Template
Debt Payoff Tracker
When you owe money on several fronts — a personal loan, a car loan, two credit cards — it is hard to know which one to attack first. This tracker lists every debt with its balance, interest rate, and minimum payment, then helps you apply a clear payoff method: avalanche (highest interest first) to save the most money, or snowball (smallest balance first) for quick wins and momentum. As you log payments each month, balances drop and the sheet shows how close you are to being debt-free.
Free · Excel / Google Sheets compatible · no signup — see what’s inside below, then download.
What it does
The tracker puts all your debts in one place — credit cards, personal loans, car loan, education loan — each with its outstanding balance, interest rate, and minimum monthly payment. It ranks them two ways so you can choose your strategy: by interest rate for the avalanche method, which minimises total interest paid, or by balance size for the snowball method, which clears small debts fast for motivation. You then funnel every spare rupee at the one target debt while paying minimums on the rest. Each month you record payments, the balances update, and the sheet shows your shrinking total debt and a rough debt-free date.
Who it’s for
- Borrowers carrying credit card balances at 36-42% annual interest who need to kill them first.
- Anyone with three or more debts who is unsure which to prioritise.
- People who have the cash flow to overpay but lack a system to direct it.
- Those rebuilding after a tough year who want a visible path back to zero.
Fields included
How to use it
- List every debt — credit cards, personal loan, car loan, education loan — one per row.
- For each, enter the outstanding balance, annual interest rate, and minimum monthly payment.
- Pick your method: avalanche (sort by highest rate) saves the most; snowball (sort by smallest balance) builds momentum.
- Decide your total monthly debt budget — the sum of all minimums plus any extra you can spare.
- Direct the extra entirely at the No. 1 target debt while paying only minimums on the others.
- Log each payment monthly; when a debt hits zero, roll its payment onto the next target.
- Track the total-debt line falling and check the projected debt-free date after each update.
Preview
| Debt | Balance (₹) | Rate | Min (₹) |
|---|---|---|---|
| Credit card | 80,000 | 40% | 4,000 |
| Personal loan | 2,00,000 | 14% | 6,000 |
| Car loan | 3,50,000 | 9% | 8,000 |
| Total | 6,30,000 | — | 18,000 |
Free Excel / Google Sheets template — no signup required.
Download Excel template (.xlsx)Example workflow
Karthik has three debts: a credit card of ₹80,000 at 40%, a personal loan of ₹2,00,000 at 14%, and a car loan of ₹3,50,000 at 9%. Their minimums total ₹18,000 and he can pay ₹28,000 a month. Choosing the avalanche method, he throws the extra ₹10,000 at the 40% credit card while paying minimums elsewhere. The card clears in about six months; he then rolls that full payment onto the personal loan, which falls much faster. The tracker shows his total debt dropping from ₹6,30,000 and projects a debt-free date roughly two years out.
Frequently Asked Questions
Ready to put this to work?
Download Excel template (.xlsx)