By Erin Huffstetler | 01/16/2019 | No Comments
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You can’t form a plan to get out of debt, unless you know how much debt you’re actually dealing with. So, pull out your credit card statements and bills, and use this printable debt load worksheet to figure out how much you owe.
How to Calculate Your Debt Load
1. List all your current debts on the worksheet. Include credit cards, medical bills, student loans, car loans, home equity loans, personal loans and any money that you’ve borrowed from friends and family. Log in to your accounts, or use your most recent statements, so the information is up-to-date. Fill in the balance, interest rate, minimum payment and due date for each debt.
2. Total up the balances and minimum payments to get an overall picture of how much debt you have and how much it’s costing you each month.
3. Then, formulate a plan for how you’re going to start paying it off. Use my debt repayment plan worksheet to choose which order you’re going to tackle your debts in, and to set new monthly payments based on what you can afford to pay. If you can’t afford to make more than the minimum payments (or you can’t even afford those), create a new budget that will allow you to make progress on your debts, and look for ways to bring in extra money.
4. Fill out a new debt load worksheet every quarter, so you can track your progress over time. Seeing your debt go down will help you to stay motivated, until everything is paid off.
Printable Calculate Your Debt Load Worksheet
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