Step 3: Make a list of all your bills and debts

In short, list every person and organization to which you make regular payments. Then separate that list into two categories-debts and bills. A bill is a fee for a service. If the service stops, the bill stops. A debt is money that you have borrowed that is expected to be paid back. Debts typically accrue interest. Bills usually do not.

Debts:

• Major Credit Cards – Visa, MasterCard, Discover, etc.


• Store Specific Cards – Gas stations, Department stores, etc.


• Car Loans


• Student Loans


• Home Mortgage


• Home Equity Loans


• Any other type of payment or loan that has interest associated with it

Bills:

• Utilities (electricity, gas, water, sewer, garbage, etc.)


• Phone/Cell phone


• Cable or Satellite


• Internet Access


• Rent (if you do not own your own home)


• Club memberships – Health, social, etc.


• Etc.

Need more in-depth help? Click here to see more information about the "Debt-To-Wealth" debt elimination program.