How to Select Debt-Management Software
Thanks to the power of the home computer, paying bills no longer requires that you sit around with a calculator and crunch numbers on a beautiful afternoon. There are many different kinds of computer programs available to help you plan your expenses and payments. You should look for a few general features when you select debt-management software.
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Instructions
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Select the Right Debt-Management Software
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Look for programs with payment-planning features. You should be able to set and calculate your monthly payments in order to pay off your debt in a specific amount of time.
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Buy a program that reminds you when payments are due. There are many programs available that can send email or create pop-ups on your screen whenever it gets close to your deadlines.
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Select debt-management software that you can afford. Some programs sell for hundreds of dollars, but you should be able to get what you need for a fraction of that cost. Look in computer stores for manufacturer's coupons and special deals on select programs.
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Check out free trials and user reviews to make sure you select quality debt-management software. There are several websites that offer databases of trial software, like download.com (see Resources below). Look for features and ease of use when you evaluate the different programs.
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Try to get a program that can track other finances in addition to your debts. You should be able to get a full picture of your financial health, which includes retirement savings, investment holdings, debt, general savings and more. Some debt-management software can even help you file your taxes.
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Print out things like payment schedules and monthly budgets, so you don't have to sit at the computer to work on your finances.
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Tips & Warnings
Some software companies offer a full refund if you aren't satisfied with their programs.
Your software should have multiple-user licenses, so you can install it on all of your home computers and sync up your account with a single copy of the program.
Avoid software that requires you to enter bank-account numbers and passwords. You can manage your debt without giving the program access to your finances.
Don't purchase software that requires you to buy expansions to do things like manage medical debt. The program you select should be able to cover all of your financial needs.
