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 !

Hi @85isalive
Do you mean the mortgage sheet or the credit card sheet.

It cannot cope with variable rates.
Its use is to show the impact of keeping payments steady

Hi @Talkinpeace

I really appreciate you taking time to reply.

Yes, the mortgage sheet. We are on a fixed rate, but it changed last year. Just wondering if I am putting the wrong figs. EG the start of the mortgage was in Aug 2020 but that was at the old rate, so on the sheet should I "start" it from when the current rate kicked in.

Oh and do I put in the current balance owed or the full amount of the mortgage?

For mortgages its best to start from where you are now
I could write one that copes with multiple rates but it would get messy

If you download it you can play all you like and then lock cells

the KEY point is that you need a way to clear the capital

Thank you again @Talkinpeace

I have downloaded it to my PC and I'll try to figure it out!

No matter what figures I put in, using the info I have (rate, term remaining, balance owed and the monthly amount we pay), I seem to be going wrong somewhere, but I will give it another go this evening.

In any case, even without exact figures, it has given me the impetus to pay off as much extra as we can each month/year.

So thank you!

Its not a perfect sheet
its a guide
but if it helps people to see the wood for the trees
job done

@alwayslemons This may help.

Hiya, thanks for the mortgage spreadsheet. One question - would it be easy to change term to months rather than years. If I round up (from 8 years 7 months to 9 years) then my repayments are different to what I expect.

It accepts decimal places !
Just tested

Just bookmarking so I can find this again when necessary.

At some stage I may need someone to explain this all to me like I'm 5 - excel spreadsheets look like advanced maths equations to me so I'm not sure I'll be able to figure out what I'm looking at!

Thank you

I just realised that a Google Docs 'upgrade' has mangled the spreadsheet
will reload and link tomorrow

Right, I think I have managed to mend the original file.

You should be able to get it from the original link and download copies for your own use.