· The latest debt-to-income report from Statscan shows that as of the third quarter of 2011, the average Canadian’s debt-to-personal-disposable-income ratio was 153 per cent. That’s up from 150.6 per cent in the previous quarter and higher than 148.3 per cent a year ago. Seeing that makes me wonder how I compare.
If your debt-to-income ratio is close to or higher than 36 percent, you may want to take steps to reduce it. To do so, you could: Increase the amount you pay monthly toward your debt. Extra payments can help lower your overall debt more quickly. Avoid taking on more debt.
What’s a Good Debt-to-Income Ratio? If 43% is the maximum debt-to-income ratio you can have while still meeting the requirements for a Qualified Mortgage, what counts as a good debt-to-income ratio? Generally the answer is: a ratio at or below 36%. The 36% Rule states that your DTI should never pass 36%.
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Now, the average Canadian might not be. households are highly leveraged. Household debt to disposable income sits somewhere just south of 200 per cent. That might give Canadians, whose.
A debt-to-income ratio of 15 percent would mean your total non-mortgage debts costs $437.50 or less each month. Tier 2 – 15 to 20 Percent. The next tier is a debt-to-income ratio of between 15 and 20 percent. Using our previous example, if you make $35,000, a debt-to-income ratio of 20 percent means that your monthly debt costs $583.40.
A view of your financial situation. A low DTI shows you have a good balance between debt and income. As you might guess, lenders like this number to be low — generally you’ll want to keep it below 36, but the lower it is, the greater the chance you will be able to get the loans or credit you seek.
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Here's the average amount of debt for each age group: Under 35: $67,400. Debt to Income Ratios. Debt to income ratio is a key indicator of financial health.
The Ideal Debt-to-Income Ratio for Mortgages. While 43% is the highest debt-to-income ratio that a homebuyer can have, buyers can benefit from having lower ratios. The ideal debt-to-income ratio for aspiring homeowners is at or below 36%. Of course the lower your debt-to-income ratio, the better.
· Total Debt-to-Income Ratio. Normally, your back-end ratio should not exceed 43 percent of gross monthly income. Your back-end ratio can be calculated by multiplying your annual salary by 0.43 and dividing it by 12 months.