If you have at least tried to find a definition of debt management software, you will be confused about what is actually meant for it. There is a list on the site of several debt management companies. They show how effective their services are after using this type of software. On the other hand, there are other sites that sell software of the same name to the public. However, this time it will be a tool that consumers can use to manage and plan their debt settlement.
In fact, there is no significant difference between the software used by these two user groups. This software helps companies and consumers manage their debt. The way it works depends on the user group it is developing, not to mention the brand or developer that created it.
Comparison of debt management software for consumers and service providers
Debt management software designed and marketed for general use is specifically designed to make it easy for ordinary people to verify their debt, and have reliable media to record their payments. Most of them also have a built-in alarm system that alerts you whenever a payment is due.
An example is the ZilchWorks software. It has a debt planner, where users can enter their own debt repayment schedule, and an automatic calculator that generates an amount paid every month. Debtors can buy this software for $ 40.
Quicken has also developed free online software available at Mint.com. Thus, users can consolidate their debts and distribute money. There are also suggestions for keeping costs as low as possible.
Another software developer is Simple Joe. They developed Debt Eraser, an affordable debt management software that also advises users about the best payment terms and monthly payments. When used to manage credit card debt, it's a good idea for debtors to decide which one should be paid first. This software is cheaper for only $ 20.