Do I Have Too Much Debt Calculator

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Almost everyone carries some debt. We have mortgages, credit cards, student debt… among many other types of loans and major life events. In general, debt payments of more than 40% of your gross income are an indicator of financial distress. When looking at a budget for your monthly paycheck, this is how it breaks down:

• 25% of your salary is consumed by taxes
• 15% of your salary should go to savings
• 60% is left for everything else (rent, food, insurance, medical, allocate 20% for car)
If more than 40% is going to debt payments, then you have less than 20% of your salary to cover your basic living costs. Use this debt management calculator to help gauge your total debt level.