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The 28/36 rule says that as long as your total debt payments are under 36 percent of your gross income then you are not overextended.

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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.
 


The 28/36 rule says that as long as your total debt payments are under 36 percent of your gross income then you are not overextended.






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