Debt Reduction Calculator, the numbers and when this might be over...

iVillage Member
Registered: 04-21-2011
Debt Reduction Calculator, the numbers and when this might be over...
Sat, 10-22-2011 - 9:24pm

Hi there,

I found a great tool that can be downloaded and saved on your own PC/laptop and used over and over:

Apart from my own week-to-week spreadsheet that currently holds every expected bill/expense/sinking fund/etc till March 2012, I came up with the following numbers:

Creditor Balance Rate Payment MBNA
iVillage Member
Registered: 08-24-2007

Hi silviatic:

Thanks for posting your numbers -- it was very brave of you!


empty purse

Community Leader
Registered: 08-25-2006
Thanks for sharing! You are right, debt is partially relative to ones ability to pay. I see some payments people are making and think "gosh, I would be out of debt in a blink of any eye if I had that kind of discretionary funds."

I may have to check out that calculator. I only have one CC, but have a personal loan for my transmission, auto loan and medical bills.

Thanks again!
iVillage Member
Registered: 04-21-2011

Hi Kate,

Yes, the numbers reflect months, and it is based on the snowball strategy, so I'll be paying the same amount to each credit card no matter whether the minimum will go down, and when I finish one, I just add that money to the next CC and so on...obviously, it will work only if I can renew the contract and everybody keeps a job, no major illnesses and no more use of CCs, which, as you all here might now, almost impossible because live is unpredictable and chaotic no matter what you do (it is its nature)

iVillage Member
Registered: 01-12-2008
Do you have a efund? That is the first step, and I think most also believe, as it prevents you from using a CC if a emergency happens. I believe that most start to get 1K saved, then start to throw the extra at the cards.
iVillage Member
Registered: 12-31-2010
It is sometimes good to get things on paper because then you can at least develop a plan of action.
Vanessa is 100% correct - the first thing you should do, before paying any extra on debt - is to get that $1000 Baby Efund in place. Then get all those credit cards cut up so you never have to go backward again. You become your own safety net - that is the definition of responsibility, taking care of oneself. Credit cards are a crutch of dependency.

I started a lot higher than you did, and we are making huge progress, even with both kids in college now. It takes a ton of hard work, and people do not realize how much in taxes higher earners make that cannot go to debts.

Make smaller goals and do celebrate them, as it will really help you stay on track.