Debt Categories
Organize your debts by category for better tracking and insights.
Why Categorize Your Debts?
Categorizing your debts helps you understand where your money is going and identify patterns in your borrowing. BeDebtFree provides insights based on categories, showing you which types of debt are costing you the most.
Available Categories
BeDebtFree supports the following debt categories:
Credit Cards
Revolving credit accounts including store cards, rewards cards, and general credit cards. These typically have the highest interest rates.
Personal Loans
Unsecured loans from banks or online lenders used for various purposes like debt consolidation, home improvements, or major purchases.
Auto Loans
Vehicle financing for cars, trucks, motorcycles, or other vehicles. These are secured loans where the vehicle serves as collateral.
Student Loans
Education financing including federal and private student loans. These often have special repayment options and potential forgiveness programs.
Mortgages
Home loans including primary mortgages, second mortgages, and home equity loans. These are typically your largest debts with the longest terms.
Medical Debt
Healthcare-related expenses including hospital bills, doctor visits, and medical procedures not covered by insurance.
Other
Any other type of debt that does not fit into the categories above, such as personal loans from family, buy-now-pay-later accounts, or business debts.
Assigning Categories
When adding or editing a debt, select the appropriate category from the dropdown menu. You can change a debt's category at any time without affecting your payment history or payoff calculations.
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