by CI Staff
The Debt Reduction Calculator is a Microsoft Excel spreadsheet that helps you plan how to reduce credit card debt, auto loans, student loans and other debts. Its easy-to-use format and built-in formulas can help alleviate your financial stresses.
The application contains two different tabs. The first one is the Calculator tab. There are a couple different debt-reduction strategies in the Calculator tab that the user can choose from. The “snowball” strategy encourages the user to pay off the lowest balance first and the “avalanche” advises the user to first pay the debt with the highest interest. The program explains each theory and the positives and negatives of each approach, so you can choose which strategy fits best with your financial situation.
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