how to make a credit card amortization schedule excel

Please keep in mind that just because you can make a minimum payment doesn't mean you should. You don't have to pay off the whole balance each month, but credit card companies require you to make a minimum payment to reduce your credit card balance. On top of that, it will affect your credit score in a negative way. If you miss a payment or make a late payment, there are late payment fees and interest charges. There is a due day for each payment, as long as you are making payments on time, you are building good credit. Using and making monthly payments on a credit card is a good way to build your credit score. Today's society makes it hard to imagine a life without a credit card. Without a credit card, you cannot buy things online. As soon as you pay off the $500 balance, then the limit is reset to $3,000.Ĭredit cards offer you the convenience of making purchases. As soon as the borrower pays off the credit card balance, the limit will be reset.įor example, if you are given a credit line of $3,000, and spend $500 this month, the maximum you can still use is $2,500. These calculations are meant to help you plan your finances, but they are not official legal, tax, or financial advice.Credit cards offer borrowers a line of credit where they can buy things on credit up to a limit. This spreadsheet is for your personal use only, you may not share this file or sell as your own. Mac and PC versions of Excel look slightly different. The listing video and photos were taken from a Mac version of the Excel file. You will need the Microsoft Excel application on your computer.Įtsy has a very helpful explanation at this link: Want to learn more about the difference between credit card debt (revolving) and home or car loans with set payments (installment credit)? An internet search for 'revolving credit vs loan' will yield helpful results (it did for me!).

This is a tool for credit card debt (revolving credit). Looking for a Google Sheets version? Find it here: Microsoft Excel file (.xlsx) spreadsheet that you will download after purchase. Easy to use: You only have to fill in 4 fields! File includes a Getting Started tab to help you get rolling, and three different timeframe options (1, 3 and 5-year). This spreadsheet is meant to help you calculate and visualize your credit card payoff plan. Financial tools for the cost of a fancy coffee! Buy 2 or more items from my shop, get 25% off your entire order with HOPE2022 at checkout.

How to make a credit card amortization schedule excel