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Debt Calculation and Credit Repair Schedule from Vertex 42
You can learn something from the Debt Calculation and Credit Repair Schedule from Vertex 42 when you choose from the various debt reduction strategies after entering all your debts.
This schedule includes additional information about those strategies with more resources for reducing debt. After entering your information, select different methods to see how each one can work in paying off your debts. This schedule includes a printable schedule for payment tracking for easy reference.
Do you need help with your credit repair? Download the Credit Repair version of the Debt Calculation Schedule to pay down each credit card to levels specified by your FICO scores. Once you reach this goal, the schedule shows you how to start paying off your credit card balance.
Debt Calculation Schedule from Squawkfox
Kerry Taylor, the author of the schedule and Squawkfox blogger, paid off $17,000 in student loans over six months using this downloadable Debt Calculation Schedule.
Start by entering your debtors, current balance, interest rates, and monthly payments to see your current total debt, average interest rate, and average monthly interest. The schedule will also show the total number of monthly payments on your debt accounts.
You will need to have an idea of how much you will allocate each month to pay off credit cards and other debts to activate the snowball debt calculation features of the schedule. Just enter the amount you plan to pay toward debts, and the schedule will tell you what portion of that amount to apply to the bill with the highest interest rate.
Debt Tracking Schedule in Excel from It’s Your Money
The Debt Tracking Schedule may not be as sleek as the other schedules on this list, but it has some great features for sorting and viewing your debts that are certainly useful.
The worksheets come loaded with some data so you can see how they work, and the download page includes instructions. You will need to enable macros in Excel to use the Debt Tracking Schedule, which is also explained in the tutorial.
Enter
List all your debts, including multiple credit cards, mortgage, and various types of loans, in the table to start. Then you can change the view by sorting the debts by type, interest rate, minimum payment, and other options.
The advanced ordering is helpful if you are using a specific debt repayment plan, such as the snowball method. The debt tracking table includes seven worksheets, including a repayment worksheet with a chart to track the results of debt repayment over time.
Wise Woman Wallet’s Debt Priority Worksheet
If you’re having trouble deciding on a debt repayment method, the free debt priority worksheet with email subscription can help you get an overview of your options. Simply enter the basic information about each debt you have, including the original balance, current balance, interest rate, and minimum payment. Then use the filters to sort by current balance (for the snowball method) or interest rate (for the avalanche method).
Wise Woman Wallet’s Debt Priority Worksheet also allows you to consider two additional strategies. In the debt volcano method, you prioritize the debt that frustrates or angers you the most, such as a high-interest credit card balance or a “Buy Now, Pay Later” charge for a gift you bought for your ex. In the hybrid method, you can combine several strategies, such as starting with the snowball method and switching to the avalanche method when you have two debts with similar balances, but one has a higher interest rate.
If you realize that trying out these tables makes you aware that you need more help managing your debts, you might consider debt relief companies. However, this is not a step to take lightly: debt settlement can take years and may negatively impact your credit score along with other potential consequences.
Frequently Asked Questions (FAQs)
What is the snowball method?
The snowball method is a popular strategy for debt repayment, where debts are listed from smallest to largest. You start by paying the minimum on all debts, then you add any extra amount you have to pay off the smallest debt each month. Once that debt is paid off, you take the amount you were paying on the smallest debt and add it to the minimum payment of the larger debt. With each debt you pay off, a “snowball” effect is created, speeding up the repayment process.
What is the avalanche method of debt repayment?
In the avalanche method, you arrange your debts from highest to lowest interest rate. You’ll pay the minimum on all balances each month, then put any additional available cash toward the debt with the highest interest rate. Once that debt is paid off, you apply those payments to the next debt with the highest interest rate and repeat the process.
How can I decide on a debt repayment plan?
The snowball method and the avalanche method are just two strategies you can use to pay off your debts. You may choose to prioritize other debts first based on the type of debt and the risks associated with defaulting or the emotional stress caused by certain debts. If you need help deciding on the right strategy, consider speaking with a debt or credit counselor.
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Sources:
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
Squawkfox.
“397 Ways to Save Money by Kerry K. Taylor.”
Source: https://www.thebalancemoney.com/free-debt-reduction-spreadsheets-1294284
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