Why the total matters
A clear total is the foundation of every payoff plan. Until you know how much debt you owe, you can’t choose a method, set a payment, or estimate a debt-free date. The good news: you can assemble an accurate picture today, for free.
Step 1: Pull your free credit reports
Go to AnnualCreditReport.com, the only federally authorized free source, and request your reports from all three bureaus — Equifax, Experian and TransUnion. Reviewing all three matters because not every lender reports to every bureau. Checking your own reports is a soft inquiry and never hurts your score.
Step 2: Build a debt inventory
For each account, write down:
- The lender / account name
- The current balance
- The interest rate (APR)
- The minimum monthly payment
- The due date
A simple spreadsheet or notebook works fine. This list becomes the exact input for the debt eliminator and the debt planner.
Step 3: Add debts that may not show up
Credit reports capture most loans and cards, but some debts can be missing or incomplete. Check for:
- Medical bills (often not reported unless sent to collections)
- Buy-now-pay-later plans
- Personal loans from friends or family
- Payday or title loans
- Unpaid taxes or government debts
- Utility or rent arrears
Pull the latest statement for each so your balances are current to the dollar.
Step 4: Confirm balances on your statements
Credit reports can lag by a few weeks, so verify each balance against your most recent statement or online account. Note the APR there too — you’ll need it for accurate payoff math.
Step 5: Total it up — then make a plan
Add every balance for your grand total, and add every minimum payment to see your current monthly obligation. With those two numbers you’re ready to act: use the debt planner to find how much extra you can pay, then the debt eliminator to choose the order and see your debt-free date.
Watch for errors
While reviewing, flag anything you don’t recognize — duplicate accounts, wrong balances, or debts that aren’t yours (a possible sign of identity theft). You can dispute errors with the credit bureaus, and fixing them can even raise your score. This guide is general information and not legal or financial advice.