It is, therefore, very important to select a method of payment that will keep you motivated, one that will inspire you to keep going until you reach your final goal of being completely debt-free. If you choose a method where you begin with the biggest loan, you won’t see much progress and this might continue until too much time has passed by, and you have lost motivation in making your regular payments. But the aspect of keeping you motivated to continue is a huge plus factor. In other words, you will pay much more in the long run as experienced by those who followed this method. However, there are also those who believe that this is not the most effective way of settling your debts because leaving the biggest debts for last means that you will pay more interest rates. ![]() This method offers early results to inspire you to keep moving forward. Use the debt payoff spreadsheet to make a plan then use the debt calculator Excel to determine with the time and amount you need to pay off all your debts. ![]() ![]() For this, you need a credit card payoff spreadsheet along with a debt snowball calculator. Credit card payoff spreadsheet 20 (76.36 KB) How do I calculate debt payoff in Excel?Īnother way to plan how to pay off your debts is through the use of the debt snowball method.
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