Question 1

How do I read a credit card statement?

Accepted Answer

To read your credit card statement: check your statement balance (total owed), note the payment due date and minimum payment, review all transactions for accuracy, look at fees and interest charges, check your credit limit and available credit, and verify your rewards or points earned. Pay attention to the grace period to avoid interest.

Question 2

What is debt-to-income ratio (DTI) for mortgages?

Accepted Answer

DTI ratio compares your monthly debt payments to your gross monthly income. Lenders calculate it as total monthly debts divided by gross monthly income. Most lenders prefer a DTI of 43% or less, though some programs allow higher. Lower DTI indicates you have more income available for your mortgage payment and improves your approval chances.

Question 3

How can bank statements help with budgeting?

Accepted Answer

Bank statements show spending patterns by category, help identify unnecessary expenses, track recurring subscriptions, verify bill payments, and provide historical data for creating realistic budgets and financial goals.

Question 4

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

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Frequently Asked Questions

How do I read a credit card statement?

What is debt-to-income ratio (DTI) for mortgages?

How can bank statements help with budgeting?

What are common bank statement abbreviations?

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