Credit Card Debt Payoff

Credit Card Debt Payoff Printable: 💳 Free Pdf & Excel Download 2022

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Credit Card Debt Payoff Printable

Are you using a credit card on a regular basis? If so, you may not be tracking your activity as you should. It can also get to the point where you might get yourself into serious debt.

If you are looking for something that will get you close to a credit card debt payoff, we have a little something for you. We have a printable credit card payoff worksheet that you can use on a regular basis. We will show you how to use it, why it’s important to have, and the benefits of having one handy for as long as possible.

The average credit card debt that American families have is estimated at around $6200. And it might be you that will be saddled with plenty of it if you continue to use it with reckless abandon. It’s easy to get into credit card debt, but hard to get out of it.

With this free credit card debt payoff printable, you will be able to keep track of your credit card activity while being able to keep tabs on how much debt you need to pay off. Use it for as long as possible so you are able to stay ahead of the curb while keeping yourself away from any future debt that you’ll incur at some point.

Related content: Check out the top debt payoff apps

Credit Card Debt Payoff Printable

Our credit card debt payoff tracker is free to download.

Free Credit Card Debt Payoff Printable Download

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Credit Card Debt Payoff Calculator Spreadsheet

If you prefer to use a spreadsheet then you can keep track of your credit card activity with our credit card debt payoff spreadsheet below. The free calculator chart can be downloaded and used with both Google Sheets and Excel.

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Now, let’s talk about how you can use this credit card debt payoff spreadsheet to your advantage:

How To Use The Free Downloadable Credit Card Debt Payoff

Above is a sample of the free downloadable credit card debt payoff. The way it works may appear to be simple on paper. But it can get a little complex at first.

But first, let’s break down this sheet in its entirety:

Starting balance: First, you plug in the starting balance. How much do you owe in terms of credit card debt? For example, let’s say your total credit card debt is $5000. So that’s what you plug in. Below, you enter the starting balance into the credit card debt payoff calculator. After plugging it in, you will need to add the payment amount (which we will explain next).

Minimum payment: On the top right-hand column, you will see the minimum payment. This is the amount you’re planning on paying per month. For example, let’s say that your minimum payment is $1000. Add it to the minimum payment section at the top of the chart. Next, plug in the same number in the calculator under the ‘Ending Balance’ column. It will automatically calculate your new ending balance. Take the ending balance from the previous payment and repeat the process. For example, if you subtract $5000 from $1000, you get $4000 (excluding interest). Start from that remaining balance and plug it into the new starting balance and go from there. 

Monthly goal: The monthly goal is the amount you want to pay off. You can set a goal that you know is achievable. For example, if you can afford to pay off $1000 of the remaining debt, make that your goal.

Pay Off Goal Date: What’s a realistic timeframe of when you want to pay off your debt? 3 months? 6 months? A year? Think of a realistic timeframe and make sure that you stick with it. 

Interest Rate: What is the interest that you are charged for the remaining balance? Plug in the interest rate at the top row. This will give you a good idea of what the remaining balance will be for the next month. For example, if the interest rate is 1 percent, then you’ll notice the calculator adding on that interest to the new ending balance. 

Due Date: When your payments are due. 

As you can see, paying off credit card debt in full is the goal here. And this spreadsheet with a built-in calculator will serve as your best tool yet. The last thing you want to do is lose track of your payments or not know about how much debt you have leftover.

Related content: Debt Snowball Worksheet

Why Should You Use This?

The reason is simple: you want to pay off credit card debt fast. Especially when you don’t want it to keep piling up. The more debt you still have, the chance that you will also need to pay interest on top of what you owe. 

If you’re looking for a credit card debt payoff plan, the company that issued your card will be happy to make arrangements for you. Keep in mind that not all payment plans are created equal. One credit card company may have a longer time period for payment plans compared to others.

Furthermore, some credit card debt payment plans may be shorter than others. You may also be dealing with higher interest rates. That’s why it is important to have a credit card debt payoff strategy in place.

Another reason why you should use this spreadsheet and calculator is motivation. When you open this up, you will take a look at the balances that you have paid off so far. It is a reminder of how far you have come (and how closer you are getting to your goals).

You’ll look at it and be proud of your accomplishments. It should motivate you enough to help you continue making the regular payments. Otherwise, you will see the amount of debt grow even greater.

Don’t forget, you will also find yourself paying off more debt plus interest. Interest is no joke when it comes to paying off credit card debt or something similar. Keep that in mind as you pay off your leftover debt. 

