Debt Management Software
If your credit card and unsecured debts are spiraling out of control and have left you feeling like there's no way out, help may be just a click away with the aid of debt management software. Millions of consumers just like you are struggling these days in keeping up with their credit card payments, and the tough economy is certainly part of the problem. But simply knowing that you're in good company doesn't do much in terms of reducing your debt, but using good debt management software just might change your financial picture considerably.
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Debt management software can be your digital ally when you want to take an honest look at what you owe, and then get advice on how you can best tackle your debts. Sometimes referred to as debt relief software, debt management software typically offer tools that can help you create a debt reduction plan - tools like expense tracking, an automated payment plan, or built-in formulas that can automatically calculate the total interest paid. Today, you can find a number of debt management software programs available for download - some free of charge, while others may offer you a free trial first, and then charge a monthly fee.
Debt management software can encompass a range of debt relief tools that are all designed to help you understand your debt situation and create a plan to pay your debt down. Debt relief software often includes a debt calculator, which can determine your debt ratio - a number that tells you how your monthly debt payments stack up to your monthly income. According to a recent MSN Money article, a high debt ratio might indicate that your monthly expenses are becoming unmanageable. In some cases, debt calculator software may advise the consumer on which debt to pay first, based on the interest rate. Budgeting software is typically used in conjunction with a debt calculator because it allows you to see how much you really spend each month, and then see where you can cut back - usually one of the first steps in wiping out credit card debt.
Finance Experts Software
The demand for debt management software paved the way for some well-known finance experts like Dave Ramsey and Suze Orman to tout their own money management software or packages. On his Web site, Dave Ramsey offers a budgeting software with tools that can help you organize your monthly budget, calculate your expenses and see your progress as you pay down your debts. Financial guru and TV show host Suze Orman offers similar money management tools on her site such as a debt eliminator, an expense tracker, a compound interest forecaster, and a host of other solutions that helps consumers like you manage your debts.
Another helpful tool is debt consolidation software, which can help you save on interest and get out of debt faster. In many cases, debt consolidation software provides an easy way to make just one monthly payment instead of many. One other option that you may also consider is debt settlement software, a program that can guide you through the process of reducing your debt without having to pay a settlement service.
Comparison Shopping and Savings
Regardless of which type of debt management software you choose, it's always a good idea to comparison-shop the different packages available online and their features so you can get started on getting a better handle of your finances and on your way to getting rid of all your debts.
Request a free debt relief analysis and savings estimate in minutes. Start by answering a few, simple questions here.