HPAL Tip of the Week: Managing Debt.
Don’t confuse what you can borrow with what you should borrow. Keep debt down by keeping the monthly cost of owning a home (taxes, insurance, principal and interest) below 28 percent of your income, pre-tax. Another way to make debt manageable is to keep other debt payments such as credit cards and auto loans below 36 percent of your pre-tax income. Learn more here.
This is the third tip in a series of New Year’s financial tips that will run through the month of January. You are encouraged to use these weekly tips on your website, social media pages or in other communication with your members to illustrate one more way credit unions help people afford life. If you have a tip you would like to share with the HPAL Listserve, please email to firstname.lastname@example.org. When sending an email it is sent to everyone on the list.