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Wednesday, September 23, 2009

The Best Software for Becoming Debt Free

By Sean Payne

If you're still in debt, you may have noticed that many people who have successfully gotten out of debt tend to use some kind of debt free software. There's a reason for why they do this: It works great!

A wise man will tell you that "success leaves clues". What this means is that people who have experienced success in getting out of debt have used specific techniques and methods to get out of debt, and that if you do the same things they've some, you'll get out of debt as well.

Most people who have successfully gotten out of debt did so by making a plan to pay off their debts, and then working their plan. If you have made a plan for paying off your debts, the right debt-free software will help you stick with your plan.

My favorite software for getting out of debt is budgeting software. I personally use an Excel spreadsheet called You Need A Budget, and it has done wonders for helping me to get out of debt. I attribute all of my success in paying off my debts to the fact that I use budgeting software.

There are many other great budgeting software programs. One popular program, known as Mvelopes Personal, is a web-based budgeting system that allows you to access your budget from anywhere that has Internet access. It also access your bank accounts to automatically enter your purchases into your budget.

A free budgeting program that you can use is called Mint. Mint is another web-based budget that doesn't cost you anything to use. A unique feature of Mint that is really great for users is that it compares that rates you pay on your debt to new offers from credit card issuers. Then, if it discovers a card that charges a lower rate, it will notify you so that you can save up to thousands of dollars on your debt while you're paying it off. It will do the same thing for bank accounts - if it finds a bank that pays higher interest on its accounts, Mint will let you know about it, potentially letting you earn a lot more money on your savings accounts.

In addition to budgeting programs, there are plenty of other debt reduction software programs that will help you follow your plan for getting out of debt.

Microsoft Money and Intuit Quicken are programs that help you track both your budget and the rest of your finances. These two programs have similar capabilities, so which one you use is up to you. One of my complaints about these two programs is that they actually have too many capabilities. They have so many bells and whistles that you may actually be distracted from your original purpose of getting out of debt.

My best advice to get out of debt in a hurry is to stay with a dedicated budgeting program. A good budgeting program will help you keep track of your expenses, debts, and income. Don't make the mistake of getting into a complicated program that has way too many features. Even a basic spreadsheet that you make can help you, but I suggest that you use a program that has a reputation for helping people to get out of debt.

Regardless of which software you use to help you get out of debt, start today, and continue to use the same software until you get out of debt. Be consistent in using it, daily or weekly depending on your situation, and your software program will help you to quickly get out of debt. - 23196

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