We found a company that offers debt relief by creating a three step customized plan that both tracks your debt and designs a pay off plan that effectively reduces the total amount of interest paid out over the course of time. The keys to success on the SavvyMoney.com plan are the realistic and accurate recording of both the outstanding debts and the money available to pay off the debts.
Step 1: What Is the Situation?
After you sign up and pay the nominal monthly fee for their Pro services, you spend time inputting your current financial situation into the SavvyMoney program. You will need to know balances due, monthly minimums due, due dates and interest rates. Money available to pay credit charges is also necessary information.
Step 2: SmartPay Plan
The SavvyMoney program takes the financial information that you input to calculate the fastest way to pay off all your debt at the lowest interest cost. The program shows you exactly how long it will take you to get out of debt and how much you will pay in interest.
Track Your Progress
Once you have set up your payment plan, this personalized debt option does not abandon you. You can track your progress by account. The colorful bar graphs are a visually pleasing reminder of of your goals, and you can keep track of payments and purchases by credit card. Keep an eye on your spending habits and look for ways to reduce credit card usage to maximize your progress. For example, if you traditionally charge monthly newspaper costs to a card that is never paid off monthly, consider writing a check instead to reduce the balance that interest is being calculated on.
For a small monthly fee, SavvyMoney provides consumers with a means of maximizing their debt payments by decrease the overall amount paid in interest and by reducing the amount of time it takes to become debt free. Best of all, the service gives consumers the flexibility of personalizing the plan to individual spending style rather than being locked into someone else’s plan. Many debt payment plans take financial information, then the customer’s money and the customer is left in the dark as to how or why the money is applied. The control stays in the customer’s hands with SavvyMoney.
SavvyMoney Pro is designed for people who have debt but who are not so far in debt that they cannot afford to pay it. People with good self-control and the ability to focus on the big picture have the greatest chance of success. People with more monthly debt than money may need more drastic measures to improve their financial situation.
Additional tools provided by SavvyMoney to help subscribers improve their financial situations include debt score calculators, payment reminder and personal finance education. Anyone can use these tools to learn how to negotiate with creditors, get the best interest rates and knowing when to get professional help.
While successful use of the Pro version requires a monthly payment or the services, the cost is low compared to the savings that can be garnered from lowering the interest paid over the course of the debt. Try the service for one month and decide for yourself if the program will provide you with the kind of support you need to stay on track with improving you financial situation. Worst case, you will leave the month with a comprehensive picture of your debt outlook that you can take with you.