debt reduction calculator

http://www.simple-steps-to-financial-freedom.com/debt-reduction-calculator.html

Save Tens of THOUSANDS of dollars and shave YEARS off the time you’re in debt by using this FREE debt reduction calculator.

Do you want to save yourself $50,000 to $100,000+ over then next 10 to 20 years?

If so… PLEASE watch this video.

Most people are not aware of the simple strategies they can use to get out of debt fast and save big money on interest payments.

This is the best debt reduction calculator I’ve found and it does what I’ve seen other companies charge $3,500 to $7,000 dollars to do.

http://www.simple-steps-to-financial-freedom.com/debt-reduction-calculator.html

Duration : 0:6:18

Do debt reduction services make you file bankruptcy?

I’m in about $4,000 in debt and was considering a debt reduction service. I heard that you have to file for bankruptcy to complete them. Is this true and what all is required to follow through and complete a reduction service. Is it worth it?

Many debt reduction services charge large fees. They also often times make you save all the money up (including their fees) before they contact the creditors. This can make someone with good credit get bad credit because some of these services recommend to people to stop paying off their debt completely. I wouldn’t use any service except maybe a credit counselor. A credit counselor will help you set a budget and create a payoff plan for your debt. Use the below link to help you find a reputable one.

You could even get away with doing everything yourself.

First pull your credit reports from the three major credit bureaus:
Experian, TransUnion, and Equifax
You can get free ones at www.annualcreditreport.com.

Then take note of how much money you owe and to whom.

If the account(s) is delinquent:

Order the accounts by either smallest to largest amount (makes you feel like you are accomplishing something quicker), or largest to smallest interest rate (will end up saving you money in the long run).

Start saving up what you owe for each account. Keep making payments on any that are still open or in good standing.

After you have saved a total to pay off the first amount contact the creditor and see if you can negotiate a reduced payoff amount…if not then you can pay in full.

If the account(s) is in good standing:

Make all of your payments on time.

Order the accounts by either smallest to largest amount (makes you feel like you are accomplishing something quicker), or largest to smallest interest rate (will end up saving you money in the long run).

Pay the minimum on all the accounts below the first one listed, then pay all the other money you have devoted to paying off debt to the first account listed.

Once the first account is paid off apply all of the money you were paying on the first account and start paying off the second account on the list. Repeat until everything is paid off.

You may want to go to the library and check out The Total Money Makeover by Dave Ramsey. It explains everything I just told you in greater detail.