System and method forfinancial management and analysis
First Claim
1. A method for determining a financial debt that should be paid down first to reduce a person'"'"'s overall financial debt, comprising the steps of:
- storing debt information for a plurality of debts, wherein the debt information for each financial debt includes a principal amount, and interest rate, a periodic payment, and a debt payment length;
comparing the periodic payment of each debt to the principal amount;
creating a numerical ranking for each of the debts based on dividing the periodic payment by an original principal amount or a remaining principal amount;
identifying the debt to pay off first based on the highest numerical ranking of the debt to allow the plurality of debts to be paid off in a reduced amount of time; and
automatically paying the identified debt to pay off first according to the highest numerical ranking of the debt.
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Abstract
A method is provided for analyzing a user'"'"'s finances and providing a plan for debt reduction. The method includes acquiring aggregated financial data for a user from a financial data clearinghouse. Another step is classifying financial transactions received with the aggregated financial data into a plurality of budget categories without user input. A further step is applying the financial transactions to the budget categories. The budget categories further include a budget amount and budget balance. An additional step is modifying the budget balances without user input based on increases or decreases caused by the financial transactions. A further step is displaying the budget categories, budget amounts, modified budget balances and the financial transactions to aid the user in debt reduction.
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Citations
19 Claims
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1. A method for determining a financial debt that should be paid down first to reduce a person'"'"'s overall financial debt, comprising the steps of:
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storing debt information for a plurality of debts, wherein the debt information for each financial debt includes a principal amount, and interest rate, a periodic payment, and a debt payment length; comparing the periodic payment of each debt to the principal amount; creating a numerical ranking for each of the debts based on dividing the periodic payment by an original principal amount or a remaining principal amount; identifying the debt to pay off first based on the highest numerical ranking of the debt to allow the plurality of debts to be paid off in a reduced amount of time; and automatically paying the identified debt to pay off first according to the highest numerical ranking of the debt. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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Specification