A debt reduction calculator has been introduced so that a user can use Dave Ramsey's Debt Snowball advice to get rid of debts and look forward to financial freedom. You can decrease your worry and debt by taking proactive measures using the Free Debt Reduction Calculator which can be used with Open office and Excel. You may feel that making a mental note of the expenses and budget amount is adequate, but after you make use of the "/Persona l Finance">personal finance calculator and the associated spreadsheets, you will see the difference for yourself.

These spreadsheets are available for use and you can download it for free. All you need to do is enter the numbers according to the directions and the results will be calculated automatically. It has been made by Vertex 42 which has created many other similar workbooks such as the calculator for mortgage payment in an iPhone, a calculator for auto loans and a calculator for mortgage payment which compares payments for each mortgage.

Download Free Debt Management Software

Using the formulas that have been put in advance, you can find out the total interest that has been paid and the total amount owed. The household budget can be easily decreased using these calculations. Using this easily available financial aid, you can save a lot of time compared to putting the relevant formulas on your own.

You can download Debt Reduction Calculator by clicking this link.

Manage Household Budget

The workbook contains three tabs named Payment Schedule, Chart and Calculator. The worksheet describes ways of decreasing debts steadily using methods such as the "Avalanche" and "Snowball" methods.

The Calculator tab contains a Creditor Information Table where you can enter debt to be entered in the financial spreadsheet. Processing of information occurs automatically. The strategy bar has two consist of choosing one of the two methods, Snowball or Avalanche. Custom methods can also be used. The Payment schedule helps you to be informed about the amount to be paid and when they are due, considering then debts that are to be managed. If you want an overall picture about the debts, then the Chart option is extremely useful as it shows the way the interest and the amount is going to decrease over a period of time. The best part about the Chart option is the way it gives a clear picture of how the debt will behave in the future.

The Debt Snowball or Avalanche?

Dave Ramsey suggests the Snowball method which is a very useful part of the Total Money Makeover system. In this the lowest balance is paid by the user first. On the contrary the Avalanche method makes the user pay the higher amount first.

A print out of the payment schedule can be taken to make sure you make payments on time. The Chart helps you to have a look at the way the debt reduces as and when you make monthly payments.

Take Control of the Household Monthly Bills

The program can be downloaded for free and it gives the exact steps to enter the relevant data in the various cells on the sheet. The workbook is easy to understand and helps you with your home budget. This financial tool is excellent if you want to take control over your financial difficulties such as student loan, personal debt, credit card payments and car loan.