Household Income
Household income refers to the total income, before taxes and other deductions, of all the people living in the household who are aged 15 and older. Residents of the household do not have to be related. Credit issuers also use the term to refer to the combined incomes of people who live in the same household who are applying for a joint loan or credit card. Credit issuers place a great deal of emphasis on household income when deciding whether or not to extend a loan, and under what terms.
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