1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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