I want to
reduce and manage my debts
Do you need to reduce debt to create Financial Security?
You are not alone. High debt levels that reduce the money available general living expenses is serious issue for many people from all walks of life.
To start on the journey of wealth creation, and even to improve your financial security you need to reduce and eventually eliminate bad (consumer) debt.
The Budget section of Financial Mappers allows you to enter all your living expenses
After entering your salary, and your living expenses, you can see whether you have money left over, or whether you are constantly overspending. You get a very clear picture of what is going on with your personal cash flow.
Plan your debt reduction Strategy
The Credit Cards and Personal Loans section allows you to enter your current situation. When you take a look at the budget section of the software, you can see the impact of your loan repayments on the whole picture. Experiment with loan repayments of various amounts over your chosen period of time, while adjusting (reducing) some of your other expenditure so that your budget stays in the black.
Using Financial Mappers to map all of this out will show you very clearly where the easiest areas are to reduce spending while you pay down your loans, and also how much extra money you’ll have to live on, after you reduce debt levels and get those loans paid out!
Everything you need to plan a path out of debt.
Use the Debt Management Report to see the effect of reducing your ‘optional expenses’.
See how quickly you can repay debts, and experiment with reducing your debt by amounts that match your situation. The Debt Management Report will also provide you with a range of strategies you could useto reduce debt levels.
See the effects of your Additional Loan Repayments on your overall situation.
When it comes to planning the repayment of your loans, Financial Mappers make understanding the numbers easy. See how total interest costs are affected by making additional loan repayments.
Include advanced options for home and investment related debt, and decide for yourself which path suits you.
View the overall effect of including Introductory Interest rates, nominating the period of fixed interest rates, refinancing your loan, and making additional payments.
How much of your hard earned income do you have left to service your loan repayments?
A Debt Servicing Ratio (DSR) is how much of your income, after tax is taken out, is used to repay all loans. Your Debt Servicing Ratio will be calculated and reported to enable you plan keeping your loans within your desired range.
Interest Rate Risk Report.
Failure to understand future interest rates may be putting your future financial situation at risk. We can help you with that.
With loan interest rates at an all-time historical low, it’s essential to understand what could happen in the future. How do you know you can afford loan repayments if interest rates begin to increase again? Financial Mappers has a unique feature, called the Interest Rate Risk Assessment to help you understand just that.
For the scenario of future increases in loan interest rates the extra money you will need on a monthly basis to meet the costs of your current loans is calculated and reported.
Adjustment of planned additional payments when loan interest rates rise.
Making additional payments will free you from bad debt faster. Financial Mappers allows you to plan to make additional loan payments, and these could be diverted if necessary to help cope with increasing loan repayments if interest rates rise.