Debt Software Secrets Revealed

In my last post I spoke about the Snowball Strategy to Debt Elimination. If you make a snowball and roll it down a mountain for every roll, that snowball will pick up more snow and get larger and larger. The basic idea is to achieve your goals of debt payoff by taking the path of greatest momentum.

snowball debt2


In my previous post, “Secrets to Debt Elimination,” I also included a video of a young man who walks us through and explains the basics of how this snowball debt elimination formula works. I told you however, and gave you some sites where you can get software to do this for you automatically.

What can you expect to get from the software?

debtfree1You will get a printed plan that you can follow monthly. It will guide you along the way.  Believe it or not, gathering all the bills is usually the most time consuming part of the whole debt elimination process because usually bills are everywhere instead of in one spot.

  1. Get ALL your bills together in ONE place.
  2. Enter the name of each bill (List only bills that can be paid off. Not utilities, phones, rent, etc.)
  3. Enter the balance due on each bill
  4. Enter the interest rate on each bill
  5. *Enter the monthly payments you have decided to pay each month
  6. Enter the MINIMUM monthly payment dictated by your credit card company or loan company

*Why do I need to record what I currently pay on each bill?

Because most people say they have no extra monies to put towards paying off their debt when they actually do. Extra money is found when people pay above their minimums. The idea is to redirect these extra dollars once the software calculates and prioritizes which bill will be paid first. The extra funds will be added to your new priority bill.

What does the software do?

The software will prioritize, calculate and display your own personalized complete debt-elimination plan—year by year, month by month, and payment by payment. It will let you know the month and year you will be completely out of debt!

The software will prioritize payments and will let you know which payment to make to which creditor, and how much that payment should be each month. As each debt is paid off, it’s dropped from the payment schedule and that amount you use to pay is added to the next prioritized bill until all bills are paid off.

Will ALL my bills be paid monthly?

Yes, you will continue to pay your bills monthly like you have been. The software will tell you just how much to pay on each one and will let you know the month you should begin to pay more on a bill until it is paid off.

I’m not sure I have enough discipline.

Discipline was a ‘big’ deal when I was active in this business. There was no online banking back then. There were no smart phones. If you are still writing all your bills by checks or money orders, you may still struggle in this area.

Online bill payTechnology has come a long way and now we can use it to our advantage. If you bank and pay your bills online, this will be an incredible gift to you.


  1. Once you run your plan, print it.
  2. Go online like you usually do. Based on your plan, adjust the monthly payment of the first bill on your priority payment schedule.
  3. Based on the priority payment schedule, put in your ‘END’ date – the date bill should be paid off.
  4. Record your ‘END’ date in your smart phone calendar with a note to adjust the monthly payment on the second bill on your priority payment schedule. It is also recommended to set additional ‘alert notifications’ as reminders.

How’s that for keeping you disciplined? Frankly, with the current technology, it doesn’t get any easier.

Are there other software benefits?

Yes there are lots of other software benefits.

  • You can print out payment schedules, interest saving charts and graphs. (have plenty of paper ready)
  • You can determine your own debt payoff priorities.
  • You can do ‘what if’ scenarios. ‘What if’ I add another $100/month to my debt payoff plan? Software will recalculate your debt freedom date.
  • You can put in a onetime dollar amount. For example if you received your tax refund. The software will recalculate your debt freedom date.
  • Sophisticated software will show a wealth component option where the same dollars you were using to service debt can be applied to where interest can now begin to work for you as you prepare for retirement.

BONUS_StempelA BONUS Benefit

This is the FASTEST way to get the results you want to achieve.  People are motivated when they run their payment schedules to see how quickly they will be completely out of debt.  People who have been committed to following this plan have even paid their mortgages off in as much as 10 to 15 years earlier.



Some sites that may be helpful include:

  1. Free debt-freedom calculators provided by Joseph Sangl of I Was Broke But Now I’m Not
  2. Debt-Free Software provided by John Cummuta of Turning Debt into Wealth – $59
  3. Debt-Free Software provided by Insight Software Solutions – $29
  4. Financial Peace University provided by Dave Ramsey – $129/$159 (online/home study)

Please note: I reserve the right to delete comments that are offensive or off-topic.

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