QUESTION: How to make a list of all debts so as not to get confused?

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Making a detailed list of all current debts is the first and most important step towards financial freedom and getting rid of credit dependency. To do this, get a separate notebook or a table on your computer where you enter information for each existing loan, credit card, or installment plan you have. Having the complete picture before your eyes allows you to stop experiencing anxiety due to the unknown and start systematically managing your finances.

For each credit product in your list, you need to record the following key parameters:
1. The exact current debt balance taking into account all accrued interest.
2. The interest rate under the agreement to understand the cost of each specific loan.
3. The amount of the mandatory minimum payment that must be made monthly.
4. The payment date to avoid overdue payments and the formation of penalty sanctions.
5. The presence of possible fines, penalties, and special conditions for early repayment.

The database collected in this way will become the basis for developing your individual debt repayment plan. You will be able to objectively assess the current load on the family budget, distribute payment dates so that they do not coincide on the same day, and choose a suitable strategy for getting rid of obligations. Regular updating of this information will help track progress and rejoice in the decrease in the total amount of debt every month.

QUESTION: How to make a list of all debts so as not to get confused?

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