Do you have so many credit cards that you paper a wall with them? Don’t know how to get rid of them? Then try this solution out for size. With this handy snowballing spreadsheet tool you can generate a custom strategy for becoming debt-free without the need for consolidation loans!
All you need to do is just enter your credit cards, their balance, and interest rate. Then enter your required minimum monthly payments and then put in the maximum possible amount you could put towards it, based on your current budget. Next, pick the style of repayment you want to go for, such as snowball or highest interest first. The program then generates an effective payoff strategy tailored to your needs. It calculates how much interest there will be and the total you’ll end up paying, and how long it will take to escape the shackles of debt you have built up.
If you’re carrying balances on several cards, this is a great tool for getting started on, or optimizing, your personal debt payment plan and setting you on the path to becoming debt free.