![]() Here's another great question that everyone seems to be asking, "How long will it take to get out of debt?" How Long Will It Take to Get Out of Debt? Want to see how the avalanche tool works? We made a quick video for you: "SAVED my life! This spreadsheet guided us to the path of being debt free in 2 years! And even mortgage free in 8! It has motivated us! Thank you so much!" One of our clients, Courtney, had this to say: Make a small investment, get your instant download, and create a plan to become debt-free today. Want to set up your debt avalanche worksheet in just a few minutes? Check out our digital tools on Etsy. More on this coming in the sections below. This is where the answers become less clear (everyone has their own opinions). And, this is why the debt avalanche excel spreadsheet is such an awesome tool. But after ticking off the obvious debts above, what's next? Pay them what you owe and be done with it.īeyond the government debt, you want to pay off the obscenely high-interest debts, which means payday loans and super high-interest credit cards. If you owe the government money, it's likely back taxes that you haven't been able to pay. Number one on the list should probably be government debt (since they have infinite power and can actually take money out of your bank account to pay themselves). Put simply, pay off the debt that's doing you the most harm. Okay, so of the consumer debt, where should you start? Which debt should you pay off first? ![]() Again, pretty much every kind of debt other than your home mortgage. This includes payday loans, government debt, credit cards, medical bills, car loan debt, student loans, etc. The general rule of thumb is to start with your consumer debt (i.e. Which type of debt should you pay off first? ![]() FREE Debt Snowball vs Avalanche Calculator and a more extensive explanation of the Debt Snowball vs Avalanche Methodįirst things first.Free Debt Snowball Spreadsheet and more explanation on the Debt Snowball Method.Let's first go through the basics of what you should do, then I'll introduce the free debt reduction spreadsheet, and then we'll talk about one other method that might work for you too (don't worry, it's not complex-just another simple free tool that I made). Just enter in your debts and the free debt avalanche payoff worksheet will do the rest.īut I'm getting a little ahead of myself here. I created a free debt avalanche excel spreadsheet to take all the guesswork out of your debt journey. Our partners don't dictate what we choose to write. When creating content, we adhere to high editorial standards to make sure the information presented remains objective. Pages on LifeAndMyFinances may contain affiliate links to products for which we receive a commission when a user makes a purchase. ![]()
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