If you feel as though you are drowning in debt, here's a tool that can help you evaluate your options and figure out a solution.
Many people feel as though they are drowning in debt and as though they have no options. However, there are usually tools available to help you get out of debt. You can even get help in terms of what's available for debt settlement options.
One of the tools, offered from the Get Out of Debt Guy, is called a Debt Plans Summary Calculator.
This calculator is designed to help you figure out your options and look for a plan that best suits you, depending on your situation. It's fairly straightforward to use. You list the creditors that you have and the types of accounts. This includes credit cards, collection accounts, and more. List your balance owed, the creditor, the type, and the interest rate.
Once you have entered in all of your information, you can calculate what would be best for you.
The Debt Plans Summary Calculator makes it easy to compare your options, including:
- Debt settlement
- Debt management
- Micro payments
- Minimum payments
- Debt consolidation
You can decide what is most important to you, since each plan option comes with an indication of whether or not it will help your short term credit score, whether it will stop collection calls, and whether you will get quick results. You will also see a list of possible costs for each plan, and a possible interest rate, where applicable.
This tool is very useful if you are trying to figure out the best way to get out of debt while reaching your desired goals. As you look through it, though, you will see that there is no perfect plan: There are trade-offs with each plan. The key is to figure out what is the most important outcome to you, and then pursue the course of action that will help you best achieve that outcome.