CC Debt: The kind of thing i'm currently manually using Excel for (Simplifi 'could' use this)

RobWilk

I would create an idea post for Simplifi to support something like this, but i know most simplifi users only use credit cards for rewards/protection and wouldn't vote for this. (Note: This may change soon due to a settlement from visa/mc I read about yesterday)

That's usually me, but i'm carrying a credit card balance (due to "emergency" spending this summer), and am working on watching how it gets paid down each month and the effects of that versus minimum payments.

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<chart omitted after the fact by rob as it did disclosed personal financial status - and i decided that simply describing the calculations would be more useful>

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All the columns below have sums at the bottom, one row per credit card

"Oct balance" column comes from the statements

"Cur Balance" column comes from Simplifi

Remain column = Limit - CurBal

Interest and fees comes from statements and/or simplifi (both places)

Min payments comes from statements

Paid = Balances total - Statement Total

bal/lim = % credit used

int/min = % towards interest if paid minimum

Paid minus interest = paid total minus interest&fees total

(paid minus interest) / Paid = % towards balance versus interest

Times minimum = Paid / (MinPmt minus Int&fees)

Interest Saved above minimum = (TimesMinimum minus 1) x Current Interest

Paid + Saved = Paid Total + Int Saved Above Minimum = What I effectively paid versus equivalent time of minimum payments

I realize the math isn't perfect (for example, "Int Saved above minimum" doesn't factor in decreasing balances, and there would likely be some additional spending if i just paid minimum) but it's useful and motivating.

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In the case of the original chart, this help calculate that what I paid this month was equivalent to 9.7 months of minimum payments, and about $1800 in interest charge savings versus minimum payments (it's like I paid 190% of what i actually paid). This was useful information, and motivated me to do my best to pay down balances quickly. Also, if I paid minimum about 54% of payment would've went toward interest, but with the payments i made only about 11% went towards interest.

If every month were like this month, in about 4-6 months I would carry no credit card debt.

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If anyone has other recommended calculations that could be motivating towards paying down debt quicker, that i'm not doing here, please feel free to share below in comments - thanks for ideas in advance.

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I am willing to share the chart again if requested - either public or private - but I don't currently believe the actual numbers were useful.