New computer software designed to help people pay off their mortgage, get out of debt and automate debt consolidation is coming to the U.S. from New Zealand.
Debt Breaker was created by, Barry Kloogh, a personal finance and organizational mortgage reduction expert from New Zealand, who has been consulting individuals and corporations for over 29 years.
The mortgage-reduction software helps users pay off their mortgage several years faster than the loan term in their mortgage contract, which also would allow them to save more for their future, and also, increases fraud awareness.
It helps simplify the savings process “by clearly showing where they’ve gone off track financially, and exactly how to start correcting these problems,” Kloogh said.
The automated approach enables homeowners to set up a goal and monitor the progress of their effort to pay a mortgage or get out of debt. The Debt Breaker control panel allows users to review the numbers on their computer screen and see the progress as they pay down their mortgages and save for retirement.
Debt Breaker is based on universal personal finance concepts, hence Kloogh expects its debt reduction methodology to be beneficial to all cash-strapped homeowners whether they are from the highlands of Dunedin or the suburbs of Los Angeles.
Time will tell whether Debt Breaker catches on in the U.S., but it adds another budgeting tool to users who may not have the know-how or time to collect the data and then figure out the best ways to reduce their debt.