Posted on
August 26, 2009
at
2:00 am
i mean in terms of being a responsible consumer and whatnot: How much credit card debt is acceptable? how'd you know if you're doing ok or if you have too much debt on your hands now?
Posted on
August 26, 2009
at
2:42 am
It's a case to case basis I believe. It's hard to gauge since not all of us are in the same income range. I believe the better question to ask would be, "how much is too much credit card debt?"But to try and answer your question, fly girl, on "how much credit card debt is acceptable?"If you are still able to pay for all your bills and expenses on a timely basis and without any difficulty in coming up with funds for payment, you're still in the acceptable range. Also, if making even just the minimum payments on your accounts proves to be a pain, then you just may have too much debt in your hands.
Posted on
August 26, 2009
at
4:32 am
How much credit card debt is acceptable?Well as long as you're not nearing your credit limit or haven't maxed out your credit cards, you're good to go. Consumers need to understand that their credit scores and their debt amounts have a direct correlation. The credit reporting bureaus utilize your DTI ratio to determine your credit rating, and the more you use your available credit and are unable to pay on time, your score drops.
Posted on
August 26, 2009
at
4:52 am
Do lenders take that factor into consideration when a customer would apply for new credit? I'm concerned about this
Posted on
August 28, 2009
at
2:27 am
Well Sally I'd say yes to that, because lenders are also particular of extending their services to people whom they know are capable of responsibly handling the credit extended to them. Whenever a creditor approves a person's application for credit, a certain degree of risk is involved.
Posted on
August 28, 2009
at
3:29 am
Another thing you need to consider as a consumer is: do you still have savings left over? Having too much credit card debt hampers your ability to build up a solid savings account. If your savings starts to dwindle, or if you don't have savings AT ALL, you may just have too much debt in your hands......
Posted on
August 28, 2009
at
4:22 am
Or, the bottom line: if you can't pay, don't buy.
