Useful Links - Debt Consolidation | Canadian Credit Counsellors Society

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HOW TO CALCULATE YOUR DEBT-INCOME RATIO

In order to discover if you are in a financial crisis, you must know how much you spend each month to pay off debts and other financial commitments. This is your debt-to-income ratio. Your debt-to-income ratio is the percentage of your income that you owe in debt or debt payments. Most financial experts believe that you should maintain your debt-to-income ratio at 36 percent of your gross income.

Banks and other lending institutions use your debt-to-income ratio to gauge your ability to repay debt. If you have a low ratio, you have a better chance of repaying your debt. If you have a high ratio, you are considered a credit risk, which could prevent you from being approved for affordable credit.

DEBT CONSOLIDATION

If you think that debt consolidation could alleviate your financial burden then don’t hesitate to call us toll free at

1-877-853-9222.

One of our trained credit counsellors can help you determine if credit counselling might be the right option for you.