Loan Load Calculator
A simple credit load calculator that allows you to assess the financial potential, calculate whether it is possible to take on more obligations or it is time to take measures to reduce costs.
In the "Payments" line, write down the total amount of payments on loans, loans and other borrowed funds.
In the "Income" line, specify the total amount of your income: salary, dividends and other.
The level of the credit load should not exceed 30%
What is the credit burden?
The credit or debt burden is the total amount of all obligations to banks and other credit institutions. The calculation takes into account all monthly payments, as well as the total monthly income. The indicator is determined as a percentage. It is needed for personal control of their financial condition, and is also used by banks when evaluating a potential borrower. The optimal acceptable indicator for you is no more than 30%.
Some organizations give a loan to a borrower with a credit load of up to 50%, thereby driving him into a debt pit. According to the law of the Russian Federation, a financial institution will not be able to issue a loan to a client whose monthly debt payments amount to 50% of the total family income.
How to reduce the credit burden
1. Increase your income. For example, take extra shifts or get a second job.
2. Reduce your expenses. Keeping an expense diary, avoiding spontaneous purchases and unreasonable spending will help in this. Refusal of new loans and credit cards.
3. Restructure the debt in the same bank where you take out a loan, or in another bank at a lower interest rate.
4. Start paying off one of the loans ahead of schedule, if there are several of them. It can be:
- the loan with the highest interest rate to reduce losses on the cost of the loan;
- a loan for a smaller amount in order to quickly close one of the debts.
However, it is worth checking the conditions under which the loan was taken out to find out how early repayment will affect the interest and/or the amount of payment. When one of the loans is repaid, the released amount should not be spent, but sent to repay the next debt.
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