Have you ever thought about the one thing that is capable of providing financial freedom to you? It is undoubtedly retaining control of the money that you keep spending as well as clearing the excess debt amounts that are still withstanding. However, this can sound extremely easy but it is enormously difficult to get rid of your excess debts. Fortunately, the amazing advancements in technology are helping in making it easier for you to not only set but also reach the financial goals that you have planned while being able to clear your debts timely.
This is why you need to have knowledge about certain debt repayment tools, which will help you to clear your debts quickly so that you can maintain a healthy financial life and reach your goal of staying on the top of your finances. According to www.entrepreneur.com, young millennial aged between 18 and 24 have the most debts.
Given below is a list of the debt repayment tools, which you can definitely consider.
Unbury.me
There is no denying the fact that the feeling of remaining under debt, with hardly any way out or any idea about where you should start clearing your debt from is one of the most terrible situations that one can face. However, you can get rid of your problems with the help of Unbury.me. Unbury.me has been responsible for creating a straightforward and simple calculator tool, which will help in regaining the financial footing that you have. Each and every person is responsible for approaching and dealing with debt in manners, that is going to suit them the best. Some people also respond differently to different motivators. This is why most people benefit from different kinds of payoff methods.
This debt repayment tool is responsible for offering two options, on the basis of the payment choice that you make.
- The avalanche method or the high rate of interest method.
- The debt snowball method.
As soon as you enter the relevant debt information, you will be able to compare as to which reduction method is going to work ideally for you on the basis of the situation that you are in. Tweak the amount that you want to pay monthly and your chart is going to display the principal balance that will be remaining, the total rate of interest that you have to pay, and most importantly, the freedom from debt date. After that, you will be able to compare the different kinds of debts and decide, which payment plan is going to be ideal for you.
Debt Eliminator
The Debt Eliminator is one of the most sorted as well as customized application, which has been created by one of the renowned financial experts, Suze Orman. Unlike most of the tools that are available, information that you save in this calculator is not going to be saved or stored. All you have to do is type the name, the total credit cards that you have, the number of loans, and the total money that can be put forward for clearing your debts.
Separate rows are going to be generated for each and every debt amount, which will provide you with an ideal overview of the balances. As soon as all the debts have been entered, you have to click on next. The tool is going to ask you if you are interested in putting any extra amount other than the minimum balance that you already have. After this, you will be able to receive complete details of the entire plan for clearing your debt.
This tool is going to suggest the snowball method for clearing your debt amounts. This is basically that strategy where you will be paying minimum amounts on all the debts except a single one.
Debt Calculator
One of the most important questions that every person who is having a certain debt amount has is when is he going to be completely free from debts. You can get your answer quickly by using the Debt Calculator tool. You only have to list out all the credit cards and the different other loans, and on the basis of the repayment choice that you have, the plan will be defined. The plan is going to be determined by three important variables, which include:
- Minimum payments.
- Monthly payments, which are fixed.
- Debt-free deadline.
If you are interested in becoming free from your debts within one particular deadline, the monthly payments are going to be calculated on the basis of that particular date. Alternatively, if you decide to choose the option of a fixed monthly payment, your payoff date is going to depend on the payment that you choose. You can also opt for debt relief options.
Mint.com
If you are not already using Mint.com for managing the household budget that you have, this tool is responsible for offering a feature, which will help in taking care of your financial goals by integrating with the monthly finances. You can create as well as track goals for almost anything, irrespective of whether you are saving money for your college, planning for early retirement, or clearing off debts.
After you link the necessary credit card or the loan account, which is related to your goal, you will be able to view a plan, estimate the amount that you have to pay every month, or transfer your balance amount to the credit cards with a low rate of interest.
This tool will also be responsible for suggesting options, which will help you to clear debts, with the savings that you have. You will also be suggested to set up budgeting plans for controlling the spending amounts. On the basis of the actions that you take, the monthly payments, as well as the desired timeline, the tool will calculate the time when you can be free from debts.
Conclusion
Getting rid of debt will help in ensuring that your stress and anxiety is reduced to a great extent. Debt can ruin your health both physically and mentally. This is why you need to do everything that you can to get rid of your debt as early as possible. Ensure that you consider the debt repayment tools that have been mentioned above so that you can plan to clear off your debts, and enjoy a debt-free life once again.
Author Bio:
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers visiting NationaldebtRelief.com..
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