Thanks for hearing me out fellow Redditors.Įdit: formatted block paragraph style several times. (I might not finish setting it up until the weekend to be honest due to my work schedule).īigman2689, I can't wait to be like you, where I have paid off this debt, and can report that it is in my rear view mirror. Even if it takes me 4 or 5 or maybe 6 years to pay off these credit cards, at least by noon tomorrow, I will have it on my Debt Reduction Calculator Spreadsheet: which strategy I will follow for now, how long I will have to make the payments I can afford to make for now, etc.īottom Line: Thank you again OP for this straight forward, informative, no BS credit improving link you have provided!!!! I will post again when I have everything set up and at long last know what my debt path looks like. If you want to check out various ways that you might want to pay off your own debts, watch the 5 minute tutorial (see the link in the post above). This program can easily switch to other strategies. Most importantly are the tools that are provided that show you if you choose to pay off your debts by paying off your highest interest charging debts first, how long it will take to do this, how much interest you will pay each creditor to achieve this, and so on. I watched the tutorial, I have downloaded the simple spreadsheet and I am ready to start entering my own debts in the column clearly marked "Creditor Name".
I have spent the last 2 plus hours studying the site you recommended and I know this site is going to work out very well for me.
I have also downloaded free templates I have found online that haven't worked out for me for various reasons such as too many categories that I could not change, or I found myself just data entering debt payments month in and month out without any sense of working toward a goal, other than to obviously pay off these debts one day. Two years later I decided that neither program was for me due to their hyper complexities and both programs having far, far more bells and whistles than I will ever need, even though I lead a fairly complicated life with older kids, younger kids, I own my own business, etc.
In an effort to manage that expensive type of debt, I have bought two types of software and tediously learned to use them one at a time. In the last 6 years I have been forced to take on credit card debt.
I can’t wait for July, 2021 to be (mostly) debt free!!!! I hope this tool helps someone as much as it’s helped me.
It’s fun to sip a glass of wine and see how an extra $10 here, $20 there can lessen the amount of time (& total interest!) it will take to pay everything off. I’ve been able to stick to the payment plan it provides for 10 months now, and I’m actually 2 months ahead on my payoff schedule due to small additions to my snowball. I have seen a lot of debt management tools in the past year or two, and in my opinion this one is the absolute best for laypeople like me. Uncle Sam can wait.) It has every single feature I could ask for, plus some I didn’t even know I wanted.
It’s easy, user friendly, has a great quick start video on the site, & features multiple strategies on how to repay your debts (I will note that I haven’t input my student loans, just my personal debts, so I don’t know if this template is right for them. After months of looking for a free, comprehensive template to use for Excel (not proficient enough to make my own) I found it: It became a game and I wanted to win, with the grand prize being able to start saving for a down payment on a house. Over the past 10 years I got myself into ~$17,000 in credit card debt across 5 different cards, plus $51,000 in federal student loans and (at time of purchase) a $13,000 car loan.Īt a certain point I became the kind of person who spent their free time researching methods/calculators/advice on how to pay off debt as efficiently as possible because it was legitimately fun to me.
Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.ĮDIT: There’s templates for Google Sheets and OpenOffice too! Get your financial house in order, learn how to better manage your money, and invest for your future. Private communication is not safe on Reddit.