Why How Much You Owe is Important
Your debt to income score plays an important factor in determining your credit score. How much you owe other creditors in comparison to your income is one of the most important factors when determining loan approval. That’s why the debt to income calculator is such an important tool.
Using a Debt to Income Calculator
An Excel template has a debt to income calculator built into the spreadsheet. With the spreadsheet you can enter creditors, grocery expenses, utilities, rent, and other expenses. When you set your income amount the calculator will determine what your ratio is.
When you use the template you can record and track your progress or experiment with your bills to see what changes will affect your ratio the best.