Your debt-to-income ratio compares how much you owe each month to how much you earn. Specifically, it’s the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt. This product will help calculate your debt-to-income ratio.
In addition to your credit score, your debt-to-income ratio is an important part of your overall financial health. Knowing what your debt-to-income may help you determine how comfortable you are with your current debt, and also decide whether applying for business credit is the right choice for you.
When you apply for business credit cards, business loans, or even equipment loans; lenders will evaluate your debt-to-income to help determine whether you can afford to take on another payment. Use this information to calculate your own debt-to-income ratio and understand what it means to lenders.
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