Milly and Billy

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  • The second step is to never have monthly debt payments that exceed more than 10%
  • Well Milly, One of the 5 C's of Credit is Character. It deals with your credit history and credit reports. A credit report contains information about how much you have borrowed and if you have paid your bills/loans right away. 
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  • Another C is Capital. Capital is assets which is like a house or a car. 
  • Conditions is another one of the 5 C's. Conditions is all about the economy so unemployment inflation and income rates, which you cant really do anything about. so just be aware before you go and ask for a loan. 
  • Collateral is basically a down payment and can help a borrower secure there loans
  • The last one is capacity which is all about the 20/10 rule or debt to income ratio. There are two basic rules for the 20/10 rule. one rule is that you never borrow more than 20% of your annual net income, so if your net income was 60,000, you would multiply that by .20% and you would get your Safe Debt Loan.
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