Credit Card debt : how to clear it quickly and painlessly for free (no gimmicks)

[Talkinpeace]

Back in around 2010 I wrote a spreadsheet to explain to a friend what would happen if they only paid the minimum on their credit card.
In 2014 I turned it into its own thread.
The original spreadsheet broke so I've recreated it.

If you pay the minimum on a credit or store card, it will take up to 30 years to pay off.
With a couple of really simple steps, you can clear those debts in a fraction of the time.
Input your numbers here
https://docs.google.com/spreadsheets/d/1KPHwTPSc4gPWfkpe40d9eB4sQxiFHQWBWWKyDJE2Bb8/edit?fbclid=IwAR0v9lej8-vhssaMFwL1Y9vKw85HKY_Vq3fpCaOn0g3OkSsBXKKx5JOkZbI#gid=612092852

The spreadsheet is a general resource - feel free to download to your own computer and make use of it.
Please do not damage the master copy - I do check it periodically.

Since I wrote my spreadsheet, the FSCS have endorsed my approach, as has Martin Lewis of MoneysavingExpert - it is a variant of snowballing.

Its the absolute opposite of consolidation loans that make things worse.

PS my friend decided NOT to put the expensive purchase on his card and is now debt free !

Thank you for your service!!

No worries !
I need to make the three sheets more robust (I am working on the other two in between tax returns)

@violet19
I saw your post on a different thread. Have a look at the spreadsheet at the top of this one.

@Talkinpeace I would really like the mortgage and budget sheets if and when available. Thanks so much.

Mortgage spreadsheet is here
https://docs.google.com/spreadsheets/d/1sCqgsXeOwe5NfwFkslED2QIPooWTWSmr7XEklE5Io-4/edit?fbclid=IwAR1Fa40Ode_IfAbllxv-zC4zynLQ3Nzn7dfhiD9k-3nk6Fs3iW8b5dSJwzg#gid=270442784

It allows you to compare

• interest only
• repayment
• overpaying
• mortgage term
• and shows how much profit the bank make !

-

@Talkinpeace Hi thanks for this wonderful resource.

I have a quick question to ask your opinion: I have heard that if you take whatever you are going to pay monthly (let’s use £500 a month) with a payment date of the 28th of the month, and you have the ability to pay £250 at the beginning of the month and the balance of your planned payment, (£250) that you would be able to save even more in interest because the interest on the balance compounds daily. Is there any truth to this?

thanks so much!

Secret
It will make a difference, but a very tiny one

I remember using this maybe 6 years ago when I was trying to save for a mortgage deposit and it really helped me see what to prioritise paying off for the best long term impact. It'll be two years next month in the house I bought after getting my arse into gear 😀

Nice to see you back.

Watching with interest <no pun intended >

Ooh I would love the budget one - I've been trying to build my own with extra sheets for my overall assets and my pension provision but I'm a novice!

Budget one : I'm still trying to work out how to make it as "clean" as the other two

Assets and pensions - I think I'd best avoid because I am not an IFA and I'd hate to give people ideas about investments that could backfire.

I'll try to get the budget one working in a day or two.

@EnglishGirlApproximately I think for a lot of people the hundreds of rows really bring home the differences in the options.
Glad it helped back then and hopefully will again.

Following

This is amazing, thank you OP!

I can't get it to work for me though- I am putting in my min payment as a value rather than an interest percentage, could this be why?

@sweetpickle23
on your credit card statement it will show the minimum percentage and minimum value
eg 3% and £5

Budget spreadsheet is here
it is very very fragile so if you want to play its best to save it to your own computer
but the category layout works
https://docs.google.com/spreadsheets/d/18tZMUHmggm2qKrNQFllGhzDbyo-7u8RfV0zdqf1auM0/edit#gid=1304258264

Share settings updated !

Thanks so much. Will give this a go and report back.

@Talkinpeace

Hi. Thanks so much for this resource. How do I access an editable version please ? Thanks

@specialk9 which one do you want ?
I'll message you a download link

The credit card debt one please. Thank you so much !

I've just mended it.
You should be able to save a copy to your hard drive to play with

Hi @Talkinpeace I just downloaded a copy of the mortgage sheet. Thank you very much for sharing your knowledge!

Excellent stuff.
Every person who uses the sheets to better understand borrowing
is more in control of their finances.

I am a bit confused as when I enter our figs, the monthly payment amounts in column G don't match what we're actually paying - I wonder if this is because our rate changed last year?