- Quick specs
- Price: Free to try (Personal Use Only);
- Operating system: Windows 95/Me/2000/XP/Vista/NT
- Date added: March 17, 2009
- Total Downloads: 276,297
- Downloads last week: 3,366
- See full specifications
- CNET editors' rating: stars
- Average user rating: stars out of 26 votes
See all user reviews
CNET editors' review
Reviewed by: CNET staff on July 01, 2009
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.
Publisher's description
From Vertex42 :The Debt Reduction Calculator spreadsheet for Microsoft Excel helps you plan how to reduce credit card debt, auto loans, student loans, and other debts. The spreadsheet lets you choose from various debt reduction strategies, including the popular debt snowball strategy (paying the lowest balance first) and the highest interest first strategy. Easily print a debt snowball payment schedule to help you keep track of your progress. The Snowball Growth Chart lets you visualize how your snowball grows over time as you wipe out your debts. Version 1.2 includes templates for OpenOffice.
What's new in this version:
Download contains spreadsheets that work in OpenOffice (.ods format).
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User reviews
- Average user rating: 3.9 stars out of 26 votes
- My rating: 0 stars Write review
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Showing 5 of 9 user reviewsSee all 9 user reviews
This software version | All versions -
Version: Debt Reduction Calculator for Excel 1.2
"Shows total debt payoff using different strategies"
Pros: You get to see how long it will take you to become totally debt free.
Cons: Nowhere to enter income, monthly living expenses, and savings.
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Version: Debt Reduction Calculator for Excel 1.2
Pros: Easy to use, great options. Best out there
Cons: none, great tool
Summary: Use it and you will minimize your debt
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Version: Debt Reduction Calculator for Excel 1.2
Pros: Very simple interface, yet very flexible and powerful. It takes into account many different debts with many different ways of paying them off, showing you the overall money spent on interest with each method. Lots of good instructions.
Cons: I wish the formulas could somehow take into account fluctuating interest rates, such as limited time introductory rates.
Some important instructions were in Excel comments, meaning you had to know to hover your mouse over certain cells. -
Version: Debt Reduction Calculator for Excel 1.2
Pros: Works just as advertised does what the description says it would. I was able to get everything inputted and explain it to my non tech spouse with no problems.
Cons: Haven't found any.
Summary: Great tool, I would highly recommend to anyone need to track their debt.
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Version: Debt Reduction Calculator for Excel 1.2
"The Best snowball tool that I have found to date"
Pros: I like that I can customize the payoff schedule to see the difference that it makes on the interest paid. I am also able to enter extra money (on top of snowball amount) each month.
Cons: I wish there was a way to know what the CURRENT debt amount is so I can see if I am in sync with my money statements.
If someone is a technophobe, then they may be scared to use Excel.Summary: Great tool. Add the ability to see my starting debt and current debt. I want to be able to graph a "thermometer" going up (debt payments) or down (current debt) on a monthly basis and I would love it even more. That would give the visual kick to ... read more >>
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