Borrowers will probably be advised to gather various financial documents, including mortgage payments, car loans and credit card debts as well as pay stubs.
[Excerpts, Page A28.] "That means we go back down the road," Mr. Lieberman said, "to higher interest rates, to higher unemployment, to a kind of stealth tax increase on every American family, because when interest rates go up so, too, do the cost of mortgage payments, car payments, student loans, credit card transactions".
As a result, the percentage of disposable income that consumers must set aside to service their debt — a figure that includes monthly credit card payments, car loans, mortgage interest and principal — has risen to 14.5percentt from 11percentt just 15 years ago.
"But now for many people with more modest incomes their earnings are more volatile," Mr. Wolff added, leaving them more vulnerable to losing pay they count on to meet regular expenses like mortgage payments, car loans and day-to-day living costs.
It's possible to designate mortgage payments, car payments, educational expenses and lawyer's fees as alimony, but the rules are technical so be careful.
Anita Grossman, a financial planner with Lincoln Financial Advisors, says your list of "haves" should include: housing (rent and utilities), phone fees, groceries, transportation (gas, car payments, car upkeep, car insurance or public transportation fees) and health care costs.
Example: $500 for debt payment Car payment: $200 minimum payment, balance $5,000 Credit card 1: $50 minimum payment, balance $6,500 Credit card 2: $60 minimum payment, balance $7,000 Paying only $110 on the credit cards, take the remaining $390 and pay the car payment.
I've got a house payment, two car payments and I'm self-employed".
But my focus is on working families: people trying to make house payments and car payments, working overtime to save for college and do right by their kids.
They pooled assets that yielded a regular flow of payments (mortgages, car loans, credit-card receivables, etc).
To Mr. Jaiswal, 49, who owns his 1994 model Padmini after years of loan payments, the car represents freedom.
