Reducing Debt Ratio
Posted on August 7, 2009 at 3:04 am
Any suggestions on how to go about reducing debt ratio, please? Thank you
Posted on August 7, 2009 at 3:53 am
One way to go about reducing debt ratio is to increase your monthly income. If it's possible, you may opt to ask for a raise from your current employer. Or, you may choose to sell some stuff, or take a part-time job. Having another job may sound taxing at first, but keep in mind that it only will be a short-term solution, not just to improving your DTI ratio, but for your financial situation.
Posted on August 11, 2009 at 1:15 pm
The only other way is to reduce your debt either by using a debt settlement company (which I don't recommend if you are current and you want to maintain your credit score) or to be patient and develop a strategy to pay off your debt. How quickly you want to reduce the debt will determine how aggressive you want to be.
Posted on August 11, 2009 at 1:19 pm
I assume you are referring to your debt to income ratio? Or do you simply mean how can one reduce their debt?