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How to Calculate Debt?
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| Debt: Who do you owe? | Description: Why I owe this | Limit on Card | Dollar amount owed | Interest Rate | Minimum Payment % of Balance | Minimum Payment Each Month | |
| 1 | Amex | Stuff | $ 2,200 | $ 2,142 | 9% | 3% | $ 64.26 |
| 2 | Visa | Vacations | $ 4,300 | $ 4,251 | 21% | 3% | $ 127.53 |
| 3 | Sears | Appliances | $ 3,600 | $ 3,641 | 25% | 3% | $ 109.23 |
| 4 | Mastercard | Stuff for kids | $ 1,500 | $ 1,425 | 13% | 3% | $ 42.75 |
| 5 | Furniture store card | Chairs and Couch | $ 2,600 | $ 2,579 | 21% | 3% | $ 77.36 |
| Totals | $ 14,200 | $ 14,038 | $ 421.13 |
Steps for Completing the Debt Schedule
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Gather your outstanding statements together
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List your debt on the schedule
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Write down what you used the cards for – or the loans for
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Fill in the Limit for each credit card or loan you have
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Fill in the amount you owe on each debt
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Fill in the interest rate
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Enter in the monthly minimum payment
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Calculate what the minimum payment is each month
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Total each column to get a clear picture.
For more details on how to calculate debt click here.
Once you know
how to calculate debt you can
create a overall game plan to pay it off and be debt free!
For more Tools for your Money Management - Check out the Easy Tools Page
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