If you have ben struggling to payoff your debts either on credit cards or loans from any financial institutions, the snowball method remains the best and will be teaching you how to use the power of snowball debt payoff spreadsheet to do this for you without spending any extra dollar.
The spreadsheet will assist you to select different debt reduction method like snowball which means paying the lowest balance first with higher interest rate.
Let me now give you a sample scenerio of how a very close friend of mine has used debt payoff worksheet snowball to do this and he was able to settle all the entire debtsinstead of the previous plan of 27 months, my friend spent just 9 months to get rid of it all.I want to assume that you have the following debts listed below as your current debt and ready to payoff all these debts using snowball spreadsheet method:
- credit card x - $200 balance to pay = $20/month minimum- credit card y - $600 balance to pay = $40/month minimum- study loan A - $4000 balance to pay = $400/month minimum- car loan c - $7500 balance to pay = $1000/month minimum
The above listings are the agreed repayment plans but I know if you want to use debt snowball method, then you can renegotiate and reduce the monthly paymentfor car lloan c to $800/month minimum and also change study loan A to $300/month minimum. With respect to this, you would have gained extra $300 per month toprevious plan and you will be able to clear off your credit card x in just one month in compared to 10 months as earleir planned.
Once you are able to do this in the first month, it is now very possible for you to clear others one after the otherand you will just need to focus on the other3 loans which are credit card y, study loan A and car loan c which is the last and tthe biggest among them all.
One thing is that most of this debt payoff worksheet snowball has columns like Items, Total Payoff, Minimum Payment and Payment Remaining in them. I will lead you toa very simple blog where you can get some of the other tips you need to consider as well concerning snowball debt payoff spreadsheet and debt payoff calculator snowballexcel download free.
Snowball Debt Payoff SpreadSheet blog is a newly developed blog with lots ot quality contents from professional bloggers who have used this system before and ready to share their stories with you
Source : articlesbase.com
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