Software For Debt Relief
Q: I am a Quicken 4.0 user who is wrestling to pay off student loans, an auto loan, and and credit card debt on two cards (at different interest rates). Is there a software program--embedded in Quicken, MYM, or Money-- which will help me figure out the best strategy for paying off these loans. I have some cash to pay down this debt, but since my loans have different interest rate and terms, I am confused about which--and how much--to pay off first. What about Shareware programs? Is there any good shareware which can help me sort this out?
A: Managing Your Money has a section for Debt Reduction Strategy, where it will pull out all of your outstanding balances and compute the payoff date. Then it can also calculate a strategy for paying off the loans. I'll paste the help screens here so you can see the stategy they use: