In the United States, key rates of inflation, inflation and rising gas prices announced yesterday by the Fed are directly affecting the wallets of Cubans.
The Canadian home loan ratio has reached a record high, figures Canada reported last March.
Should we worry more about the current financial situation if we accumulate too much debt? To take stock, you need to calculate your debt ratio.
“To ensure that we are close to high debt, there is a debt ratio that makes it possible to ensure that we are high-debt,” explained Sophie Desatells, a bankruptcy trustee licensed at Raymond Chabot.
However, it does guarantee: some debts do not worry.
“Mortgage is a good loan. The problem is when our debt exceeds our ability to repay. So the debt ratio makes it possible to calculate non-renewable income and our debt, ”she explains in an interview with TVA Midi.
This percentage gives a clear picture of your personal financial status.
“The percentage we need to identify is the 40% debt ratio. Beyond that it means that our budget is very, very tight. Our situation depends on whether we have a family, whether we are single or a single parent … ”
So many factors have to be taken into consideration in the calculation.
To calculate this ratio, we must take all the monthly payments, add them up and divide them by our gross monthly income, i.e. before taxes.
“We take our annual gross income and divide it by twelve. Family allowances are also added. We take the amount of debt and divide it by our monthly income.
If you can no longer afford your significant expenses without using your credit cards, this can lead to high debt.
“Pharmacy or food expenses are a big sign if you put it on a credit card and can’t repay it by the end of the month. This is a clear sign. If you pay back the credit card by paying the credit card, you have to see that things are not going well there, ”she stressed.
“If you start getting calls from a lender, don’t wait. There are solutions, there are people for it and there is life after economic recovery, ”she concluded.