Over the past few years, a few companies have come out with computer programmes that can help you make a plan to pay off your debts without needing any kind of professional help. You tell the software everything you owe and how much you owe, and it makes a budget and a repayment plan for you.
Rapid Debt Reducer, Debt Eraser's Rapid Debt Reduction Plan, and Snapshot Gold are some of the best-known software for managing debt. Each programme is a little different in how it works, but they all make custom plans for managing debt.
For example, Rapid Debt Reducer is based on a plan to get rid of debt in five years. This programme, which is also called Smart Money Manager, will help you find expenses that aren't necessary and figure out the best way to pay off debts.
Rapid Debt Reduction is a plan made by Debt Eraser that is supposed to help you pay off your debts up to 13 times faster and save a lot of interest. All of this was done without increasing the total amount paid each month.
Most of these programmes will require you to enter all of your debt information, such as how much you owe, how much interest you pay, how much your minimum payment is, etc. Then, you need to decide which debts are most important and how much you can pay each month (in total).
Once this information is put into the software, it will figure out which of your debts should be paid off first. Then, those payments go to the next best one, and so on, until all the debts are paid off.
One of the best things about using this kind of software instead of going to a credit counsellor is that it won't hurt your credit score as long as you keep making your minimum payments. Obviously, you'll need self-control and discipline to make sure you stick to the plan it gives you.
