Credit card spreadsheet?

[bbcessex]

hi there, I was browsing last night on my phone and in one of the posts saw a link to a spreadsheet for calculating best way to reduce credit card debt, but of course, I can't find it now!!!

Does anymore know what I'm referring to, and if so, can you link please? Many thanks.

I think you're probably talking about a 'Debt Snowball Calculator', you can find an online one here and a downloadable one (in Excel) here.

Is this the one you mean ?

www.mumsnet.com/Talk/legal_money_matters/1987219-SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

Thanks both.. I think the one I saw yesterday was specifically showing how you can reduce credit card debt significantly by over-paying, but those two are helpful too - thanks very much :-)

Yes, the debt snowball works on the principle of paying off the cards with the smallest amounts first, so paying minimum on the cards with the higher balances and throwing your remaining spare cash at the smaller cards until they're gone.

Alternatively you can go for debt stacking and pay off the cards with the highest interest rates first.

and my one shows that by paying the same amount by standing order each month, rather than a direct debit, you can reduce the repayment term on a credit card from 18 to 3 years