Use Spreadsheet Softwares to Organize Your Debt Accounts

First thing I did when I tried to reorganize my fiances was entering all my debt accounts and creditor accounts on a spreadsheet. I used Microsoft Excel, but there’s a free option. Just use Google Doc.

This is how I organized my debts.

1. Column 1 – Name of Creditor (Debt Holder)
2. Column 2 – Contact Person
3. Column 3 – Contact Phone & Email
4. Column 4 – Website Address & Login
5. Column 5 – Current Interest Rate
6. Column 6 – Due Date
7. Column 7 – Minimum Payment Amount
8. Column 8 – Total Balance

Then sort the entry by due date so that you have exact idea when each payment is due.  Paying late while you are in debt is the last thing you would want to do.  It will not only ruin your credit, but ruin your chance of getting any great deals on interest rates in the future; in case you need debt consolidation loans and etc.

I’d like to point out something very very important when paying off your debt.

Don’t start paying heavy on debt with the highest interest rates.  Start paying off the smallest debt. Once you are done with it, just snowball it by paying off the next biggest debt.  This tactic helped me get the momentum when I had over 10 debt accounts to payoff.