Before you can set any plan into action, you will need to review your current financial status.  Begin by writing down all your creditors.  A creditor is someone to whom you owe money.  Begin the chart by listing all of your monthly creditors, for example; credit card companies, loan payments for car or home and don’t forget your utility bills, such as electric, gas, phone, etc., those are creditors also!


  • Creditor: write down the name of the creditor.
  • Account Number: list the number of the account here.
  • Arrears: write down the total amount that you are behind.
  • Monthly Minimum Payments: when you receive your bill, this is the amount you are requested to pay.
  • Balance on Account: the total amount due on the account.  This figure usually varies from month to month if it is an interest account.
  • Last Payment: enter the date of the last payment made on the account.
  • Due Date: this is helpful in organizing your accounts by when they are due and payable in the month.

This is a very short lesson but a very important one. As mentioned earlier, reviewing your accounts means just that. Study all aspects of your accounts. Get to know the rules, interest rates, term (length) of contract, default (late payment) penalties and possible alternative restructuring plans especially in the case of a threatened or already filed foreclosure (law suit filed by your mortgage company in an effort to take back your home). Most banks and mortgage companies now have special departments trained to assist you in alternatives to foreclosure but you will need to exercise this privilege and aggressively pursue what is called a forbearance plan further explained later.

All of the information you have listed your Review of Accounts Form that you just created will be transferred to the monthly budget later, so make sure you have listed all of your creditor accounts.

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