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Income to Debt Payments
How much of your income is dedicated to debt payments?
Moneywinks noted tonight that the average American 35 and under spends 20% of their income on debt payments, and thinks it’s too much. Know what I have to say to that? It’s not enough!
If I were to only make minimum payments, and ignore all of my debts that don’t have regular payments, 49% of my income would be going to debt right. However, because I choose to tackle my debt head-on, I devote almost 75% of my income to paying off debt!
So, how about you?
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{ 3 comments… read them below or add one }
I put 25% of my income to debt. If I only paid minimum payments, I would only need to put 4.7% towards my debt.
Debt = all loan payments? $200 a month. Maybe 8% or so?
oy vey. i’d be too ashamed to say. lets just say i give advice to others that i dont follow myself.
who’s harassing you at work? and why? tell them to cut that shit out!