This is one that comes with a price tag of $47, but I think its well worth it.  If you are someone with debt, and has the ability to pay more than your minimum monthly payments, then this tool will help you get out of debt faster and save you money.  It also comes with several freebies that will help you get out of debt and stay out of debt. 

Money management isn’t just a skill set, it’s a way of thinking.  And until you change how you think about money, you will always be in debt. 

This tool comes with a money back guarantee – so if you try it and it doesn’t meet your needs, then just request a refund, no questions asked.

Here is what you get:

• Rapid Debt Reducer! Is the most comprehensive personal debt management software available anywhere. This is the main program, which helps you develop a precise debt repayment plan. It stacks your debts and makes suggestions regarding the quickest repayment strategies. 
• Basic Budgeting! creates, a simple step-by-step budget. Making it easy to manage where your money goes each paycheck is vital to getting a handle on your finances and is a key part in eliminating your need for credit. 
• Investment Calculator! How would you like to be a Millionaire? Have fun with this built in investment calculator. Try inputting the amount that you are currently paying on your debts and see what you could have in a few short years in a tax-deferred account. Once all debt are paid off create an emergency fund first and then start saving for your American Dream.  
• Financial Tools! The Rapid debt reducer comes with ten financial calculators presented as scenarios, Loan comparator, Money Saving Tips, and money/time saving charts.

BUY NOW

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Debt Settlement Software

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

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Debt Reduction Tools

Once you have a handle on your overall debt load, begin calling each credit card company and ask for a reduced interest rate.  Your payment history with the card company will be a factor in negotiation, so if you have been late several times, they may not be willing to negotiate.  But still call and ask.

If you have little luck with getting your interest rates down, then apply for a credit card with a low interest balance transfer rate.  Ideally, you would look for a rate that is locked in for the life of the transfer, instead of being low for a period of time (6 – 12 months) then rising again.  A few important points though when it comes to balance transfer rates, there is most commonly a fee associated with this, so read the fine print.  This can be up to 5% of the amount transferred (with no limits).  Also, do NOT use this card for anything else – no additional purchases or transfers.  Do not commingle a balance transfer offer with new purchases, as the credit card company will take your monthly payments and apply them to the lowest interest rate first, therefore charging you a higher interest rate on the additional purchase balance.  Many consumers are unaware of this little loophole – and it can be a costly misunderstanding.

 
photo credit: dno1967

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Self Help Debt Reduction

The information you need to gather to effectively analyze your debts is the following:

• Due Date
• Creditor Name
• Total Amount Owed
• Minimum Payment Required
• Interest Rate
• Website Login Information

If you compile all the information above, this will give you everything you need in one place to help effectively analyze and manage your debt situation.  You may consider adding all of your monthly bills to this spreadsheet (utilities, rent, mortgage, etc), and also do a similar exercise for your dictionary expenses (food, entertainment, etc) and establish a budget for each item to help control spending.

photo credit: sarae

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Debt Management Spreadsheet