Debt recovery begins with a written inventory of balances and rates

A borrower can build a plan to move forward with debt repayment by first gaining a true understanding of their current debt load. This requires taking a written inventory of all debt accounts, including personal loans, mortgages, credit cards, auto loans, student loans, medical bills, and buy-now-pay-later plans. For each account, the borrower must write down the balance, the borrowing rate, and the monthly payment.