Debt Management Software
Many of us today are in debt - quite a lot of it, in fact, from multiple credit cards, mounting interest, late fees and penalties. Getting into debt is one thing - but getting out of it is something different all together. Fortunately, one of the tools available to you is debt relief software.
See how debt relief can help you. Answer a few, simple questions to get a free debt relief estimate and savings analysis - at no cost to you.
There are free versions and paid versions - it all comes down to which features you need and what's available in each package. Let's explore some of the available features that come in many typical budget planning and debt consolidating software platforms.
Your Expenses: Wants vs. Needs
Debt management software provides tools for entering income, tracking expenses, and evaluating how much debt you have and where it's coming from. The whole point of the software is to provide a visual, easy-to-understand way of seeing where your money is going. The ability to see at a glance what expenditures might not be necessary allows you cut back in certain areas, freeing up cash to put towards your larger debts and putting you on track to becoming debt-free.
It's all about wants vs. needs. There are certain things you NEED to spend money on each month: rent/mortgage, food, car payments, and utilities. These expenses tend to stay relatively constant, so you can plan for a certain amount of money to go out each month. The variables lie in the WANTS. You might WANT to go out to eat - but you don't have to. You could WANT to take a vacation - but is now the right time? When you're able to see just how much money you're spending on items that you don't really need - money that COULD be going towards paying off your debt - you might be surprised at how much cash you're able to reallocate in that direction.
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
I have multiple debts. How do I prioritize?
One of the other key features of debt relief software is that it helps you to decide which debts you need to pay off first. Debt reduction calculators that are built into the software allow you to input all your different debts and their corresponding interest rates, and compare them side-by-side. By doing this, you'll be able to see which credit card debts or loans feature the largest balances and highest interest rates - these are the debts you should focus on paying off first.
How long will it take to eliminate my debt?
This is really the big question on everyone's mind - when am I going to be debt free?! Fortunately, the software can help answer this too. After you've entered your income, monthly expenditures and all your current debts, you'll be able to generate a timeline that will illustrate how long it will take to clear the debts away - and based on interest rates, it will show you which debts you should focus on eliminating first.
The path to getting out from under debt isn't always the easiest to navigate, but robust, easy-to-use debt management software allows you to take control of the situation and start making your budget work for you - good luck!
Request a free debt relief analysis and savings estimate in minutes. Start by answering a few, simple questions here.