Checklist: Debt Checkup

Things to do this weekend with your money

Recent Federal Reserve rate increases are beginning to show up in higher rates on variable loans, including home equity lines of credit, adjustable mortgages and most credit card accounts. Here’s how to limit the damage.

4 Today: Make a list of all your liabilities: mortgages, home equity loans, student loans, car loans, personal loans and credit cards. Include the balance on each account, the interest rate, whether the interest is deductible, the minimum payment and your typical payment. Knowing your total obligations will help you assess which debts are the most dangerous to your financial health; generally, the highest-interest, nondeductible debt should be paid off first.

4 Saturday: Consider accelerating your debt payments to reduce your interest costs and decrease your vulnerability to rate hikes. Many Web sites offer nifty debt repayment calculations that can show you how to prioritize your debts and how much money you can save. One to try is Quicken’s Debt Reduction Planner at https://www.quicken.com/saving/debt. To speed your plan, call credit card companies and ask whether you can get a lower interest rate.

4 Sunday: Repayment plans won’t work if you continue to rack up debt. For tips on controlling credit and reducing spending, read Amy Dacyczyn’s book, “The Complete Tightwad Gazette” ($19.99, Villard) or visit Web sites devoted to frugal living such as https://www.stretcher.com and https://www.simpleliving.net.