My Debt Elimination Calculator

[gstrobl]

Hi,

I am frugal software developer. When I purchased my current home, I was made aware of an innovative system for paying off debt called the Money Merge Account by United First Financial. Being the frugal guy that I am, there was no way I was going to $3500 for it. So I found a few books and figured out how to do it myself. But what I didn't have was a way to determine and estimate how effective it would be for me and my financial situation. So, naturally, I wrote a piece of software that allowed me to do it.

My software is now available at www.mydebteliminationcalculator.com. You can download it and try it out for free. However, you won't be able to save or print any estimates without purchasing an activation code for $30.

If you are not familiar with the Money Merge Account (MMA) I would encourage you learn about it. The system or process it uses can be very effective in eliminating debt. It is not for everyone though. If you spend more than you make, it will not help you (which is probably not a problem for people reading this site.) And you have to be comfortable with the way it works. (I needed to write a piece of software to verify that it worked before I became completed comfortable.) If you research it on the internet, find many sources about it. This is a hot topic and there are many hyped-up, over reactive blogs out there. I list the books that I learned the system from on the home page of my website.

One of the main criticisms about the system is that you can do it yourself (without paying $3500 and without getting a HELOC (home-equity-line-of-credit.)) This criticism is absolutely correct. What the HELOC (or any line-of-credit product) does for you is provide a tool from which you maintain cash flow as you pay bills and receive income. But you certainly can achieve the same effect of the system by just paying down you loans with regular extra principal payments. The system just optimizes your ability to use every penny of your cash at all times to be cancelling as much interest as possible (and consequently reduce the total price of the loan.) But don't take my word for it, learn about this system and verify it for yourself.

Thanks and Good Luck
Greg