A debt snowball spreadsheet is a tool that helps individuals track and manage their debts. It is a spreadsheet that lists all of the debts, including the balance, interest rate, and minimum payment. The spreadsheet is used to create a plan to pay off the debts as quickly as possible. The debt snowball method involves paying off the smallest debt first, regardless of the interest rate. Once the smallest debt is paid off, the extra money is then applied to the next smallest debt. This process is repeated until all of the debts are paid off.
Debt snowball spreadsheets can be beneficial for individuals who have multiple debts and are struggling to make payments. The spreadsheet helps to create a plan to pay off the debts in a systematic way. This can help to reduce stress and anxiety, and can also help to improve credit scores. Debt snowball spreadsheets have been around for many years, and have been used by millions of people to successfully pay off their debts.