There are not too many consumers who start college with no debt. Americans' college costs make it necessary for many students and their families to borrow money. It is wise to begin keeping a record of all debt owed, payments made and balances outstanding. This is sound money management, and it also helps you keep focused on where you are, financially, in regards to your values and goals.

Listing debt is relatively simple. Items that should or might be noted for each debt are: *

• Name of credit grantor/lender or collection agency
• Telephone and fax numbers of credit grantor/lender or collection agency
• Address of credit grantor/lender or collection agency
• The name of a representative with whom you have established a relationship, if such exists
• Dates of all personal contacts (other than payments) with the credit grantor/lender or collection agency, who was spoken with, and a brief statement regarding the interaction
• The balance owed to each credit grantor
• The interest rate assigned to each debt
• The estimated payoff date
• Any other important and/or pertinent data that may be of interest at some future point in time

Total the debt and also total the monthly obligation for all debts, and keep this information in your Money Management file.