How Can I Find All My Debt?

How to Find All Your Debts

1. Check Your Credit Reports

Your credit report will show a list of all your reported balances, alongside who owns the debt and the amount due. You can review your Experian credit report for free at any time. You can also request weekly credit reports from the three major credit bureaus (Experian, TransUnion and Equifax) for free by visiting AnnualCreditReport.com or calling 877-322-8228.

Creditors aren't required to report accounts to the credit bureaus, so some debt may not show up on your report. For example, payday loans (a form of extremely high-interest debt) aren't typically reported and won't generally appear on your reports.

2. Go Through Your Mail

Track down any notices of unpaid bills, balances owed or accounts in collections you've received in the mail. Check these for information on who you owe debt to or to which collection agencies your debt was sold.

Reminder: Be sure to verify the legitimacy of collection letters you receive by searching for the collection company online and contacting them directly. Letters you receive in the mail could be debt collection scams.

3. Contact Creditors Directly

You can also contact your creditors directly to ask what you owe them. Ask them for an updated statement detailing your current balance and payments due.

If your debt is in collections, ask your lender to provide you with the name and contact information for the collection agency they've sold it to.

How to Pay Off Debt

Once you locate your debts, here's how to start paying them off.

1. Take Inventory of Your Debts

The first step in making a plan for getting out of debt is to create a list of exactly what you owe. You could do this on paper, in the notes app on your phone or in a spreadsheet on your computer.

For each debt, list out to whom you owe it, the remaining balance, the interest rate, the payment due date and the minimum payment due each month.

You could sort your debts in order from smallest to largest balance, or in order of highest to lowest interest rate. This can help you visually account for and prioritize your debts (more on how to do this below).

2. Adjust Your Budget

One of the best ways you can pay off your debt on your own is to create a debt payoff budget. This can help you balance your spending to prioritize getting a handle on your debt, and it's also a good way to start meeting other goals, such as setting aside an emergency fund.

Depending on how much debt you're in or how tight money is, temporarily trying a strict, bare-bones budget (where you cut out all but the essentials) could be a way to make a large dent in high-interest debt. Another option is to consider a 50/30/20 budget, where 20% of your income goes toward debt repayment and savings.

3. Focus on Getting Your Accounts in Good Standing

It's generally best to first focus on getting current on any debts that are delinquent. The longer you're late on payments, the worse the impact on your score. So, catching up on past-due payments is crucial for beginning to repair your credit if you've fallen behind.

In the case of secured loans, such as mortgages or auto loans, bringing your accounts current is also key to keeping your property safe.

4. Use a Debt Payoff Strategy

Debt payoff strategies can help you focus your efforts and stay on track. You could consider the debt snowball method, which has you pay off your smallest balance first, moving on to your next smallest balance and so on until all your debts are paid off. This can be an especially good tactic if you're having a hard time keeping track of what you owe.

Another option is the debt avalanche method, which has you wipe out your highest-interest debt first, then the next-highest-interest debt and so on. This method can help you save the most on interest.

Reminder: However you decide to prioritize putting extra funds toward your balances, be sure you're always making at least the minimum payment on each of your debts every month.

5. Consider Debt Consolidation

A debt consolidation loan can be a good option if multiple payments are placing a burden on your finances. But you'll typically need good credit to qualify. Also, debt consolidation is only a good option if you're able to stick to a budget and avoid going into more debt.

Tip: Debt consolidation is typically only a good option if you can secure a loan at a lower rate than the average rate of the debts you wish to consolidate. Otherwise, consolidating your balances isn't likely to save you money. It's also possible to consolidate your debts using a balance transfer credit card, but this comes with its own set of risks.

What to Do if You Can't Afford to Pay Your Debts

If you're struggling to afford payments on your debts, taking action early can help you get back on stable footing. Here are some ideas to consider.

• Look at your budget. The first step you should take when you're struggling to make payments is to look for areas you might be able to cut back. Learn about ways to pay off debt on a budget, including by cutting unnecessary spending and seeking additional income.
• Talk to your creditors. If you're experiencing financial hardship and can't afford to make payments, contact your creditors as soon as possible to let them know your situation. They may be able to work with you on an agreement for how you could reduce your interest or payments due.
• Contact a credit counseling agency. A nonprofit credit counselor can help you come up with a plan for getting out of debt. They'll review your personal financial situation and budget with you and make recommendations for how you can tackle your debts, afford your bills and create a budget.
• Consider a debt management plan. A credit counselor may suggest that you participate in a debt management plan, in which your counselor negotiates with your creditors to lower your rates or monthly payments. Debt management plans require that you close your credit cards and make one monthly payment to your counselor, who manages the rest on your behalf.

Frequently Asked Questions

The Bottom Line

Shouldering debt, especially high-interest balances, can be a big burden on your budget and your mind. But getting a clear view of what you owe can be a first step toward feeling in control of your debt. From there, creating a plan to start repayment and communicating with your creditors if you're struggling to afford payments are strong next steps forward.

Part of being a savvy borrower is tracking what you owe over time, and understanding how your balances are affecting your credit. Sign up for free credit monitoring through Experian for a bird's-eye view of what you owe. You'll also see insights into what credit behaviors are impacting your score the most.