Let’s play a game of word association. What comes to mind when you hear the word debt? Anxiety? Worry? Concern? If you blurted out any of these responses, you’re not alone. One thing most Americans have in common is that they carry some form of debt.
Similar to a company’s financial statements, a personal financial statement can help you assess your financial health and assist you in budget planning. It can also give you an idea of the kinds of information that banks and other lenders use to determine your ability to repay loans. Curious to know where you stand? Here, we show you how to get a handle on your finances by creating a personal