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Many lenders will hold Dave to the 28/36 rule in evaluating his application for a mortgage. What does the 36 mean?

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


Many lenders will hold Dave to the 28/36 rule in evaluating his application for a mortgage. What does the 36 mean?






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