Resources

Calculating Average Daily Balance With Free Spreadsheet

Many credit card companies use the Average Daily Balance Method when calculating how much interest they charge their customers during a particular billing cycle.  I have created a free-to-download spreadsheet that will help you calculate – The Average Daily Balance The Impact of Purchases and Payments The Impact of Timing Your Payments The Amount of Interest Charged During a Particular Cycle The spreadsheet is free for you to download and is available in two versions: Be sure that you select ‘save as‘ or ‘save link as…‘  If you select ‘open with’ the file will open as ‘read only’. Click here to download Microsoft Excel version. Click here to download Open Office version. Here are some screen shots from the spreadsheet…

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Debt Story, Motivation

You. Can.

In April of 2005, I had an ‘ah ha’ moment.  As I sat staring at the paltry amount of money in my checking account, it occurred to me that I had been working for more than half of my life, and yet, I was broke, in debt, and I had no plan for my financial future.  I had less than $1000 to my name.  I had worked, hard, for more than fifteen years, and yet I had no savings, no emergency fund, and no idea for how I could ever retire or pay for my kids’ college. Scared, and more than a little frustrated, I made up my mind, then and there, to do SOMETHING about my situation.  I took…

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Debt Reduction, Guide

How To Get Out Of Debt – An Illustrated Guide To Debt Reduction

If you want to get out of debt, you need three things – a plan, some money, and lots of determination. I can’t provide you with the money or the determination, but I can give you some ideas for how to create an awesome plan. List your creditors, your current balances and your current interest rates. If you want to rid yourself of those pesky smaller balances, regardless of interest rates, list your debts smallest balance to largest balance.  This method is commonly referred to as the Debt Snowball. If you want to ensure that you will pay the smallest amount of interest, over the course of your debt reduction, list your debts highest interest rate to lowest interest rate. …

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