Total consumer debt among Americans rose to $16.9 trillion by the end of 2022, according to the Federal Reserve Bank of New York.

Lenders will review your debt-to-income ratio for a mortgage. Learn more about how to calculate your DTI and lower your ratio here.

If you want to write a letter of explanation for a mortgage lender, you’ll need to provide clarifying information about your finances.

Does a student loan deferment or forbearance impact your credit? Learn more about both of these options here.