Debtfree
Debtfree
Debtfree, that is the goal of this website to help you in debt elimination and achieve your financial freedom. There are many ways to debtfree and we will explore the different routes in which it can be accomplished. It all depends on your circumstances. The two most important factors that influence becoming debtfree, are level of debt and the income that is disposable to service that debt. The first scenario we will look at is the one in which you have sufficient income to make the monthly payment and with a little organization and planning, you can eliminate debt over a period of time. This plan will accelerate the payoff process as you get further down the road and allow you to be Debtfree
Debtfree
-Debt Elimination or Pay Debt Down Plan Plan
Under this scenario you have steady income and you are able to make the monthly payments, but your debt level is not decreasing or going up.
The first item on the agenda is to analyze the amount and characteristics of your debt. This can be done in several ways, some prefer to do it on paper, others using a computer and an excel worksheet.
1.Make a list that includes the following and any other information that you feel is pertinent to your case:
2. Now you add the monthly income from all sources.
3. Now make a list of all you necessary expenses that were not included above. This would include rent(if no mortgage}, utilities, gas, clothing, etc. Add all of them up. These are your normal monthly recurring expenses.
4. Subtract these monthly recurring expenses from the income in 2. above and you have the income that is left to service your debt.
5.If you have money left over after doing step 5, then you should make the effort to take as much of this money and make an additional payment to the highest interest debt first. This hopefully can be anywhere from10-15% percent of your monthly income. What will occur is that each moth as you pay off additional debt you will have lower monthly payments and an increased amount to apply to debt elimination. Always keep in mind your final goal is to be Debtfree. It is recommended that you try to get rid off credit card debt first because it is usually the one that carries the highest interest rate.
6. If your result of subtracting normal recurring expenses from income left you short to make the minimum monthly payments then you need to look at debt consolidation(advice debt consolidation or debt settlement(debt elimination).
Just keep repeating the process from 1 to 5 and before you know it you will be debtfree. There is good news that comes with this. Since you are paying your debt down your credit score will improve since your debt to income ratio will be lower. This of course is unless you take out excessive new debt.
There is a great online tool only that will help you do the above exercise more efficiently and quicker..The company recommend that will help you organize your finances, establish a budget and a plan to become debtfree all from the covenience of your home and online, is DebtGoal. Unlike debt settlement or credit counseling, DebtGoal is designed for those who have the means to pay off debt, but need help creating and sticking to a plan that will allow them to become debtfree the most efficient and quickest manner. DebtGoal puts control in the hands of borrowers, letting them manage all types of debt and choosing a the payment plan that meets their needs. DebtGoal is significantly less expensive than other solutions and the good news is that it helps improve rather than destroys the borrower’s credit. DebtGoal is a do it yourself debt reduction and debt elimination program that launched in December 2008 and has since enrolled over 20,000 users paying down over $1 Billion of debt and becoming debtfree. DebtGoal helps borrowers pay off debt up to 16 years sooner and have $35,000 in savings, without paying any more than they do today. They have been profiled in notable publications such as Reader’s Digest, Newsweek, US News, and Yahoo Finance. You can visit DebtGoal, here.
This a an overview of their service.
DebtPlan
With DebtGoal’s Setup Wizard you can create your DebtPlan in less than 10 minutes, linking your online accounts so that your plan will automatically update as your accounts change. Your DebtPlan lets you choose your strategy-pick Debt Stacking, Snowballing, or create your own. Regardless of the strategy you choose, DebtGoal will save you money and get you debtfree more quickly without requiring that you pay more than you do today.
Payment Reminders and Progress Summary
DebtGoal will send you a summary each week of your upcoming DebtPlan payments. At the end of each month, you will receive a summary of the progress you’ve made towards becoming debtfree and how you’re tracking against your plan.
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DebtFree Calculator
Use the DebtFree Calculator to understand how your Monthly Commitment influences when your DebtFree Date. Find the amount that works for you and lock it in as your DebtPlan monthly payment.
Accelerator Actions
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DebtGoal Community
All of us need help at times. Whether it’s advice or support, you can find it on the DebtGoal community. Share your story, Ask an Expert, or just complain about a lender. Everyone in the community cares.
Visit DebtGoal Today and Become Debtfree!
What are clients Saying:
“I caught myself inputting payments and actually smiling. I’m so proud of myself!”
Martha S.
“I have successfully paid off a little over $12,000 or 20%+ of my debt.”
Lilly J.
“I’m now a DebtGoal addict!”
Thomas C.
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