It's now time to consider the debts that you have accumulated.
What you need to get started:
Pen & Paper
Statements for each of the debts that you have or
Online login details to login and gather information
Step 1 : LIST YOUR DEBTS
Write down a list of all the debts you have including who you owe, what it’s for, how much the debt is, how long you’ve got to pay it back and what the interest rate is.
Add up all your debts.
Step 2 : CATEGORIZE YOUR DEBTS
Make a note next to each debt indicating whether it is a helpful or non-helpful debt to have.
Step 3 : DECISION & ACTION
Thinking about what you know about yourself and your list of debts, make a decision now about whether you’re going to use the Snowball or Avalanche debt repayment method. Then follow the steps for that method to determine which debt you’ll start paying an extra amount to first.
Go to your Spending Plan and look at what you've got allocated to paying off each debt and whether you're paying the minimum instalment, or more.
Consider how much you can allocate to paying extra to one of your debts and commit to that.
Step 4 : PERSONAL FINANCIAL DATA SHEET
If you haven't already, Download this MS Excel template which contains various sheets to help you get your financial information organised.
Update the "Assets + Liabilities" sheet using the new amounts you're committing to paying towards your debt.
When you're ready "Mark Complete" and move on to the next topic to explore "My Credit Score".
We LOVE cookies! If we could offer you real cookies to munch whilst you browse our site, we would. Until that's virtually possible we have to inform you that we use browser cookies on our site to give you the most relevant experience. Please click “Accept” to confirm you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Report
There was a problem reporting this post.
Block Member?
Please confirm you want to block this member.
You will no longer be able to:
See blocked member's posts
Mention this member in posts
Invite this member to groups
Message this member
Add this member as a connection
Please note:
This action will also remove this member from your connections and send a report to the site admin.
Please allow a few minutes for this process to complete.
It's now time to consider the debts that you have accumulated.