Related content: The best debt consolidation companies

Credit Card Debt Payoff

The Benefits Of Paying Off Credit Card Debt

There are several benefits that come with paying off credit card debt. The faster you get it done, the better. After learning about these benefits, you will be dying to know how to pay credit card debt off quickly.

Let’s take a look at the following benefits:

You will have more money in your pocket: Think about it. More money in your pocket instead of going to the credit card company. You may be paying off credit card debt with a 401k. Taking money out of your 401k will have you paying extra in taxes. Shouldn’t you put more money in your 401k rather than take it out?

Peace of mind: After paying off credit card debt, you’ll have peace of mind knowing that you will no longer have to wrestle with it. But you might have other debt to deal with as well. But still, one less debt out of a few others is better than having so much to the point where it may be a greater struggle to keep up.

Less overall debt to juggle: Circling back to the previous benefit. You may be dealing with other debt that is not credit card related. But you can then focus on the debt that is a greater priority to pay off. 

Better money management: One of the things you’ll learn while paying off credit card debt is you’ll know how to manage your money a little bit better. Rather than spend recklessly, you will learn to stick with a budget and know exactly when using a credit card is warranted. You can take it a step further and throw away credit cards you don’t want to use anymore.

Need professional help getting out of debt? Curadebt might be your answer.

Credit Card Debt Payoff Tips

Now, we’ll be taking a look at some paying off credit card debt tips. If you are not sure where to begin or know what to do, this section will be of big help to you. Knowing the tips of paying off your debt will keep you on the path towards freedom (especially from this kind of debt).

Let’s take a look at the following:

Set a goal: This is just stating the obvious. If you want to pay off your credit card debt, you want to set goals. How much are you willing to pay off monthly? How long are you planning to pay it off? These are some realistic goals that you want to consider.

Find a good app: Aside from the credit card debt repayment calculator, you can find a credit card debt payoff app that will keep you in check. Sure, using a calculator is just one thing. But it’s good to have something else to use to ensure that not only you are paying off your debt, but making sure both the app and the calculator are on the same page. Find the best credit card debt payoff app on your mobile phone, tablet, or computer as soon as you can.

Try to pay more than the minimum: Paying the minimum every month is fine. However, you may want to consider the idea of paying a little more than that. For example, if you are paying $1000 a month and have a little extra money, try and shoot for a month where you can pay $1100 or even $1200. 

Consider paying it off with a 401k or personal loan: The good news is that you can use a 401k loan to pay off credit card debt. You can also use a personal loan to pay off credit card debt as well. But there is a caveat for either option: you need to have very good credit in order to pull this off. Having a high credit score will make it easier for you to get approved for such loans. It may seem counterintuitive, but having excellent credit is a sign that you will be very reliable when it comes to paying off your debt. Sometimes, loans to pay off credit card debt may not be the best option because of your credit. 

Determine if saving is better than paying off: The question often asked is this: is it better to pay off debt or save? The answer comes down to how high of an interest rate you’re probably going to deal with. If you are dealing with high-interest debt, the amount of money you are saving up can go towards it. But keep in mind, you still need to save up enough for emergency expenses should things go south. Using the amount of money that you saved will considerably bring down the debt that you owe. And it might give you enough breathing room to do regular payments per month. 

Combine debt if necessary: You may have more than one credit card to pay off. If that’s the case, then be sure to add it all up and then make minimum payments for each one. You can use the calculator to pay off combined debt or assign each card a sheet in order to keep things a little more organized.

Make your budget manageable: You want your budget to work for you, not against you. Especially when you have a paying off credit card debt plan. Keeping and maintaining a realistic budget is one of the best ways to ensure that you are still able to take care of other expenses aside from what you’re paying for credit cards. 

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Final Thoughts

If you want to know how to pay off credit card debt quickly, the tips listed above are a good start. But it is also important to keep track of it using our ‘how to pay off credit card debt fast calculator’. It may be a difficult thing to do.

But as long as you keep track of it, you should be in good shape. Whether it’s a credit card debt pay off with a loan or otherwise, tally up your credit card debt payoff using the calculator on a regular basis and never worry about losing count. 

Knowing how to pay credit card debt off quickly takes time. Especially when a lot of people are still stuck on figuring out where to begin. The benefits of paying it off far outweigh the disadvantages such as having more mounting debt and interest to top it off. Don’t wait any longer and put together a plan starting now.  

Related content: Learn how to budget as a couple 

Credit Card Debt Payoff Printable

Our credit card debt payoff tracker is free to download.

Credit Card Debt Payoff Printable

Free Credit Card Debt Payoff Printable Download

FREE DOWNLOAD

Send download link to:

Subscribe to get exclusive content and recommendations every month. You can unsubscribe anytime.

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