Hi! I'm Kimberly Gaines, Certified Credit Counselor at Pelican State Credit Union.
You can have too much debt to where it causes problems with your budget. You
want to focus on keeping debts under about 35% when looking at your debt to
income ratio. The amount that you pay out in debt versus the amounts that you
bring in in income should balance, okay? You should not have much more debt than
you have income. This is where you know there's a problem with your debt. This
comes by doing an in-depth budget analysis making sure that you don't have
too much debt. If you find that you've gotten into that situation, you want to
start by paying debts down, maybe doing a snowball effect, where you start with
your credit cards by paying the lowest balance off and then working your way to
the next one.
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