How to Do a Debt Audit: List Every Debt and Face the Number

Let’s start with the thing most of us avoid: looking at the number.

If your stomach just dropped a little, you’re in good company. I know that feeling, and I’ve written about how I faced my own debt. Here’s what I learned: the fear of the number is almost always bigger than the number itself. Not knowing keeps you stuck. Knowing gives you something you can work with.

That’s what a debt audit is. It’s a one-sitting, 30-minute exercise where you list every debt you owe, what it costs you, and when it’s due. No judgment, no fixing yet. Just the facts on one page.

Why You Audit Before You Do Anything Else

You can’t pick a payoff strategy, negotiate a rate, or find extra money to throw at debt if you don’t know what you’re working with. Think of it like cleaning out a closet. You have to pull everything out and see it before you can decide what stays, what goes, and what to tackle first.

An audit also does something sneaky and wonderful: it turns a vague, heavy feeling (“I owe so much”) into a short list of specific numbers. Specific is manageable.

How to Do a Debt Audit in 6 Steps

Step 1: Gather your statements

Log in to each account or grab the latest paper statement. Not sure you’ve remembered everything? Pull your free credit reports at AnnualCreditReport.com. It’s the official free source, and it lists the loans and cards reported under your name. (Some debts, like money you owe a family member, won’t show up there, so add those from memory.)

Step 2: List every debt with six details

For each debt, write down:

• Creditor: who you owe
• Balance: how much you owe right now
• APR: the annual percentage rate, which is the yearly cost of borrowing that money
• Minimum payment: the least you must pay each month
• Due date: the day of the month it’s due
• Notes: anything unusual, like a promo rate that ends soon

Step 3: Add it all up

Total your balances, then total your minimum payments. Those two numbers are your total debt and your monthly minimums. Write them in big, bold ink. That’s your starting line.

Step 4: Find what each debt costs you per month

This is the step that makes people sit up straight. Here’s the simple math:

Balance × APR ÷ 12 = roughly how much interest you’re charged each month.

Say you have a credit card with a $4,000 balance at 24% APR. That’s $4,000 × 0.24 ÷ 12 = $80 a month in interest. If your minimum payment is $120, only about $40 of it actually reduces what you owe. The rest is the price of borrowing. (This is an estimate. Your statement shows the exact figure.)

Step 5: Mark two things

Circle your highest APR and your smallest balance. These two debts will matter a lot when you choose a payoff method. If you want a head start, read Debt Avalanche vs. Debt Snowball to see how each one uses those numbers.

Step 6: Check your due dates

Look at when each payment is due. Missing a due date can mean late fees and hits to your credit, so if two are close together or one lands before payday, note it. We’ll fix timing later, but today we just see it.

What If the Number Is Bigger Than You Expected?

Take a breath. A big number doesn’t mean you’re bad with money. It means you’re finally looking, and that’s the first real step out. Plenty of people carry debt because of medical bills, job changes, or just life being expensive. The point of today isn’t to feel good or bad. It’s to be informed.

Want the full roadmap? How to Get Out of Debt: A Real, Step-by-Step Guide walks through everything that comes after the audit, and How to Create a Debt Payoff Plan shows you how to turn your list into a plan.

Your Move Today

1. Download the worksheet and print it.
2. Set a 30-minute timer and list every debt.
3. Write down your total debt, your monthly minimums, and your highest APR.
4. Come back tomorrow for Move 2.

Tomorrow: now that you know your rates, you’ll learn how to call your credit card company and ask for a lower one.

Move 2: How to Ask for a Lower Interest Rate.

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The Full Series: Get Out of Debt, 7 Moves

1. How to Do a Debt Audit (you’re here)
2. How to Ask for a Lower Interest Rate
3. Lower Your Expenses: 20 Cuts to Make This Week
4. Increase Your Income: Realistic Ways to Earn Extra Cash
5. Why You Need a Starter Emergency Fund While in Debt
6. Debt Collectors: Know Your Rights
7. Debt and Your Credit Score