Where can I find a debt reduction calculator? In searching the Internet, the best one we have found is put out by CNET. By utilizing this tool, you will able to see just exactly how a debt reduction program can work in your favor.
There are two way you can download the software. You can click on the download button on this page and it will take you directly to the software. The other way is to client on the below hyperlink, and it will take you to the same page. Once there, follow the instructions on the page and you will be able to use the software right from your own computer for free!
Debt Reduction Calculator for Excel 1.2 – Quick specs
- Price: Free to try (Personal Use Only)
- Operating system: Windows Vista, Windows 95, Windows Me, Windows NT, Windows XP, Windows 2000
- Date added: March 17, 2009
- See full specifications
CNET editors’ review
Reviewed by: CNET staff on July 01, 2009
This debt management tool allows users to manage their debts using built-in formulas that automatically calculate the total amount owed and total interest paid. Users familiar with Excel will find it easy to use.
The Debt Management Calculator has three tabs at the bottom of the spreadsheet: Calculator, Payment Schedule, and Chart. The program explains different methods of managing debt, namely the “snowball” or “avalanche” methods. The “snowball” method advises the user to pay the debt with the lowest balance faster, where the “avalanche” method advises the user to pay the debt with the highest interest faster. We entered some sample debts into the Creditor Information Table in the Calculator tab of the spreadsheet, and the program processed the information. The strategy bar positioned below the Creditor Information Table allowed us to choose either method to manage debts, or set up custom options. Clicking on the Payment Schedule tab showed us how much the monthly payments would be, and how long it will take to pay off the total amount of debt. The Chart tab presents the user with a visual display of how his interest will decrease over time.
This program is free and easy to install and uninstall. It does not have a built-in Help file, but provides detailed instructions about how it works to the right of the spreadsheet area. It’s simple to use and provides the user with a handy and visual way to handle debt.
From Vertex42 :
The Debt Reduction Calculator spreadsheet for Microsoft Excel helps you plan how to reduce credit card debt, auto loans, student loans, and other debts. The spreadsheet lets you choose from various debt reduction strategies, including the popular debt snowball strategy (paying the lowest balance first) and the highest interest first strategy. Easily print a debt snowball payment schedule to help you keep track of your progress. The Snowball Growth Chart lets you visualize how your snowball grows over time as you wipe out your debts. Version 1.2 includes templates for OpenOffice.