How to List All Your Debts Without Having a Panic Attack

There’s something about writing down your debts that feels… confronting. You might know roughly what you owe. A credit card here, a personal loan there, maybe a lingering buy-now-pay-later balance. But putting it all in one place? That can feel like shining a spotlight on something you’ve been carefully keeping in the shadows.

Here’s the truth: listing your debts isn’t the scary part. Avoiding them is. And the sooner you can look at the numbers calmly and clearly, the sooner you’re back in control.

Let’s walk through how to list all your debts without spiralling… and maybe even feel a little empowered by the end of it.

First, Set the Scene (Not the Panic)

Before you open your banking app, do one small but powerful thing: change the environment. Make a cup of tea or coffee. Sit somewhere comfortable. Turn off notifications. Tell yourself this is information gathering — not judgement day.

You are not your debt – you are a person managing financial commitments. That shift in mindset matters more than you think.

Step 1: Gather Everything in One Place

Start by collecting all the places where money might be owed. This can include:

• Credit cards
• Personal loans
• Car loans
• HECS-HELP or student loans
• Buy now, pay later accounts
• Store finance
• Any recent short-term lending such as loans in an hour

Don’t rely on memory. Log in to accounts. Check statements. Search your inbox for lender names. You’re not trying to solve anything yet — just collecting facts.

Step 2: Use a Simple Template (Keep It Boring)

The reason why listing debts feels overwhelming is because our brains tend to catastrophise. The solution? Make it mechanical. Create a simple table with these columns:

• Lender
• Type of debt
• Total balance
• Minimum monthly repayment
• Interest rate
• Due date

That’s it. When you reduce your financial life to clean columns, it becomes data — not drama.

Step 3: Expect an Emotional Reaction (But Don’t Act on It)

It’s completely normal to feel embarrassed, frustrated, regretful, angry at yourself, or simply overwhelmed. Let those feelings exist — but don’t make decisions from them. This stage is awareness only. No rash repayments. No panicked applications. No closing accounts out of shame. Just observe. If the number is bigger than you expected, take a breath. If it’s smaller than you feared, take a breath. Either way, you’re better off knowing.

Step 4: Calculate the Total… Once

Yes, you do need the grand total. But only calculate it once. Add everything up. Write the total clearly at the top of your page. Then resist the urge to re-add it five more times hoping it shrinks. This number is simply your starting point. Nothing more.

Step 5: Separate “Urgent” From “Manageable”

Now that you can see everything, look at:

• Which debts have the highest interest rates?
• Which ones are close to default?
• Which are stable and being paid on time?

Not all debt is equal. A high-interest credit card costing you 20%+ per year deserves more attention than a structured loan with predictable repayments. Seeing this difference can instantly reduce anxiety because the situation becomes clearer. Clarity reduces panic.

Step 6: Reframe What You’ve Just Done

Instead of thinking, “I can’t believe I owe this much” …try, “I now have a clear financial map”. Most people avoid listing their debts because they’re afraid of the number, but the number already existed. You just didn’t have visibility. And visibility is power. Financial stress often comes from uncertainty — not the debt itself.

Step 7: Decide Your Next Move (Calmly)

Once everything is laid out, you can consider practical next steps, such as:

• Prioritising high-interest balances
• Consolidating multiple debts
• Negotiating repayment plans
• Adjusting your budget
• Seeking professional financial advice

But only do this after you’ve had a break. Go for a walk. Let your nervous system settle. Decision-making is much better when your heart rate isn’t elevated.

A Few Ground Rules to Protect Your Sanity

While working through your list, keep these in mind:

1. You are not the only one in this position.
2. Debt is common — especially in Australia where credit products are widely accessible.
3. Most financial situations are fixable with structure and time.
4. Avoidance makes debt feel bigger than it is.

The act of writing everything down is often the most psychologically difficult step. Once it’s done, the rest becomes strategy.

If You’re Really Struggling…

If even thinking about this process feels overwhelming, consider:

• Speaking to a free financial counsellor (there are several community services across Australia).
• Asking a trusted friend or partner to sit with you while you go through it.
• Breaking the task into two 20-minute sessions instead of doing it all at once.

Progress beats perfection.

The bottom line? Having the courage to look is half the battle

Listing all your debts without having a panic attack isn’t about pretending it’s fine. It’s about understanding that information is neutral. It’s simply a snapshot of where you are right now… and where you are right now is not where you’ll be forever.

The moment you put everything in one place, you move from vague financial anxiety to concrete financial awareness. That shift — small as it seems — is the beginning of control. Take it one account at a time. One number at a time. One calm breath at a time. You’ve got this.