After spending time talking to people about their debt, I discovered that some of them do not even know how much money they owe to others. How can they know how much they are going to pay back if they do not even know how much money they owe to banks and other financial institutions. Very often, people I talk to have a few loans taken at the same time. They do not remember about some of them. They key here might be to right those loans down. That way you will have a clear picture as to how much money you really owe. This will allow you to make better decisions regarding your finances.