Debt Management Tool is a software application programmed to help people in getting an overview of their personal finances. The software is kept simple with three sections on the main screen. In the first section you enter in your monthly spending. What you spent on items like rent, groceries, going out to eat, cable TV, cell phone, and more. You can even customize these items to include areas that match your spending habits such as music lessons or specific hobbies. You can check boxes as to whether these items are needs or wants. Are they things you could live without?
In the second section all of these items are added up and compared to your monthly income. This allows to play with your expenses to see where you need to be to balance your budget or to have extra to help pay off your debt. In the final section you can record all your loans including the amount and the current interest rate. You can see here how interest can have a dramatic affect on your budget. You can also determine which loan makes the most sense to pay off first and how long it will take.