The snowball debt means to pay off one debt at time with all the cash you have until the cash is fully paid off and the move to the next debt and repeat it so that the full cash may pay off. Commonly the debts are paid at their minimum rate until the extreme need of a credit card to be snowballed. With the help of snowball excel or snowball calculator, all of your debts which are snowballed may recorded in it with an order of they paid off. Debts snowball excel helps you to keep on the track of progress of your business and also to prioritize your important and valuable debts.
Features of debt snowball excel template
The priority of debts which are going to be snowballed also determined by the debt snowball excel template. The total interest amount and the total amount owed from the business may calculate by using this valuable debt management tool by using the Microsoft excel formulas. The process of snowball the debt is start from the debt of minimum amount or the smallest debt. Once the smallest debt paid off, then add this minimum payment to the next small debt and continue the process of snowball of the debts.
You may enlist all the debts that snowballed by you for the business purposes. Listing the snowballed debts depends upon the priority and amount of the debts. The strategy of paying the small amount or lowest balance first and the highest interest rate first is used in making and maintaining the spread sheets of the snowball debts. Debt snowball excel spreadsheet is designed in a way that you simply add your debts in it and the final accumulated result shown to you in a bit of second in the end sections of the spread sheet.
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