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In this example I have the year, credit cards with interest rates, car loans with interest rates, student loan with interest rate, mortgage with interest rate and total debt
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Each month I enter the balance of each debt column to track the total debt I have accumulated.
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2022Credit Card 1 - 28.4 %Credit Card 2 - 25.40%Credit Card 3 - 22.23%Credit Card 4 - 15.30%Car 1 - 1%Car 2 - 0%Student Loan - 6%Mortgage 3.25%Total Debt
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January0
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February0
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March0
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April0
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May0
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June 0
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July0
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August0
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September0
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October0
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November0
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December0
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How to pay down debt?
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Step 1: Stop adding debt. Focus on your budget and paying off what you have.
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Step 2: Pick something to payoff
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Step 3: Pay as much as you can towards that debt item each month
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Step 4: Pick someting else to payoff and continue in this pattern until you have zero debt
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