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.

Table 2.1. Debt Repayment Worksheet
DebtLenderBalance OwedCredit LimitInterest RateFixed/VariableAdjustment DateDeductible?Minimum PaymentTypical PaymentPrepayment 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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