Features
-
License:
Free to try
- Editor's Rating:
- Average User Rating:
-
Downloads:
191,161
- Operating Systems:
Windows Vista, Windows 95, Windows Me, Windows 2000, Windows NT, Windows XP
- Additional Requirements:
Windows NT/2000/XP/Vista, Microsoft Excel/OpenOffice
- Limitations:
Personal Use Only
- Date Added:
March 17, 2009
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Previous Versions:
Publisher's description of Debt Reduction Calculator for Excel
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.
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Editor's review of Debt Reduction Calculator for Excel
stars
- "Easy debt management"
- Reviewed on: July 1, 2009
- Version reviewed: Debt Reduction Calculator for Excel 1.2
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.
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User reviews
- Average user rating: 0 stars Not yet available
- My rating: 0 stars Write review
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Showing 2 of 2 user reviewsSee all 2 user reviews
This software version | All versions -
1 out of 1 people found this review helpful
Version: Debt Reduction Calculator for Excel 1.2
"Does what it's supposed to do."
Pros: If you're interested in paying off debt this spreadsheet will give you a great view into how long that process might take with the resources you have available. It also will let you know the cost of debt using different payback methods.
Cons: haven't found any yet.
Summary: I like this product so I can minimize the cost of debt. Nobody want to pay the banks more than they have to. If the banks run short they can always cry to the federal government for more. Seems like there's a bottomless pit of cash there!!
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1 out of 1 people found this review helpful
Version: Debt Reduction Calculator for Excel 1.2
"Great tool for getting out of debt!"
Pros: Easy to use - printable payment schedule so you can see your progress. Great motivator!!
Cons: Need more columns to enter bills...currently only has 10. If anyone knows how to add more, please post here!
- See all 2 user reviews Write review
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