Diagnose My Debt App: Discover Your Options
InCharge Debt Solutions gives you the things you need to turn your financial life around and prosper. You get immediate access to tools that make budgeting easier, books that offer suggestions and solutions for dealing with every type of financial crisis and worksheets that make it easy to account for what you’re doing and how well you’re doing it.
How to Diagnose Your Debt
The Diagnose My Debt app is designed to help you discover your debt relief options, based on your income, debts imported from your credit report, and monthly cash flow. Here is how it works.
- First, you’ll provide information about your income, monthly expenses and assets
- Next, we’ll access your credit report to see what you owe. You’ll be able to download a list of all of your debts for reference.
- Finally, the Diagnose My Debt App will provide you with a debt relief recommendation, based on what you can afford. Recommendations include: debt management program, bankruptcy, do-it-yourself repayment, home equity loan.
Your Debt Diagnosis from InCharge
When it comes to debt relief options, there are many:
- Debt Management
- Debt Settlement
- Home Equity or 401(k) Loan
But how do you know which one is right for you?
The Diagnose My Debt App will help you determine which solution is best for you based on your income, debts and expenses.
Debt Management Diagnosis
A debt management diagnosis means that you have enough income to pay off your unsecured debt in 3-5 years, with interest rate reductions. Joining a debt management program will generally save you thousands of dollars in interest and years of payments, when compared to paying only the minimum payments on your debt.
If your income is low compared to your debt and you it is determined that a debt management program would be unaffordable for you, a bankruptcy diagnosis will be provided. In this case, we recommend that you speak to a bankruptcy attorney in your area for further guidance.
Home Equity Loan or 401(k) Loan Diagnosis
If you have significant assets, substantial equity in your home or a large retirement savings, it may be best for you to consider taking out a home equity or 401(k) loan to pay off your debt. Our Diagnose My Debt app will help you understand if this is in your interest. Know that retirement savings are protected from bankruptcy and, depending in your state, so is a primary residence, so be cautious before you pursue these kinds of loans.
Do-It-Yourself Debt Relief Plan or Self-Help
If the app finds that you have significant income compared to your debt, you might get the self-help or money management diagnosis. This likely means that you won’t qualify for bankruptcy or reduced interest rates under a debt management program. In this case, we strongly recommend that you check out our DIY Debt Management page for advice on how to combat your debt on your own.