- 1). Make a list of all your debts. You will need the name of the creditor, the outstanding balance, monthly payment, interest rate, amount past due and the date of your last payment. If the debt is unsecured mention that in your paperwork as well. Unsecured debts have no collateral, such as an automobile or a home. Secured debts would be your mortgage loan and your car loan. You will also need to list all sources of income.
- 2). Contact a financial planner. A financial planner can provide you with advice about many things, one of which is debt problems. Explain the debt problems you are facing and chances are your financial planner will put together a blueprint designed to help you wipe out your debt problems over time. Your financial expert will be able to tell you which debts to pay off first such as accounts with the higher interest rates.
- 3). Put the plan of action into place. When you have completed the meeting you should implement the strategy right away. You will feel a certain amount of relief when you take action towards solving your debt problems. Follow up with your financial planner at least once per month and report your progress.
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