A very important part of your financial journey is knowing your numbers. This can be a very difficult thing to face. Full stop. But you can’t make progress if you don’t know where you are.
If you’re just starting out trying to get your financial house in order, who you owe is one part of what is needed; your spending is another, but we will focus on just debts today.
When you’re ready, you will need to gather any information you have about who you owe. If you have no idea, pulling at least one copy of your credit report from annualcreditreport.com is a good place to start. (It is a good idea to get one from each credit bureau as they can contain slightly different information, but it is fine to start with just one if you’re already overwhelmed.) Reports here are FREE, though you will have to answer some questions that only you should know the answer to. Be aware it may take some thinking (what range was my first car payment? Twenty years removed I have no idea.) in order to get immediate access. There are multiple questions, and alternate ways to verify your identify if you can’t remember any of the answers to the questions. Keep at it!
Once you’ve gathered as much information as you can, it’s time to take a look at the overall picture. Try not to have too much judgment around the numbers and give yourself grace. Whatever the numbers are, as G.I. Joe would say, “knowing is half the battle.”
No one but you (and whomever you decide to share with) needs to know what the numbers are, but it’s the beginning of forming a plan.
Here are my numbers. I post for accountability, and to hopefully help someone else. Whether that’s just to follow along, a comparison to say at least I’m not that bad, or if you can relate because you feel similarly situated. No matter the reason, I hope it helps.
Student Loans: $145,840.94 – I have six federal loans with varying fixed interest rates ranging from 5.3 – 6.25%. The monthly interest accruing is approximately $714.02.
Personal Loans: $20,028.92 – 5 loans with fixed payments and interest rates varying from 12.53 – 17.49%. The minimum payments total $1134.63.
PSL: Despite every reason not to, I’m a Falcons fan and decided to become a season ticket holder. What’s left for my personal seat license is $1,533.22, with $433.62 due annually.
Family Loan: $14,325.55 – This is more a moral loan, but I include it.
Medical: $333.31 remaining, $66.67 due monthly.
Credit Cards: $16,302.89
This is where I will focus, because credit cards typically have the highest interest rates and aren’t tied to anything except the federal interest rate. With the hikes we’ve seen over the past several months, these interest rates have done nothing but increase, along with everyone else.
| Name | Balance | Interest Rate | Min. Payment |
| CC 2 | $427.19 | 27.24% | $25 |
| CC 3 | $113.85 | 5.99% | $23.83 |
| CC 18 | $6,100 | 0% (intro rate) | $61 |
| CC 4 | $100 | 0% exp. 10/23 | $29 |
| CC 9 | $131.33 | 19% | $25 |
| CC 10 | $2,490 | 23.24% / 0% | $50 |
| CC 18 | $420.10 | 29.74% | $25 |
| CC 13 | $651 | 0% | $27 |
| CC 16 | $3,568.87 | 27.24% | $103 |
| CC 17 | $2,130.55 | 25.24% | $84.01 |
| CC 8 | $170 | 0% | $12.39 |
You’d think I’d have a house in there for almost 200K in debt, right? Life happens. Sometimes you do the best you can at the time, with the knowledge you have then. If you want things to get better, start today. Knowing your starting number is a good first step.