Determine how much money will be needed to pay off credit card debt with a free download for Excel, OpenOffice or Google Docs. The versatile spreadsheet will show how credit card balances can be managed and paid off early to help reduce debt. Financial freedom and independence can be realized when credit cards are paid off. This can be done through a debt reduction process.
The Free Credit Card Payoff Calculator Helps to Manage Debt
The free Credit Card Payoff Calculator will answer the question everyone has about how much it will take to completely pay off credit card balances. The calculator will assume interest rates will remain the same. The spreadsheet is easy to use. The current balance and interest rate is entered in the appropriate fields.
Next, enter the maximum monthly payment amount the user feels comfortable paying. This criteria will allow the calculator to generate the total number of months needed to pay off the credit card. Alternatively, leave the monthly amount blank and instead enter the number of months the user wants to be out of credit card debt. This criteria will calculate the monthly payment amount automatically.
The Credit Card Payoff Calculator works with Excel 2002, 2003 or 2007, OpenOffice or Google Docs. Simply download and open the file, no installation is necessary.
Download the Free Credit Card Payoff Calculator by clicking this text.
Help for the Credit Card Payoff Calculator
The spreadsheet file uses a worksheet as a help file. The help file will provide the user with step by step instructions as well as definitions of terms used in the calculator.
Pay Off or Reduce My Credit Card Debt
The purpose of a credit card debt reduction calculator is to help the user develop a plan to get out of debt. Each person's financial situation has individual needs. A successful plan will incorporate the calculator information and other aspects of the overall financial goals. A few guidelines will apply and adjust regardless of other variables.
The first step to successfully eliminate credit cards is to lower the amount of debt. This can be done by simply calling the credit card company and asking them to lower the interest rate. Consumers who have improved their credit rating since opening the account and who have successfully made payments on time, may receive a lower rate just by asking.
Consumers who are late with payments may also benefit from calling the credit card company and asking for their debt to be reduced by removing some of the balance from the card. The company will sometimes agree to this if they fear it is the only way they will receive any money from the account holder.
Stop using the card. It is almost impossible to pay down debt while, at the same time, charging new debt.
Related Article: Debt Reduction Calculator for Home Budgets
Reference: Vertex Credit Card Calculator
Jennifer Terry - Jennifer Terry has worked to promote self-determination and consumer education for 10 years. She has been writing since 2004 and has been ...
