That’s a Load of Debt!

In Blog, Featured, Financial Resources, Resources by Kevin Smith

To develop a plan for reducing your debt, first determine your debt load – the total amount you owe. Take a few minutes to collect all your bills and credit card statements to take inventory. On a piece of paper (or using the debt load worksheet in the resources below), write out the following:

  • Name of creditor
  • Current balance
  • Interest rate
  • Minimum monthly payment

Add your current balances to determine your debt load. WARNING: If you have never taken this step before, the number could come as a shock. However intimidating your debt load seems today, be encouraged that you are taking the first step toward financial freedom!

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About the Author

Kevin Smith

As a Work Incentives Benefits Specialist, Kevin provides benefit related services to beneficiaries regarding Social Security Administration work incentives. This includes public benefits, health care systems, as well as other financial issues concerning benefits received. Kevin loves to help people understand their benefits and how to manage their household finances. Kevin has experience as a credit counselor and housing counselor and has volunteered as a tax preparer and holds a bachelor’s degree in Business Management and Communications from Concordia University Wisconsin. More about Kevin

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