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Pay Off My Debts Tool
The Pay Off My Debts tool will show you how to save $$ thousands of dollars $$
in interest and pay off your debts sooner by helping you create a Debt Reduction Plan. Your Debt Reduction Plan will
identify which debts you should pay off first and how much to pay towards each debt each month.
Based on the amount of money you have available each month for debt repayment, this tool will calculate the number of months it
will take you to pay off all your debts and the amount of interest you will save. You can also calculate an amount
you would need to pay each month in order to pay off your debts in a given number of months.
Enter your debts, the amount, interest rate, minimum monthly payment, and a priority if desired.
The amount of money you have available for debt repayment each month will be allocated among your debts
so that debts with a higher priority (1 being the highest) will be paid off first. Next, debts with the
highest interest rate will be paid. As one debt is paid off, the money used to pay that debt will then
be added to the next debt to be paid off. This "snowball" effect allows you to pay off your debts sooner
and helps you save thousands in interest charges.
In the above example if Dave paid only the minimum monthly amount or the interest charges plus $10.00, he
would not get his debts paid off until September of 2007 (based on amounts calculated in 1999). If he follows the Debt Reduction Plan and
pays $800.00 each month, he will pay off his debts in only 36 months, more than 5 YEARS earlier. Also,
rather than paying $7,595 in interest charges, he will only pay $3,025. That's a savings of $4,570, or more
than 60%.
Select the Print Payment Schedule button to print or view a net worth report. You can choose to print/view a detailed report and a report summarized by category:
You can also create multiple Debt Reduction Plans based on different configurations of debts or
create plans for your friends and family. An unlimited* number of Debt Reduction Plans may be created,
each with an unlimited* number of debts in the plan. Select the New button to create a new plan:
(* Ok, there is a limit of about 2 billion, but that should be enough.)
Enter a name for the new plan and select the OK button.
Select the Open File button to open a selection window and choose the plan to work with:
Select the plan from the list and then select the Select button.
Next: Consolidate My Debts
Click on a button above to learn more about the tool.
Order Simple Joe's Money Tools
Simple Joe's Money Tools gives you the financial tools used by the professionals!
Download Simple Joe's Money Tools for only $29.95 or $39.95 for download and CD (including USPS Priority shipping within the US).
Order with confidence! All Simple Joe products have a 100% lifetime money-back guarantee!
Choose either one of our convenient and simple ways to order:
Purchase Online Order a CD by Fax/Mail
Don't wait! You can take control of your financial destiny today.
Simple Joe's Money Tools are the tools you need.
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