My philosophy
with debt elimination is that it is a mental game. There needs to be motivating
factors in place in order to stick to the program and become debt free. One great
motivating factor is simply the elimination of a single debt. Therefore, prioritizing your debts is an important element in any debt-free plan.
The Problem
This VBA project was done with the intention to help students I teach at finance seminars. I’ve noticed people are overwhelmed with many different forms of debt (frequently 10+ debts per person), and sitting down and prioritizing the debts in an elimination plan is a daunting task.
The Solution
My ‘Debt Exceleration 1.0’ VBA project uses an algorithm that
prioritizes debts in a debt-snowball schedule based primarily on the size of
the balance (90% weight), and secondarily on the interest rate (10% weight). It creates debt schedules for each debt as well as a graphical dashboard.
The
goal is to motivate while also saving on interest expense where possible. I
plan to distribute this project to past, current, and future students.
Do you have more than one debt? Try it out!
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