This debt management tool allows users to manage their debts using built-in formulas that automatically calculate the total amount owed and total interest paid. Users familiar with Excel will find it easy to use.
The Debt Management Calculator has three tabs at the bottom of the spreadsheet: Calculator, Payment Schedule, and Chart. The program explains different methods of managing debt, namely the "snowball" or "avalanche" methods. The "snowball" method advises the user to pay the debt with the lowest balance faster, where the "avalanche" method advises the user to pay the debt with the highest interest faster. We entered some sample debts into the Creditor Information Table in the Calculator tab of the spreadsheet, and the program processed the information. The strategy bar positioned below the Creditor Information Table allowed us to choose either method to manage debts, or set up custom options. Clicking on the Payment Schedule tab showed us how much the monthly payments would be, and how long it will take to pay off the total amount of debt. The Chart tab presents the user with a visual display of how his interest will decrease over time.
This program is free and easy to install and uninstall. It does not have a built-in Help file, but provides detailed instructions about how it works to the right of the spreadsheet area. It's simple to use and provides the user with a handy and visual way to handle debt.
This Debt Reduction Calculator, by Vertex42.com, can help you create a plan for reducing credit card debt, auto loans, student loans, and other debts. The spreadsheet lets you choose a debt reduction strategy such as the popular debt snowball method (paying the lowest balance first). To pay off your debts faster, you can try the highest-interest-rate-first strategy. Easily print a payment schedule to help you keep track of your progress. Free for personal use only.
What's new in this version:
Version 1.2.4 lets you include occasional additional payments (for "debt snowflaking").