| Creditor | Debt- Balance owed | Interest Rate | Minimum Payment | Monthly Payment |
| Credit Card 1 | $5,000 | 18% | $100 | |
| Credit Card 2 | $3,000 | 22% | $75 | |
| Personal Loan | $10,000 | 12% | $200 | |
| Student Loan | $20,000 | 6% | $300 | |
| Car Loan | $37,014 | 4% | $867 | |
| Total | $75,014 | $1,542 |
In this template, each row represents a different debt account or credit card. Here’s a breakdown of the columns:
Creditor: The name or description of the creditor or institution to whom you owe the debt.
Balance Owed: The current outstanding balance on the debt.
Interest Rate: The annual interest rate charged on the debt.
Minimum Payment: The minimum amount you are required to pay each month.
Monthly Payment: The amount you plan to pay towards the debt each month to accelerate the repayment.
You can add more rows for each debt account you have, such as additional credit cards, loans, or other outstanding debts. Customize the template further based on your specific needs and include additional columns like the due date, payment status, or any other relevant information you wish to track.
To use the template effectively, regularly update the balances and interest rates. Enter the amount you plan to pay each month in the “Monthly Payment” column. As you make payments, update the “Balance Owed” column to reflect the reduced debt amount. You can track the progress of your debt reduction by seeing the decreasing balances and monitoring the interest paid over time.
By using a template like this, you can have a clear overview of your debts, prioritize payments, and track your progress towards becoming debt-free.