How to Find Out How Much Debt I Have: A Step-by-Step Guide

How to Find Out How Much Debt I Have

Debt can be overwhelming, and it is crucial to know how much debt you have to have control over your finances. If you’re struggling with a mountain of debt and have no idea how much you owe or where to start chipping away at it, don’t worry. This blog post will guide you on how to find out how much debt you have quickly and easily. So, let’s get started!

1. Check Your Credit Report:

A credit report is the first and most important step to take when determining how much debt you have. Your credit report will list all of your debts, including any past due, in collections, or otherwise delinquent debts. You’re entitled to one free credit report per year from each of the major credit bureaus. Once you have your credit report, review it thoroughly and write down all of your debts.

2. Contact Your Creditors:

If you have any doubts about the accuracy of your credit report, reach out to your creditors directly, including credit card companies, student loan providers, banks, and any other creditors you owe. Ask them for an up-to-date statement that shows your current balance and any outstanding interest or fees owed. Write down the information you receive from each creditor, add everything together, and voila- now you know your total debt.

3. Review Your Monthly Bills:

Another way to determine your debt is to review your monthly bills. Gather all of your bills, including credit card statements, student loan bills, mortgage bills, and utility bills, and look for the amount owed. Write down each amount and add them all together to see the total amount of debt you have.

4. Utilize Debt Tracking Tools:

If you prefer technology to help you keep track of your debt, numerous debt tracking tools are available online. These tools can pull your financial information together, automate your debt repayments, track interest rates, calculate payoff dates, and provide insight into how long it will take you to pay off your debt given your current payment plan. Examples of such online tools are Mint, Credit Karma, and NerdWallet.

5. Create a Plan to Pay Off Your Debt:

Once you know how much debt you have, it’s time to create a plan to pay it off. Make a budget and cut out unnecessary expenses, look for ways to increase your income, and utilize any extra funds to pay down your debt. Consider seeking the help of a financial advisor or credit counseling service to help you create a realistic plan to pay off your debts.


In conclusion, knowing how much debt you have is the first step to getting out of debt. By using the methods mentioned above, you can determine your debt balance and start working on a plan to pay it off. It may seem daunting at first, but with perseverance, effort, and discipline, you can become debt-free.Conquer the fear of confronting your debts today, and take ownership of your finances.