If you've gotten in over your head with debt, then you know how tough it is to get out of the hole. Each month it gets worse, as you pay off interest only, not principal. There seems to be no end of debt in sight. However, with some smart financial planning, you can help yourself get out of debt. If you can't afford to hire a financial planner--and if you're in debt, you most likely don't have the ready cash to do that--Debt Reduction Calculator is a great alternative.
This free Excel spreadsheet and accompanying documentation includes a variety of strategies and what-if scenarios to help you get out of debt, including the "snowball" strategy in which you pay the lowest balance first, as well as others. Input your plans for paying off each of your debts, then see the results, including monthly payments, total interest you'll pay and so on. Then follow the strategy, follow its progress with the spreadsheet, and change strategies if you need to do so.
Note: This link takes you to the vendor's site, where you can download the latest version of the spreadsheet.
--Preston Gralla
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