I have used other financial services before such as Quicken's debt reduction planner, mint.com, and readyforzero.com. These are all free services, but they are free for a reason. All of them offer great tools and help educate people on how to manage your money and loans and is helpful at teaching the user how to save money, but the one thing that it didn't do as effectively as the Worth Account is tell me exactly how to pay off my debt in mathematically the fastest way possible.
All of the programs I have used use what's called the "Snowball" effect. Paying high interest is always a big problem, and although the other services can tell you how to eliminate credit card debt, it does not tell you how to do it as quickly as possible. The snowball effect basically takes your smallest debts and eliminates them first. Once the smallest debts are paid off, the money that you were putting those debts are then added to the payment on the next smallest debt, and so on, until all the debts are paid off.
The problem with this solution is that it is not taking into all the variables. It doesn't take into consideration the interest rate, the length of the term, all of the other accounts' and their variable terms and put it all together along with your income and expenses. I mean, there are experts out there that offer varying solutions to paying off debt. Some say that you should target your debt with the lowest balance and pay it off with the extra money you have left over each month. Other experts say that you should take your highest interest rate debt and pay that off first.
Why do all these experts have different opinions? Isn't money just math? I mean, interest rate is a number, debt balance is a number, length of term is a number, etc. Determining the fastest way to pay off debt should simply be math! Calculating all the variables while determining which debt to target first is simply math. What is awesome about the Worth Account is that the software has an algorithm to do just this. It uses advanced banking strategies to determine the fastest way to eliminate debt and while saving interest. Like other services, the program is in the cloud, so there is no software to download and you can choose to have your transactions updated so that they reflect your financial activity, keeping your information up-to-date.
The program really is like a GPS. When you get off track, it navigates you back on track to get to to pay off your debt in the fastest way possible. When a GPS recalculates due to a wrong turn, it doesn't take you on the longest path to your destination but puts you right back on the fastest route back to your destination. The program works like a GPS.
I've been using it for a while now, sometimes regularly, and sometimes not, and each time I stop using it, I regret not using it consistently because it really does help me keep a budget. It's like having a monthly budget planner and is the best budgeting software I've ran into.
I hope you join me as I document my experience with the worth account as my wife and I work towards paying off a $45,767.16 debt in just 4.0 years with only $80 in monthly discretionary income!
Be sure to check out the videos to learn more and either contact me or request your FREE debt analysis!