9/2/2023 0 Comments Pay it down template excel![]() Now that you have a debt spreadsheet, you should have a clear picture of what you're dealing with. Here is a tool you can use to create your debt spreadsheet: However, it will be your goal to put as much extra money as possible towards your monthly debt payments. After you've created a household budget, you'll know how much you can aim to pay on each card for a debt repayment plan that works for you (column F). You'll then have a clear picture of your total amount of debt and the minimum amount required to stay current with your payments. Here is a sample of how to set up your spreadsheet:Īdd the totals in columns D, E. Create a spreadsheet (Excel works well) so that you can track your progress as you pay down your debt. In the end, the hassle, fees, and uncertainly of transferring balances often isn't worth it.Ĭollect all your current credit card statements and other bills in which you carry a balance. Be wary of the Universal Default clause which states that if you are late in paying any bill, your APR on an unrelated card could riseĪs always, read the fine print.Low credit limits can lower your credit score.Transferring too often can lower your credit score.This should only be done with extreme care and with full knowledge of possible pitfalls such as: ![]() If that still doesn't work, you may be tempted to shop around for a new card. If you don't get the answer you want the first time you call, try another day. More than half the time, customers who call end up with lower rates. ![]() Is there anything you can do to help me out?” I would like a lower rate, otherwise I will cancel my account with you and get another card. I've been a good customer and have been getting offers in the mail from other credit card companies with lower APRs. Sometimes it's as simple as making a phone call. Make sure you call all your lenders to request one. If you have a good FICO score (720 or higher) you may be able to qualify for lower credit card rates. Avoid putting it on ice as well, which could damage the magnetic strip. Don't close the accounts entirely – that could impact your credit score negatively. From now until your credit cards are paid in full, you should only be using cash for what you need.Ĭut up all your credit cards except for one to keep for emergencies, and leave it out of your wallet to avoid temptations. Don't take on any new loans either (if your car breaks down, repair it). Stop all unnecessary spending and retire your credit cards until you can pay them off. You can't get out of a hole if you continue to dig. A spreadsheet and a plan can make debt management a lot easier. You may reach your destination eventually – but it will take longer to get there and you'll undoubtedly get frustrated along the way. Trying to pay down debt without one is like going on a trip without a map. Instead of just wishing it would go away, take action and get it under control by coming up with a plan to pay it off. If you're like most Americans, you've got some amount of consumer debt.
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