3. Debt Analysis

Some debts will be more damaging to you than others, and this means you will need to analyze and prioritize your debts accordingly. Which of your debts are secured and which of your debts are unsecured? Secured debts are by far the most important as they can put your collateral at risk, which will often be your home.

Once you have all of your debts accounted for, arrange two lists; one with your accounts listed from the highest interest rate to the lowest interest rate, and one with your account listed from the highest outstanding balance to the lowest outstanding balance.