Debt-to-income ratio

What is Debt-to-income ratio?

The percentage of gross monthly income that goes toward paying all long term debts, such as mortgage loans, car loans, student loans, credit cards, etc. If monthly gross income is $4,500 and the total of debt payments is $1,620, the debt-to-income ratio is 36 percent ($1,620 divided by $4,500).

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