Article: Using either Microsoft Excel or free online tools like Google Sheets, include information like your current monthly payment, the minimum monthly payment, the monthly due date, and the interest rate being charged (if applicable). This spreadsheet will help with your bill consolidation but will also be a handy reference for future budgeting! Record more information (account balances, credit limits, accounts numbers) to create an even more complete spreadsheet of your current bills. The more information you have in front of you the better. Now create a way to differentiate your debts by payment terms and status. The following are common types of debt that can help you categorize and prioritize your debt: Secured debt is secured by collateral, such as your mortgage loan being secured by your house. This collateral can be repossessed if you do not make your payments. You should usually pay secured debt first. Unsecured debt uses no collateral, such as many credit cards or a personal loan. These usually have a high interest rate as they are a bigger risk to the lender. Fixed interest rate debt means you pay the same interest rate for the life of the loan. Variable interest rate debt means the interest rate may vary for the life of the loan, going either up or down. Fixed repayment term means the debt must be paid within a certain time period or by a predetermined date. Variable repayment term means there is no predetermined end date by which you must pay back the loan. A deductible loan, such as a mortgage or student loan, has some tax benefits. A deductible loan, such as a credit card, has no tax benefits attached. Gain some immediate insight into your current financial situation by looking at which debts/bills are charging you the highest annual percentage rate (APR). APR is a combination of your interest rate as well as any additional costs or fees. These will be the first priority to consolidate and/or pay off since they are costing you the most money. Prioritize your payments. Now that you can see which debts are costing you the most, focus on putting any extra money into those debts first. Anything above the minimum payment on a debt will help to pay down the debt faster, but note that you'll need to keep paying at least the minimum on all your bills to avoid costly late fees. You may be able to transfer your high interest rate account balances over to lower (or zero) interest rate credit accounts. This process is called a balance transfer. Balance transfers are usually limited by your current credit rating; it can difficult to qualify for the lower-rate credit card offering the balance transfer. In addition, balance transfer terms may contain harsher penalties. One late payment may be enough to rescind the original interest rate and raise it to one higher than what you were paying before you executed the transfer. Lastly, balance transfers typically charge a percentage fee on each transaction and these fees will add to your total cost. For more detailed information on balance transfers, read How to Apply for a Credit Card Balance Transfer and How to Find Credit Card Balance Transfer Offers. One risk here is that you'll transfer the account balance, then run the original debt back up, effectively doubling the debt. Avoid this by closing the original debt account. Watch for offers from your bank or other banks guaranteeing a specified time frame in which you won't be assessed an interest rate on new balance transfers. Use your spreadsheet and your priority list to make a plan and follow it. Setting up automatic payments or other reminders is a great way to avoid being late and incurring more fees. It also simplifies your life and is one less thing to remember. If your account balance is zero you may want to close those accounts; however, keep in mind that canceling a credit card can negatively affect your credit score. If you don't think you'll be too tempted to use the card in the future, go ahead and keep the account open and just don't use it.

What is a summary?
Compile a spreadsheet of all your bills. Separate your bills by type. Rank the unsecured bills by APR. Consider a balance transfer. Set up a payment plan. Consider closing unnecessary accounts.