With Good Things



Now that we’ve got our recent spending tracked, it’s time to get a good look at everything we owe, and what interest rates we are carrying with that debt.

  1. Analyze Your Debt
    Once again, we need to pull out all of our bills and statements to find out everything we owe. It might not be pretty, but the sooner we assess the damage, the sooner we can get on track to reduce and eliminate it! If we are going to fight this, we need to know our enemy!

Gather all the information about each debt, including total debt amount, interest rate, minimum/monthly payment, and due date. Create a table or spreadsheet with this information.

Creditor    Balance    Interest Rate    Payment    Due Date   
XYZ Mortgage Co. $123,500 5.5% $879 1st
Student Loan Co. $43,000 3.0% $75 20th
ABC Motors $19,750 6.9% $450 25th
Visa $6,800 18.9% $183 15th
Amex $3,900 23.0% $126 15th
Dept. Store $495 29% $68 1st


Have you accounted for all of your debt? It’s a good idea to contact the 3 major credit bureaus (Equifax,Transunion, and Experian) and ask for a free credit report to make sure that you don’t have any debts in collections or debt you’ve forgotten about. Be sure to check your report for any late payments, or even any incorrect information you may have to dispute.

Now that we’ve laid out all of our debt and gathered information needed for our plan of attack, we need to commit to eliminating that debt! (New rule: don’t add to your debt!) Ready for the next step of our spending plan?

What have you discovered about yourself in this step?

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