Debt Inventory
Document every debt balance, interest rate, minimum payment, lender, and estimated payoff timeline.
What Debt Inventory gets you.
By the end of this upgrade you will have a single document listing every debt you owe with balance, interest rate, minimum payment, lender, and an estimated payoff timeline at current payments.
- Most recent statement for every loan and credit card
- Login access to each lender's account portal
- Your credit report as a cross-check for accounts you may have missed
- A spreadsheet or table template
Run the upgrade.
- 01
List every debt account
Create one row per debt, including credit cards, personal loans, auto loans, student loans, and any money owed to individuals.
- 02
Record current balance and APR for each
Pull the exact current balance and interest rate (APR) from the latest statement or account portal, not an estimate.
- 03
Record the minimum payment and due date
Note the minimum required payment and monthly due date for each debt so nothing is missed.
- 04
Cross-check against your credit report
Compare the list to your credit report to confirm no debt account was left off the inventory.
- 05
Estimate payoff time at current minimums
Using each balance, APR, and minimum payment, estimate how many months it would take to pay off that debt if only minimums are paid.
Approx. months to payoff = balance / (minimum payment - (balance x monthly interest rate))
- 06
Total the debt load
Sum all balances and all minimum payments to see your total debt and total required monthly outflow.
- Every known debt is listed with balance, APR, and minimum payment
- The list has been cross-checked against a credit report
- An estimated payoff timeline exists for each debt
- Total balance and total minimum payment figures are calculated
Monthly
- Update balances after each statement cycle
- Add any new debt immediately
- Recalculate payoff timelines whenever a rate or payment changes