Way back when, I tried my hand at creating a spreadsheet to help with figuring out how to drive down your debt using the snowball method. Admittedly, it had some problems and was really only good for my own use, in the end.
But today, I came across a post on The Consumerist that linked to a spreadsheet that, frankly, blows mine out of the water in terms of functionality and completeness. I suggest you take a look at it if you’re trying to snowball method of paying off your debts. It’s simple to use and gives you a great overview of where you money will go.
Debt Reduction Calculator
The spreadsheet is free for personal use, but it does seem to require you to have Excel since I can’t get it to open in Google Spreadsheets. (I haven’t tried it with Open Office, so it might work there.) Visit the site for more information and to download the spreadsheet: Free Debt Reduction Calculator for Excel.
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