If you are serious about paying off debt, you need to have a plan and a tool to help you track your progress. If you are a USAA member, you can use their Debt Manager tool to help you organize your debt, track your payments, and watch your progress.
I can’t figure out how I originally stumbled across this feature at USAA.com, but I was able to re-find it by typing “debt manager” in the search box at the upper right corner of the homepage.
If you have already set up your USAA account to track third-party accounts, then the Debt Manager tool automatically pulls all this information into the Debt Manager. You will need to manually add any accounts not listed, and click to not include any debts that you don’t want included in the plan. For me, this means my mortgages. For others, that might mean whatever debts they don’t want to go into the plan. Maybe you are happy with your auto payment, but just want to make a plan for handling your credit card debt.
Once you’ve got all the accounts entered, you’ll need to enter your minimum payment and your regular payment. The Debt Manager program will show you how to allocate your monthly debt payments to reduce the overall interest paid, and have those debts paid off as quickly as possible. You can adjust the calculations for different monthly payments or to target a particular date to be debt free.
This tool is relatively simple, and doesn’t allow for a lot of customization. However, it is a great first start towards calculating, planning and tracking your debt reduction. Give it a try, and see if it works for you.