I’m sure you all have read my post on Credit Card Tips and my post on Ordering Debts for Repayment, and then found yourself saying ‘That’s great Mike, but what I really need is a nice tool with fancy graphs that lets me enter in all my debts and have it automatically order them by interest rate with a nice payment schedule’.
I knew you would ask that, so I want to show you a great tool I found today: The Quicken Debt Reduction Planner!
Quicken’s Debt Reduction Planner helps you set up a Debt Reduction Plan or payment schedule optimized to reduce the amount of interest you pay and get you out of debt as early as possible.
This tool is right on the money:
It starts with a summary of your debts, then walks you through the process of ordering your debts, making one time payments from savings to decrease your debt load, and finally shows how if you pull some money out of your budget you can greatly accelerate the repayment process.
The tool even provides a nice printable summary of your new plan and lists the payment amounts you need to make on each debt for the first year. It really does not get much better than this!
This is the kind of thing I would create if I had the time to program it, and I certainly recommend it to anyone looking to decrease their debt. The only thing I wish it had was a way to change the order of repayment to compare the highest-interest vs. morale-boosting approaches to ordering your debts.