The first step in getting out of debt is to find out to whom you owe and how much you owe. Using your credit statements as a reference, list the following information about each debt.

• Name of creditor.
• Creditor’s address.
• Creditor’s telephone number.
• Your account number.
• Collateral (property or any other asset that secures a debt).
• Balance owed.
• Remaining number of payments.
• Monthly payment.
• Payment due date.
• Amount last paid.
• Date last paid.
• Type of legal action taken (e.g., garnishment or repossession).
• Collection agency or attorney.

It’s not possible to work toward getting out of debt unless you know how much you owe and to whom.

But you can do it!

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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