For Consumers Unable to Declare Bankruptcy Under New Federal Law, Debt Reduction Software Provides Alternative to Debt Counseling

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DebtBlaster software helps the consumer create a month-by-month debt management plan in the privacy and comfort of home, avoiding the embarrassment of disclosing finances to a stranger and the high fees often charged by debt counselors.

When The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 takes effect in six months—which it’s expected to do after President Bush signs it this week—it will prevent consumers who do not meet new tougher means-testing standards from declaring bankruptcy. Instead, they will have to undergo debt counseling and pay back their debts over time.

Because the practices of some debt counseling agencies are under fire from Congressional investigators, consumers will seek alternatives. One debt reduction tool for consumers ineligible to declare bankruptcy is DebtBlaster, an inexpensive software program that enables consumers to figure out the most effective yet affordable way to work themselves out of debt (http://www.debtblaster.com). Available from the same firm, ZilchWorks, is Credit Card Math, a free software program that reveals the true hidden costs associated with credit card debt and helps users develop a personal debt reduction plan.

"It all started when I helped a friend who had 21 credit cards," says Michael J. Riley, retired U.S. Marine and inventor of DebtBlaster. "He needed a plan to help him pay them down, so I developed software that does all the calculations with a few clicks. Now I help others do the same so they don't have to bring anyone else in on their problems."

DebtBlaster software helps the consumer create a month-by-month debt management plan in the privacy and comfort of home, avoiding the embarrassment of disclosing finances to a stranger and the high fees often charged by debt counselors. The consumer enters the annual percentage rates, monthly payments, and outstanding balances for up to 30 loans and credit cards into DebtBlaster, which automatically calculates when each debt will be paid. It creates a personalized payment schedule, offers a choice of seven different payoff strategies, and makes it easy to pay down a unique collection of debts with interest charges as low as possible.

"When a consumer looks at her bills, all she normally sees is payments and balances," says Riley. "My software shows exactly when each debt will be gone. Sometimes just knowing there is a definite finish line ahead is enough incentive to follow the plan."

DebtBlaster is available from ZilchWorks for $39.95 at http://www.debtblaster.com, which also offers the free Credit Card Math program as well as free information on budgets, credit card ratings, automobile loans, and inflation.    

Contact:

Michael J. Riley

ZilchWorks

30 Camelback Rd.

Marstons Mills, MA 02648

508-776-4825

mike@ZilchWorks.com

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Michael J. Riley
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