Creditors

http://www.spreadsheet123.com/calculators/debt-reduction-manager.html © 2024 Spreadsheet123 LTD

Date 02/01/2015

Monthly Payment 600.00

Minimum Payment 550.00

No. Credit Account Balance Interest Rate Min Payment Custom Priority
Credit Account Balance Interest Rate Min Payment Custom Priority
1 Credit Card 1 8,520.00 13.00% 95.00 2
2 Auto Loan 1 2,100.00 9.81% 30.00 1
3 Auto Loan 2 6,500.00 12.00% 70.00 3
4 Credit Card 2 7,900.00 13.50% 110.00 5
5 Credit Card 3 4,500.00 4.00% 25.00 4
6 Credit Card 4 7,200.00 18.90% 120.00 6
7 Credit Card 5 1,000.00 4.00% 25.00 7
8 Credit Card 6 150.00 4.00% 25.00 8
9 Credit Card 7 150.00 4.00% 25.00 10
10 Credit Card 8 2,500.00 4.00% 25.00 9

- Includes rows for 20 accounts

Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD

Debt Manager
http://www.spreadsheet123.com/calculators/debt-reduction-manager.html © 2024 Spreadsheet123 LTD

Monthly Payment 600.00

Minimum Payment 550.00
Monthly Snowball 50.00

Choose Your Strategy Snowball - Lowest Balance

Initial Interest Interest Total Last Payment Months to

Credit Account
Balance Rate Paid Amount Paid Date Pay Off
Credit Card 6 150.00 4.00% 0.75 150.75 May-15 3
Credit Card 7 150.00 4.00% 1.26 151.26 Jun-15 4
Credit Card 5 1,000.00 4.00% 23.31 1,023.31 Jan-16 11
Auto Loan 1 2,100.00 9.81% 293.56 2,393.56 Feb-17 24
Credit Card 8 2,500.00 4.00% 229.11 2,729.11 Feb-18 36
Credit Card 3 4,500.00 4.00% 667.38 5,167.38 Nov-19 57
Auto Loan 2 6,500.00 12.00% 4,424.88 10,924.88 Dec-21 82
Credit Card 4 7,200.00 18.90% 9,694.55 16,894.55 Jun-23 100
Credit Card 2 7,900.00 13.50% 7,340.03 15,240.03 Mar-24 109
Credit Card 1 8,520.00 13.00% 10,415.96 18,935.96 May-25 123

Debt Reduction Chart

Select the Account to view All Accounts

45,000.00 700.00

40,000.00
600.00

35,000.00

500.00
30,000.00

400.00
25,000.00

20,000.00
300.00

15,000.00
200.00

10,000.00

100.00
5,000.00

- -
5 6 7 8 9 0 1 2 3 4 A A A A A A A A A A A A A A A A A A A A A A A A A A A
- 1 - 1 - 1 - 1 - 1 - 2 - 2 - 2 - 2 - 2 / / / N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/ N/
ar pr ay n ul ug S ep Oct ov Dec #N #N #N Snowball
# # # # # # # # # Minimum # # # # # # # # # #Paid # # # # #
M A M Ju J Balance A N
Payments Payments Interest

Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD

 Debt Manager Payment Schedule

Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD

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Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD

Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
Debt Managment Calculators by Spreadsheet123.com © 2014 Spreadsheet123 LTD
HELP
1. Getting Started
2. Creditors
3. Payment Strategies
4. Debt Reduction Chart
5. Payment Schedule

1 Getting Started
To begin using Debt Manager, you need to gather your financial data from your bank account statements
or obtain up to date account balance information for each of the accounts from your creditors. You will
also need to obtain your current interest rates for every account, which you can find on your bank
statements or by asking your creditors.

2 Creditors
Navigate to the "Creditors" tab to enter your information in the relevant cells. In here you can also
create the priority with which you will be making your snowball payments, selecting which creditor to
pay first, second, third and so on.

3 Payment Strategies

Snowball - Lowest Balance

The snowball strategy considers paying off the account with the lowest balances first while making
minimum payments on the others. Although you might see reduction in number of creditors, the
snowball approach not always considered to be an appropriate strategy due to the fact that other
accounts may have higher interest rates and making only minimum payments will take longer to pay off,
as a result you will pay more interest in the end.

Debt Stacking (Avalanche) - Highest Interest

Debt Stacking also known as Avalanche strategy that considers paying off the accounts with the highest
interest rates first, while making the minimum payments on the others. Although it may take you longer
to pay off and the number of creditors will not be reduced as fast as it will using the Snowball strategy,
but it is proven that using Avalanche method results in paying the lowest amount of total interest.
No Snowball
No snowball payments means that you will be making only minimum payments made towards each of
your debts, thus takes significantly longer to pay off your debt entirely. As a result of this the total
amount of interest will exceed the total amount you owe.

Table Ascending and Descending

If you select Table Ascending strategy, your creditors will be positioned in the same order as it was
initially entered in to the table allocating the amount of snowball to the first creditor on your list.
Using Table Descending strategy is quite the opposite, when selected, the position of the last entry of
your table will become first, which means that the last creditor becomes a target for snowballing.
In addition, you can also use Excel's built-in sorting function to sort entries of your table, if you know
how to do it.
For Excel 2003 Data > Sort
For Excel 2007 + Data Tab in Ribbon then Sort

Custom Priority Ascending and Descending

You can organize the order of your debts using Custom Priority column. Simply enter values
1,2,3,.....,20,etc. in the row to prioritise the debt that you want to pay first. Function that is used in this
spreadsheet will automatically sort your creditors in Ascending or Descending order depending
on your selection.

4 Debt Reduction Chart

The Results tab contains list of all of your creditors positioned in the way that reflects the strategy
selected from the drop-down list. This table contains all important information about each of your
accounts such as your initial balance, interest paid, total amount paid, approximate date of the last
payment and at last the number of months that it'll take to pay your credit off. The Debt Reduction Chart
will graphically interpret all information to let you visually see how your debt is reduced over time overall
as well as per each account, but most importantly will let you see how Snowball is applied.

5 Payment Schedule

The Payment Schedule tab provides detailed information about status of your debt overall as well as per
individual account. By making selection of the account from the list , you can easily see when snowball
will begin to apply and how it affects on the balance of the individual account or your overall debt. You
can also enter occasional additional payments (snowflakes) in the cells provided for it to see how this
affects your total amount of interest payable and reduces time to pay-off.
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Version Description Date
Minor error fix in several formulas in
1.0.2 2/19/2015
Extra Payment calculations
Bug fix in Allocation of the amounts in
1.0.3 9/21/2017
Extra Payment calculations