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What is debt management software?

By Derek Brown
Published: Monday, November 16th, 2009

Debt managing software helps a person in planning his payments and expenses.
Debt management software assures that a debtor does not need to resort to the use of loans for managing existing debt. It cannot lead to a faster payout of the high interest credit rates and loans. Such software remind the users when the payments of debts has to be undertaken. Email pop ups are sent by such programs whenever a debtors reaches his deadlines of pending debt.
Debt management software is one of the most crucial needs of a person when it comes to resolving payments of debts. Debt management software should be selected after a careful consideration of certain attributes like the payment panning features. A debtor should get help in calculation of monthly payments so that repayment of debts is done in a certain time.

The cost of such debt management software varies from hundred dollars to a fraction of this cost. Trial debt management software are available. The ease of a software’s application and its user reviews should also be considered while making its purchase.
The financial data in the debt management software is organized in the category of months, The monthly incomes, expenses and current loans along with the interest rate are entered.

Debt management software offer users features of expense tracking and debt analysis. Expense tracking distinguishes the various liabilities of a debtor into wants and needs. Items can be removed from the category of needs to calculate how the elimination of a certain item leads to reduction of debt.

Debt analysis informs a debtor about how much interest is being incurred by him per month. This amount is arrived at after entering all the loans, mortgages and debts held by a debtor in the software.

Debt tracking feature calculates the time left for a certain debtor to become free from his debt at the current payment rates. This feature suggests measures to improvement of debt situation by an increase in income or decrease of expenditures.

The basic function and structure of the field will not change if items of such software are customized according to personal needs. The field names for expense entries can be modified with the debt management tool. The custom labels are selected from the main menu and expenses or debt labels are customized. The name of any particular expense or debt item should not be more than 9 characters. If the name exceeds such length, the screen text cannot include the name.

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