How to Create a Credit Card Payoff Spreadsheet in Excel

[@heatherjohnson6506]

How can you do this if you don't have the sequence option?

[@exceldemy2006]

Hello @heatherjohnson6506, If the "sequence" option isn't available in your version of Excel, you can manually create a sequence of numbers. Enter the first number in one cell, the second in the next, select both cells, and drag the fill handle down to automatically fill the series. This method mimics the functionality of the SEQUENCE function and works for creating payment periods or other sequences. Regards ExcelDemy

[@Orcanian66]

Great video works perfectly. Thanks for sharing.

[@exceldemy2006]

Hello @FrankDominguez-qg5xz, You are most welcome. Please stay connected with us. Regards ExcelDemy

[@elektronikc6591]

Hello! Thank you, as I was able to create a spreadsheet for help with my credit cards. However, when I go to reduce the payment amount I get an error in the No of Payments box. This also doesn't allow all payment rows to show up before payoff. Please help.

[@exceldemy2006]

Dear @elektronikc6591, Thank you for your feedback. We are sorry to hear that you are facing difficulties. Let’s go through the solutions. Note that the Excel file in the video description is VBA macro-enabled. This macro is used to hide the extra rows after the debt has been paid off. Now you can manually hide the rows too, but that means a lot of work. So we have chosen the VBA macro to hide the extra rows. When you download the Excel file, macros are disabled by default. To enable macros for this workbook: Locate the Excel file *>> right-click >> go to the Properties >> check Unblock >>* OK. Or, you can follow the simple steps described in this article to enable VBA macros. Article link: www.exceldemy.com/excel-macro-enabled-workbook/#:~:text=Changing%20File%20Property%20to%20Enable%20Macro%20in%20Excel%20Workbook After enabling macros, you can make a small change to the formula in the B5 cell. Replace the ROUND function with the ROUNDUP function like this: *=SEQUENCE(ROUNDUP(H7,0))* Now, change the monthly payment amount in the H6 cell. Suppose you’ve entered $150 in the H6 cell, you’ll find the debt payoff schedule updating automatically. If the problem persists, you can post a description of the problem with your Excel file in our Exceldemy forum. You’ll find Excel experts to help you solve your problems, signup today and get free solutions. Exceldemy Forum: exceldemy.com/forum/ Make sure to stay connected with Exceldemy!❤🎉. Have a good day. Regards, Exceldemy

[@reneealexander2732]

I like both of these but the interest paid result does not tie between the two methods (when payments are equal). Shouldn't they be the same?

[@exceldemy2006]

Dear, Thanks for your question. We are glad that you like these methods. You are correct that interest pay calculated from the methods is not tied; however, they are close. We are currently looking into it. Thanks once again for noticing this. Stay connected.

[@reneealexander2732]

@@exceldemy2006 Thank you for responding. However, when I enter the same criteria for both minimum and proposed and compare to the same information entered into the manual spreadsheet, they do not tie. I think if two methods are going to be shown then either the return values should match or there should be an explanation of why the two examples return unlike values. This would give the users a better understanding of which would be better for their application as well as the ability to answer why their return value might not tie to someone else's should a reviewer come along and verify the calculations of the person creating the proposal.

[@exceldemy2006]

@@reneealexander2732 Dear, Thanks for your invaluable feedback! We have reviewed our previous file and found a formula error. Sorry for the inconvenience! Don't worry! We have improved the Excel file. Now, they will tie in if you enter the same criteria for both minimum and proposed and compare them to the same information entered into the manual spreadsheet. Please check the following: www.exceldemy.com/wp-content/uploads/2024/05/Creating-Credit-Card-Payoff-Sheet.gif You can download the improved Excel file: www.exceldemy.com/wp-content/uploads/2024/05/Creating-Credit-Card-Payoff-Sheet.xlsm The reason behind this was when calculating interest, we mistakenly added the current balance and did not round the values.