Ideally you want to have NO BAD DEBT in your Future.
To complete your Own Debt Summary:
- Complete the Table for any GOOD Debt you have. This includes a Bond, Business Loan, Student Loan and anything that is helping you get ahead in life. Add up your Totals.
- Complete the Table for any BAD Debt you have. This includes all store cards, credit cards, loans etc. Add up your Totals. It’s time to be honest with yourself. Remember DEBT never disappears.
- Which method are you going to use to pay off your DEBT? The Avalanche Method or the Snowball method? Have a plan in place and start paying it off today!
- How much can you afford to pay back every month? Include this in your Budget.
- In the block at the bottom “Steps to Take”, tick all the relevant steps that you need to take. Do any research if necessary and check your Credit Rating.
Remember any DEBT you have means you are borrowing from your FUTURE self.
Who do you need to discuss your Debt situation with? Who can support you in Managing your Debt?