There are many different debt reduction tools on the market, both free and paid.  If you only have a few debts to manage, and your situation is fairly simple, then a free tool will work just as well as a paid tool.  If your situation is complex, either you have many debt accounts or you have business and personal debts you want to manage, a paid version may be a better alterative for the long run.

For a simple debt reduction tool, you can find several templates in Google Docs, which is online storage for personal or business documents that you can share with others.  When you sign up for a Google account, and access Google Docs, they have templates that are public tools available to be used by an any user.    Once in Google Docs, you can access under New, From Template.

Here is a link to a loan amortization calculator.  You can enter in your debt information, and calculate various scenarios including how long it will take to pay off a debt based on a certain monthly payment and inertest rate.  Or, if you want to pay off a debt within a certain timeframe, calculate the monthly amount you would need to pay to achieve that goal.

Loan Amortization Calculator

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