Lesson 3: Debt Management - Template
Debt Inventory Worksheet
Credit Card Debt
Card Name | Current Balance | Interest Rate | Minimum Payment | Due Date | Notes |
£ | % | £ | |||
£ | % | £ | |||
£ | % | £ | |||
TOTAL | £ | Avg: % | £ |
Personal Loans
Lender | Current Balance | Interest Rate | Monthly Payment | Payoff Date | Notes |
£ | % | £ | |||
£ | % | £ | |||
TOTAL | £ | Avg: % | £ |
Auto Loans
Lender | Current Balance | Interest Rate | Monthly Payment | Payoff Date | Notes |
£ | % | £ | |||
TOTAL | £ | Avg: % | £ |
Student Loans
Loan Provider | Current Balance | Interest Rate | Monthly Payment | Payoff Date | Notes |
£ | % | £ | |||
£ | % | £ | |||
TOTAL | £ | Avg: % | £ |
Other Debts
Type | Lender | Current Balance | Interest Rate | Monthly Payment | Payoff Date | Notes |
£ | % | £ | ||||
£ | % | £ | ||||
TOTAL | £ | Avg: % | £ |
Debt Summary
Debt Type | Total Balance | Average Interest | Monthly Payments |
Credit Cards | £ | % | £ |
Personal Loans | £ | % | £ |
Auto Loans | £ | % | £ |
Student Loans | £ | % | £ |
Other Debts | £ | % | £ |
GRAND TOTAL | £ | Avg: % | £ |
Debt-to-Income Ratio: _____% (Total Monthly Debt Payments ÷ Gross Monthly Income × 100)
Debt Repayment Plan
Available Money for Debt Repayment
Category | Amount |
Total Monthly Take-Home Income | £ |
Essential Expenses (Needs) | £ |
Minimum Debt Payments (already included above) | £ |
Emergency Fund Contribution | £ |
Remaining for Extra Debt Payments | £ |
Debt Payoff Strategy
Chosen Method: □ Avalanche (highest interest first) □ Snowball (smallest balance first) □ Hybrid
Priority | Debt Name | Current Balance | Interest Rate | Minimum Payment | Extra Payment | Total Payment | Estimated Payoff Date |
1 | £ | % | £ | £ | £ | ||
2 | £ | % | £ | £ | £ | ||
3 | £ | % | £ | £ | £ | ||
4 | £ | % | £ | £ | £ | ||
5 | £ | % | £ | £ | £ |
Debt Payoff Acceleration Opportunities
Strategy | Potential Monthly Impact | Implementation Plan | Target Date |
Interest rate reduction | £ | ||
Income increase | £ | ||
Expense reduction | £ | ||
Windfalls (tax refunds, bonuses) | £ | ||
Debt consolidation | £ |
Debt Payoff Progress Tracker
Visual Debt Thermometer
For each debt, create a “thermometer” you can color in as you make progress:
Debt 1: [_____________________________] £0 → £_____ Debt 2: [_____________________________] £0 → £_____ Debt 3: [_____________________________] £0 → £_____
Monthly Progress Log
Month | Starting Balance | Amount Paid | Ending Balance | Notes |
£ | £ | £ | ||
£ | £ | £ | ||
£ | £ | £ | ||
£ | £ | £ | ||
£ | £ | £ | ||
£ | £ | £ |
Debt-Free Date Celebration Plan
Target Debt-Free Date: _______________
How I’ll celebrate becoming debt-free: _______________________________________________________ _______________________________________________________
What being debt-free will allow me to do: _______________________________________________________ _______________________________________________________