The 20/10 Rule

20% - loans in total; 10% - loan payments

How does it work?

Jeremy would like to take out a loan in order to purchase a car. He should keep these things in mind . . .

-cost of the car -his annual net income

-his monthly net income -offers from different banks

Now what?

Jeremy's annual net pay is $80,000 which averages out to roughly $6,600 per month. So... with these numbers in mind, he should not take out more than $16,000 in loans or have a monthly payment exceed $660.

When can using credit save you money?

-Using the 20/10 rule, using credit can keep you on a budget and hopefully save you money that way!

-In general, certain stores offer special sales when using their credit card and/or cash back rewards for shopping with them.

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Why are bankruptcies published in the local newspaper?

They are accessible to view in the public records; however, that does not mean they will be published! Many are not.

Why do you need an attorney for bankruptcy cases?

-A lawyer is technically not necessary but is suggested!

-Bankruptcy is a tedious and overwhelming process, so having a lawyer can make it much simpler!