Poll: What is your debt/income ratio?

[Kyteland]

This is just for credit card debt. If you are married or sharing income with someone, combine your values.

For the math-impaired take the amount you generally keep on your credit cards and divide it by your yearly income. Eg. if you have $15,000 in credit card debt and make $30,000 a year your ratio is 50% (15000/30000 = 0.5). If you have $1 in credit card debt and you make $100,000 your ratio is 0.001%.

Don't include other debt (school loans, car loans, mortgages, etc.) in your calculations. I can add a separate poll for that if necessary.

Vote away!

 

[dullard]

For those of us who use a CC a lot, but pay it off each month, what do we vote? Should I vote using the amount I owe now (~$1500), or the amount I'll owe in one week (~$0). I guess I'm always in some small CC debt since I charge more before the payment goes through. Yet I've never paid a penny in CC interest and I've never transfered balances.

Doh, did the calculations, I'm under 5% any way you cut it. I should think then post. Still my question may be helpfull to other posters.

 

[Kyteland]

Only count what you keep on the cards month to month. If you pay it off every month that doesn't count.

 

[saxophonoia]

around 5% right now, but i'll pay that off soon.

 

[Alternex]

I can't imagine anyone having credit card debt greater than their yearly income...

 

[Squisher]

Credit Cards are only there to MAKE you money through their cashback programs.

$800 last year.

 

[Shockwave]

No CC's

 

[phreakah]

about 20% right now

 

[Kyteland]

Originally posted by: Alternex
I can't imagine anyone having credit card debt greater than their yearly income...

college students?

 

[dullard]

Originally posted by: Kyteland

Originally posted by: Alternex
I can't imagine anyone having credit card debt greater than their yearly income...

college students?

College students are probably the most likely to do that, but college students generally have the most reasons NOT to do so. They have so much access to 0% loans (lasting many years) that a ~20% CC loan is stupid. Even with much balance transferring you still can't beat a 0% subsidized loan.

 

[Armitage]

Normally don't carry a balance, but about 8% right now due to some unavoidable hits this past spring & winter. Should be paid off in 6-8 months.

 

[Heisenberg]

Originally posted by: Shockwave
No CC's

 

[Vic]

FYI: not including housing expense (rent or mortgage including taxes and insurance) and consumer installment debt (car loans, signature loans, etc.) is not the proper way to calculate DTI.

I never carry a balance on my credit cards. I've seen firsthand the ugly effects of being buried in credit card debt far too often.

 

[RichieZ]

0 CC debit

 

[Ausm]

5%

Sysadmin

 

[CPA]

I carry quite a bit. But I have no problem doing so, no problem making payments and no problem saving. It helps that 99% of it is at 0% interest.

 

[imported_vr6]

I suck... 15%

 

[Trey22]

Pay off my Discover bill at the end of every month... plus CASHBACK!

 

[Electric Amish]

I would guess around 25%

 

[ITJunkie]

5%

 

[abracadabra1]

0%

 

[TuxDave]

I have lots of debt on my credit report. Yay student loans!

 

[jjones]

No debt at all, not even on a mortgage.

 

[kalster]

0

 

Originally posted by: Alternex
I can't imagine anyone having credit card debt greater than their yearly income...

Your imagination is weak.