Get Intimate with Your Debt
You can get started right now with the first part of this step: knowing exactly what you owe. Dig out your credit card statements and loan paperwork so that you can list all your debts with the relevant details. You can use the form provided in Table 2.1 or a blank sheet of paper. If you're into such things, you can even create your own spreadsheet.
| Debt | Lender | Balance Owed | Credit Limit | Interest Rate | Fixed/Variable | Adjustment Date | Deductible? | Minimum Payment | Typical Payment | Prepayment Penalty? |
|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage 1 | ||||||||||
| Mortgage 2 | ||||||||||
| Home equity line of credit | ||||||||||
| Home equity loan | ||||||||||
| Student loan 1 | ||||||||||
| Student loan 2 | ||||||||||
| Student loan 3 | ||||||||||
| Student loan 4 |
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