Software companies have come up with a new application: debt reduction software. This software generates the best debt reduction options available to a debtor based on the data fed by the user. This enables the debtor to take critical debt reduction decisions without seeking the help of debt reduction or credit counseling services.
There are several types of software available to manage debt. Among the popular ones are the Rapid Debt Reducer software, Debt Eraser's Rapid Debt Reduction Plan and SnapShot Gold Software. Each software comes with it sown specific features, and with different debt reduction fields.
For instance, the Rapid Debt Reducer software is programmed to eliminate debts within five years. This software, which is also branded as smart money manager, helps users to identify expenditures that can be avoided. It also identifies the debts that can be cleared by the money so ‘saved’.
Some of the fields that this software has are: total debt amount, rate of interest, minimum payment, and the mode of payment. The software generates the best methods to reduce debt when a debtor enters information in these fields.
The Debt Eraser's Rapid Debt Reduction software promises the user a plan by which the debts can be cleared thirteen times faster. It also promises substantial savings in interest payments for users who follow the plan. Interestingly, these savings are worked out without increasing the maximum monthly payment amounts.
The software first asks the user to prioritize the debts. After that the user is asked to enter the debt amount, interest rate, the monthly minimum payment and the maximum amount the debt holder can afford to pay as monthly interest charges. The software then calculates how long it will take to repay the entire debt. It also informs the user the interest that will be saved by doing so.
The SnapShot Gold Software also generates an easy debt repayment plan once the user fills up the necessary fields. It is for the user to follow this plan to reap the maximum benefits. The user can always change the data to generate a new plan, and then take a decision.
The biggest advantage of the software is that the user does not have to visit credit counselors. There is no downscaling of the user’s credit ratings. Also, the user is saved the fees that the counselors charge.