List All of Your Debts

Some students need an education loan to help cover college costs. If you have a student loan(s), it's important that you make smart borrowing choices. It's also wise to begin keeping a record of all debt owed, payments made and balances outstanding. This is sound money management, and it also helps you stay focused on where you are, financially, in regard to your values and goals.

Listing debt is relatively simple. Items that should or might be noted for each debt are:

• Name of creditor/lender, student loan servicer or collection agency
• Telephone and email address of creditor/lender, student loan servicer or collection agency
• Address of creditor/lender, student loan servicer or collection agency
• The name of a representative with whom you spoke, if any
• Dates of all personal contacts (other than payments) with the creditor/lender, student loan servicer or collection agency, with whom you spoke, and a brief statement regarding the interaction
• The balance owed to each credit grantor
• The interest rate assigned to each debt
• The estimated payoff dates
• Any other important information

Then, total the debt and the monthly obligation for all debts, and keep this information in your Money Management file.

Visit OklahomaMoneyMatters.org to learn more about consumer credit and debt management.