After we gathered up all of our bills and figured out the total amount we owed, the next step for us was to document our debt. We created an Excel chart, but any kind of chart or document will do, that included the following information:
- Name of creditor (i.e. Citibank)
- Amount of debt
- Interest rate (including any details regarding short term interest rate deals, i.e. 0% expiring on X date)
- Minimum payment
- Monthly payment due date
Read about Step 1 here.