Debt Snowball Calculator Payoff Credit Cards Fast

Just tried out the Debt Snowball Calculator Excel by  I was impressed on how easy it was to use!

Our Excel based debt snowball calculator allows you to quickly input all of your debts and determine which to pay off first.  The reason it’s called a “snowball” is because as you start paying off your debt accounts you then apply that money to other debts.  You can start to see an impact within a few months, obviously this depends on aggressive you are.

Listed Below Are the Steps to Quickly and Effectively Payoff Your Debt Using Our Debt Snowball Spreadsheet:

1.  Start Off By Listing Out All of Your Debts:

  • Pulling your credit report to get a list of all of your debts): Student loans, car loans, credit cards, mortgages, etc…

2.  Collect The Following Information:

  • Minimum payment
  • Interest Rate (ARP)
  • Total Balance

3. Next Open & Input Your Debt Account In Debt Snowball Spreadsheet:

Excel Debt Snowball Calculator

3. Excel Debt Snowball Calculator – Example

  • Go to the Debt Accounts Tab
  • When entering debt accounts make sure to put them in descending order (highest to lowest) by Interest Rate (APR).
  • Debt Account Name: Enter the name(s) of your debt account.  Note: Make sure to use a different name for each debt account
  • Debt Category: Select from the drop down the debt category.
  • Minimum Payment: Enter the minimum payment on all debt accounts.  Note: Use the fixed monthly payment for installment debt (car loans, student loans, personals loans…)
  • Current Total Balance: Enter your most current balance.
  • Start Date: This is the date you plan to start paying off the debt.  I’d recommend using today’s date as the start date.

4. After Entering Your Debt Accounts Go To The Debt Dashboard On The Excel Debt Snowball Calculator:

  • Change the preferences to see the impact it will have on your account.
  • Checkout our video for more information.

Now it’s time to start paying off your debt!  Remember that for every extra dollar you apply towards your debt will save you money in interest payments.  After paying off your first debt, you’ll want to begin paying off the next recommended debt. Do this until this one is paid off. Now continue this process until all debts are paid off. For More About Achieving Financial Freedom

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