Are you currently in debt and have no idea how to get out? Well, there’s two different ways to improve your current financial situation. First is to make more money and second is to decrease spending. Our debt snowball calculator is an excel based template that creates a debt reduction plan for you. The reason it’s called a debt snowball calculator is, because once you pay off one debt account you apply those payments to another.
After you’ve gone through and entered our Debt Account Names, Debt Category, Minimum Payment, Interest Rate, and Current Total Balance you’re ready to go!
Now you can see how much interest you’ll pay over a period of time. This allows shows you how the debt snowball calculator can compare your account balances and the interest paid on each account. Here’s a tutorial on how to use it.