Do you know how much you owe to banks or other financial institutions in the form of loans? If not, here’s a simple way of finding out.
Here’s how you can calculate this figure:
Step 1: Gather all the information from your financial records: get your latest bank statements, from all your accounts.
If your loan is from another financial institution, you can request them for a monthly statement for your loan. Make sure you check your email inbox regularly and have these records in one place.
Step 2: Of these statements, pull out all information about all the loan that you hold, such as, outstanding credit card bills, student loans, car loans, home loans or any other personal loans.
Step 3: Make a list of all these loans which you need to repay, with the time remaining to repay it, you can also create a table for a clearer view of your liabilities, which may look like this: