MoneyDesktop will help eliminate your debt using tried-and-true methods designed to accelerate payoff and save you thousands in interest.

We'll also recommend changes in your spending, such as paying extra principle or making a payment early, making it even easier to maximize interest savings.

Debt Roll-Down Strategy

This method of debt elimination is the most tried-and-true method there is.

MoneyDesktop will look at all of your different debts, their balances, interest rates, and terms to determine which debt to attack first. Any discretionary income you have left over at the end of the month will be applied to the most costly debt.

Once that debt is eliminated, your discretionary income will increase, and your ability to pay off any remaining debt will also increase, until each debt is paid off.

The Debt Roll-Down Strategy is simple to set up and follow, and can help accelerate your loan payoff dramatically.

Pros: You can start right now. All you need is a checking account.

Cons: It takes discipline to live within your budget and apply your discretionary income to your debt.

Mortgage Checking Account (MCA) Strategy

This is a very unique method of debt elimination that allows you to leverage your income against your debts to save you even more interest, using a line of credit.

You must have a Line of Credit that can function like a checking account, such as a personal line of credit or home equity line of credit with unlimited checks.

This system has three steps:

1. Reposition Debt: Taking into account the interest rates and balances of each debt, the software will tell you how much debt to consolidate inside of your line of credit.
2. Deposit income into your line of credit: Instead of depositing your income into a checking account, you will simply deposit that money into your line of credit and let it sit against the principle balance of the consolidated debt. Because this is a line of credit you will be able to access that money whenever you need to just as if it were a normal checking account.
3. Use the Bank's Money Free (optional): While your money is sitting in your line of credit against the principle balance of your debt (saving you interest), you can use a credit card to pay monthly expenses. As long as you pay each credit card in full at the end of each month (with a check from your line of credit), you'll avoid any interest penalites.

For more information on the MCA Strategy of debt elimination, watch this video:

Pros: It is so simple to do that the odds of success are very high.

Cons: You have to have a Line of Credit for this to work. In order to get a Line of Credit, you will need to have a good credit score and/or equity in your home. If you do not have a credit score of 680+ you will have to start with the debt roll-down method until your credit score increases.