Ways in Which Debt Reduction Software Helps in Eliminating Debt

Posted in Apps & Software5 years ago • Written by MAK1 Comment

If you ever carry balances on your present credit cards or have outstanding loans, you have to plan to repay it soon. During that time, the debt reduction software might help you achieve your current financial goals by just tracking spending. It further helps in recording progress and also manages some of the additional payments. There are some online sources available to offer links to mobile apps and spreadsheets, which might help you to eliminate debt after tracking it. No matter whatever the reason might be or how big your need is, taking help of software can work great on your behalf.


Debt Quencher:

One of the best software designed to take care of debt repayment has to be Debt Quencher. All you have to do is plug in the loan account name or credit card, current balance, minimum payment, and interest rate together, and this software will design a customized debt repayment plan for you.

  • There are mainly three major ways to add debt repayment. You can enter the monthly payment, or can try adjusting planned payment based amounts. On the other hand, you can enter some of their added payments, whenever you have some extra cash in hand.
  • There are some scenarios, which include four separate methods of paying the debt off. Those four methods are the highest interest, minimum payments, the highest balance, and lowest balance.
  • Debt Quencher helps in recommending the best ever method, which shows the numbers behind each one of this method well.

Zilch Standard:

Zilch Standard might look a bit dated but the features work quite well. It comes with a pre-populated platform with data, just to help users understand ways to use the software. There are around 6 different types of payoff strategies available. Not only that, but it has the perfect option to create a promising customizable strategy.

  • Zilch Standard is mainly not quite intuitive for the average users. Even when you are rather familiar with other budgeting and tracking programs, the format might prove to be rather challenging sometimes.
  • There are multiple videos and tutorials available, which will properly help you to navigate through the entire procedure.
  • There is a free trial available too, which has some disabled features. But, it works pretty well to determine if you can buy it.
  • Zilch Standard is known to present good reports on printouts and on screen, as well.

Debt Analyzer:

There are two major things, which will set Debt Analyzer apart from other types of debt reduction software. The first one is the number of financial reports created, and the second one is the simple household budgeting feature, which will help apply some budget surplus to the current debt repayment plan.

  • Whenever you are using the software for the first time, there will be a quick start guide popping up right on the screen. It is quite helpful as you can get support in every step you have ever wanted.
  • Debt Analyzer can also be stated to be password protected, which is often termed as major feature for storing some of the financial information.
  • The software comprises of various debt pay off scenes, which will help in supporting various debt reduction plans. It further comprises of debt consolidation plan, as a major part of its service.

Free debt reduction based spreadsheets:

In case your system has Microsoft Excel, you have the right to use one such spreadsheet for creating plans and get rid of debt-ridden issues. In case you fail to possess Excel, there are four types of debt reduction spreadsheets available for your pick. These spreadsheets come with Open Office spreadsheet or even the current spreadsheet tool in the Google Drive or Google Docs.

  • The first spreadsheet is the Vertex 42 Debt Reduction snowball calculator, which comes with credit repair spreadsheet.
  • The next one in the lot is the Squawk fox Debt Reduction Spreadsheet.
  • The third one is the amount of debt costs spreadsheet as procured from Debt Free Adventure.
  • The last but certainly not the least is the “It’s your money excel debt tracker” spreadsheet.

Promising debt management tools in personal software finance:

If you are planning to buy software for planning debt routes proficiently, then you might get personal finance software. It comprises of multiple money management features, which further include a debt reduction tool. Before you start working on this tool, there are some options related to debt-focused features. But first, you can check on the two major software options available in this regard.

  • Quicken Personal Finance for the Windows
  • com, available online and free of cost

Debt reduction tools available online:

There are some debt reductions planning tools available in the market. The main aim is to help you come up with the perfect debt repayment plan, without even trying to purchase any software. But first, you need to learn a bit more about the debt reduction planning tools before starting to use them.

Dave Ramsey Website:

This planning tool is designed to offer you with step by step procedures, just to help you get out of your debt-ridden situation. Not just that, but you will end up saving money and build proper wealth even after repaying your loan in full. There are seven baby steps mentioned in this tool, which you might want to follow.

Step 1: Start by saving around $1000 for your emergency fund

Step 2: You can follow the debt snowball method for paying the debt in full

Step 3: Try saving around 3 to 6 months expenses for covering any emergency scenario when time comes

Step 4: Try to invest around 15% of household income in pre-tax retirement and IRA funds.

Step 5: Try saving for your children’s college funds

Step 6: Paying off the home-based mortgage early

Step 7: Start building wealth and give some as well to the needful

So, repaying debt on time without adding any penalty is not that difficult any longer. There are debt planning tools and software available, which will work on your behalf in terms of planning.

Author Bio

Marina Thomas is a marketing and communication expert. She also serves as a content developer with many years of experience. She helps clients in long term wealth plans. She has previously covered an extensive range of topics in her posts, including business debt consolidation and start-ups.

1 Comment so far. Feel free to join this conversation.

  1. sujainthomas127 October 2, 2019 at 6:59 pm -

    Such an informative post about Debt Reduction. your audience will definitely love this post. Using this type of software we can easily reduce our Debt in other word these software are essential in Debt Relief. Everyone should avoid these mistakes and follow the tips provided in the article for hassle-free life. I have bookmarked the article and hoping if you could post more information regarding personal finance apart from the above information. Thank you.

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