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.