There are so many ways on how we can accrue debts. Using our credit cards is one way. Another ways is getting a loan. For sure, accruing debt is easier than paying it off. When a person has so many debts, a person has a high tendency of forgetting the pay off date of his debts, resulting to a much higher interest.
Debts are not bad in nature. It only becomes bad when the borrower does not pay it on time or when the borrower chooses the wrong kind of debt – the ones with a very high interest rate. Most often than not, people who have so many debts never make it to get rid of all his debts. Fortunately, there are so many tools out there that are available to provide guidance in managing multiple debts.
How to Manage Your Debts?
If you think you can no longer manage your debts, think twice. There are a lot of ways you can do to solve this problem. The very first option you got is to look for a debt management services offered by a certain financial firm. However, be careful on choosing what financial firm to deal with. Remember to keep track on their interest rates and more.
Debt consolidation is the process wherein you joined all your debts to pay it one time. You might think it is irrelevant to join all your debts knowing that you will still have the same amount of debt. However, just think about the factors other than the principal amount of your borrowed amount. Consolidating your debt might reduce the interest rate you are paying every single month. Another thing is that consolidating your debt helps you organize your monthly payment knowing that you only have to take note on a single pay off date rather than remembering all the pay off dates of each debt, making it much more confusing on your part.
The Top Five Computer Software for Debt Management
While you can rely on financial firms to do the favor for you in managing your debt, you can also choose to rely on no one, but yourself. All you need is the best computer software that is primarily intended for providing assistance in managing one’s debt. If you do not know what computer software to choose for managing debt, checking the top ten reviews or choosing among the five computer software listed below might be a good choice for you. These are the top five debt management computer software of today.
1. Zilch Standard
The Zilch Standard is a computer software that is often criticized due to its outdated look. However, this software works even better than other computer software for debt management. Its features and functionality are very great. This comes pre-populated with data in order to assist the users to understand how this software should be used. Unlike many software than only has four available strategies, this one comes with a six available strategies in terms of paying off all your debt. Aside from these six strategies, one can also customize a strategy. This is why many people are fond of using this computer software.
Zilch Standard might not be the friendliest computer software to the user. However, you will find it easy to use once you have already familiarized with its function. You only need a minimum supervision on your first try of using this software.
2. Free Debt Reduction Spreadsheets
Who said you really have to look further to manage your debt? If you have a Microsoft Excel program, then you can use its feature to manage all your existing debts in the most efficient way. Microsoft Excel has spreadsheets. Each of these spreadsheets can be used to make a plan on how you can get rid of all your debts.
Say no to complicated computer software. As long as you have the Microsoft Excel and you are familiar on how to use this, then there is no doubt that you will find managing your debt as easy as learning the A-B-C. Most, if not all, computer users are more than just familiar on how to use the Microsoft Excel. Therefore, there is no doubt that this Free Debt Reduction Spreadsheets will be a lot of help to make debt management much easier.
3. Debt Quencher
Debt Quencher is not for anyone who owns any kind of computer. This computer software is only available to those who are Mac users as this is only compatible to Mac alone. This kind of computer software presents a total of three strategies to pay down the debt of the user:
- Enter the minimum monthly payment
- Adjust the amount of planned payment
- Enter extra amount of money as an additional payment whenever you have extra money
The Debt Quencher also features what if scenarios that include a total of four methods for getting rid of multiple debts. These four methods are the highest interest method, highest balance method, lowest balance method and minimum payment method. This computer software recommends the best method for your debt situation.
4. Debt Trakker
The Debt Trakker is considered to be one of the most reliable software designed for the purpose of managing debts. This software is guaranteed to be user-friendly. Compared to other computer software, this one is very affordable. Its user-friendliness and affordability are the two main reasons why many people prefer this over the other software around. This software is used by a large pool of debt management professionals. Due to its easy-to-use feature, not just those debt management professionals are using this. Any individual who want to manage their debt is recommended to use Debt Trakker.
5. Debt Analyzer
Debt Analyzer is designed for one purpose only. What is its purpose? Well, it is to help the user to pay off his debts. This software provides every single tool needed by the user in order to organize and manage his debts – single or multiple debts. The tools provided by this software permit the user to create a professional plan on how to reduce or eliminate all of his debts.
The Debt Analyzer is designed to have the same state of mind that a professional debt counselor has. With this kind of computer software, there is no longer a need for you to look for a debt management company to help you manage your debts. You can easily do it by yourself with this software.
Aside from the computer software, – Zilch Standard, Free Debt Reduction Spreadsheets, Debt Quencher, Debt Trakker and Debt Analyzer – there are still many computer software that you can choose from. Most, if not all, of these kinds of software work the same as they are designed to serve a single purpose. However, it is much more recommended for you to use the five computer software enumerated above because these kinds of software are already proven and tested. These are the ones that are trusted by the professional debt management counselor.
Sometimes, it is also recommended to use computer software and to seek help of a debt consolidation company at the same time. This will help you reduce and get rid of all your debts in the fastest possible way. Discern the best way for you to reduce your debt. Remember to think it thoroughly to make the best decision.