BE BETTER WITH MONEY

According to an analysis by the NY FederalReserve, 1 out of every 7 households in theU.S. has a negative net worth . Don't let thishappen to you, know where you stand withyour debt. Consider the following questionsto gauge your own financial health.

You can use what’s called the debt-to-incomeratio . This ratio measures how much of what youearn goes towards paying off debt. To calculateyour debt-to-income ratio, total your monthly debtobligations and divide this number by the amountof money you earn each month. Aim to keep yourdebt ration below 36%.

Use your net income to get a more accurate pictureof how much of your cash is going to pay down debt.

Call your creditors and ask to adjust your duedates to spread out your monthly cash outlays

DO I HAVE TOO MUCH DEBT?

AM I PAYING MY BILLS ON TIME?

3 QUESTIONSABOUT DEBT YOUGOTTA ANSWER

If you are paying off your credit card balance infull each month then you are doing great. If not,how quickly are you paying it off?

Most credit card companies calculate interestyou owe on an average daily balance .

Consolidating your debt into a low-interestcredit card , with a promotional rate, could helpyou save money in the long term by reducing theamount of interest.

If you're struggling & kept awake at night by money, make sureyou seek the help you need. You're honestly not the only one.

Be better with your money, visit Abe.ai

Sources:

newyorkfed.org, credit.org

HOW MUCH AM I PAYING INTEREST?

Struggling to pay all of your bil ls on time eachmonth? A simple call to get your due datesadjusted may be all you need. If you have alarge cluster of cash going out at thestart of each month, then shifting a$150 worth of bil ls to the 2nd or 3rd week mightgive your bank account more breathing room.