This stage is important; let us walk you through exactly what we’re looking for.
The first field is your Payoff Priority Order. We actually recommend that you wait until the end to fill this field.
In “Debt Name”, please fill the debt name. For example, “American Express Credit Card”.
In “Total Balance Owed”, please list the total balance that you owe to this debt. Please be specific and don’t round it off. If you want this tool to be effective, we need to know the actual full amount that you owe and not an approximate amount.
Please list your minimum monthly payment - not the payment you send them - or what they require you to pay them every month.
Then list the payment that you actually send them, under the next column. But only list if you actually are consistent in paying that amount which is more than your minimum. We don’t need to know if you paid an extra $100 this month toward your debt but never plan on doing that again.
Finally, very important – Please list your interest rate or your Annual Percentage Yield (APR) – Either will work – in the last and final field.
Once all of your outstanding debts are listed, then we recommend you go back to your Payoff Order. What is most important to you that we pay off first?
Full disclaimer: It might not make financial sense for us to honor your Payoff Order, but it will still be helpful for us to know what’s important to you.
NOTE: If you have more than one debt, you can click on the + plus sign shown to the right of the field.