How to Create Credit Card Payoff Calculator with Snowball in Excel Make Credit Card Payoff Calculator with Amortization in Excel << Go Back toFinance Template|Excel Templates
When you are ready to pay off your credit card debt, there are a few different strategies that can reduce your credit card debt & bring balance to your financial wellbeing.
Thedebt snowball methodfocuses on small victories when tackling your credit card debt. When you use this method, you’ll make at least the minimum payments on all your accounts. But you’ll focus on paying off your smallest debt first, followed by the next-smallest debt and so on until ...
So, a general rule of thumb is that if the nominal rate of the card is significantly higher than your other debts, pay it off first even if there is a 0% introductory period. If the nominal rate is equal to or lower than your other debts, then apply your snowball first to the debt...