I like to know all of the details about my debt journey, and that includes the progress that I am making. Here are the steps you need to complete to use the Debt Payment Plan Worksheet:
- STEP #1: List out all of your current debts with their balance, interest rate, and minimum payment.
- STEP #2: Figure out which debts you want to pay off first. For me, I am using the Avalanche Method, which means I am paying off my debt with the highest interest rate first. I currently use this worksheet to figure out my debt priorities.
- STEP #3: List out any extra debt payments that you make OVER the minimum payment.
- STEP #4: Fill out the progress information at the bottom of the worksheet.
When filling out the bottom of the worksheet, if this is your first month developing and using a debt plan, it’s OK to leave this area blank until next month. At that time, you will have all of the information.
Debt Plan Additional Resources