To find out how much debt you owe, start by gathering statements from all creditors and lenders you've borrowed from. Check your credit report from the three major bureaus (Equifax, Experian, TransUnion) by visiting annualcreditreport.com, which provides free reports. Your credit report lists all reported debts including credit cards, loans, and accounts in collections.
For specific amounts owed on each account, contact your creditors directly or log into your online accounts. Many banks and credit card companies provide real-time balance information through their websites or apps. Keep in mind that your credit report may show accounts with zero balances or older debts you've paid off—focus on active accounts with balances.
Create a debt inventory by listing each creditor, the outstanding balance, interest rate, and minimum payment. This gives you a complete picture of your total debt obligation. Don't forget less obvious debts like medical bills, overdue taxes, or loans from friends or family.
If you have difficulty locating all your debts or believe you're being targeted by collection agencies for debts you don't recognize, request debt verification in writing. Creditors are legally required to prove the debt exists before you pay it.
Review your credit report annually for accuracy and dispute any errors. Your total debt amount may change monthly as you make payments or accrue interest, so checking regularly helps you track progress toward becoming debt-free.