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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:
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").
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All versions:
3.9 starsout of 30 votes
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Current version:
0 stars Be the first to review this product -
My rating:
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"eye opening and quite helpfull"
Version: Debt Reduction Calculator for Excel 1.2
Pros
It's helping me restructure my finances in a postive and productive way.
Cons
i haven't figured out any cons yet
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"Nice and clean ideas"
Version: Debt Reduction Calculator for Excel 1.2
Pros
Helps with deciding which debt is the best to pay down first.
Cons
On separate tabs.
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"Useless. I was unable to figure out how to make it work"
Version: Debt Reduction Calculator for Excel 1.2
Pros
good reviews
Cons
Could not make it work
Summary
Great idea, but my ability to execute the idea makes it a failure.
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"Great Spreadsheet"
Version: Debt Reduction Calculator for Excel 1.2
Pros
Easy to Use and modify...definitely helps to do those "what if" scenarios. I have been able to chop off 2 years of interest payments just by playing with this spreadsheet and finding that just a little more on the payments makes a huge difference.
Cons
None that I can see.
Summary
If you are in debt and want a logical and systematic way of managing your debt, this spreadsheet is the way to go.
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"Shows total debt payoff using different strategies"
Version: Debt Reduction Calculator for Excel 1.2
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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"Great usefull tool"
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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"Very helpful tool."
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. -
"Excellent simple interface"
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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"The Best snowball tool that I have found to date"
Version: Debt Reduction Calculator for Excel 1.2
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 keep going at paying off the debt.
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"It is a keeper. Very effective."
Version: Debt Reduction Calculator for Excel 1.2
Pros
Shows the different ways to pay off debt very well.
Cons
Can be confusing if you have never worked in Excell and/or financial data.
Summary
I used to work in a financial business and this does the job very well that we used to use purchased software to do. This is a very good product if you are serious about getting out of debt.
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