Monday, October 17, 2005

Bad Debt can be with you forever

A recent change in U.S personal bankruptcy law means that if you have debt now, you'll probably have most of it forever. And no bankruptcy judge can bail you out.

This means that it has never been more important to control your consumer debt and control your Credit Card Spending.

One of the challenges facing those who get into bad debt problems, stems from looking at the monthly payments for everything from cars to computers, rather than paying cash.

If you are having trouble with Consumer debt, look closely at your spending habits and understand why there is not enough money to go around. For many, it all starts with a Mortgage that is much more than the income can support, let alone the credit cards, car payments and other financing charges.

From a practical stand point, all your payments should not exceed 40% of your monthly income. Where people often get into trouble is when the Mortgage alone equals that amount, leaving no room for the additional expenses and payments.


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