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It is calculated this way: Take the
amount needed to repay debts each month, including rent or mortgage, and
divide this by your take-home pay (your net pay after deduction of tax). |
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Many experts recommend
that no more
than 15 to 20 per cent
of your monthly household
take-home pay
(excluding rent or
mortgage) should be
used to pay debts and
make loan and credit
card payments. Furthermore, no more than 40 per cent of your monthly takehome
pay should go to paying all debts, including mortgage payments. |
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