TSM Tips: How to Correctly Add Consumer Debts into the New Software

In the new version of our software, accuracy is everything when it comes to adding consumer debts. The system uses the details you enter to calculate your projected savings and optimize your payoff strategy—so it’s important to get these fields right from the start.

Here’s what you’ll need to fill out:

1. Principal – The original loan amount when you first took it out.
2. Balance – Your current balance as of today.
3. Term – The total length of the loan (in years).
4. Start Date – The exact date the loan began.

Once those are set, be sure to also add:

• Interest Rate – The loan’s current rate.
  
  

• Payment Amount – Your regular payment amount.
  
  

• Payment Interval – How often you make payments (monthly, bi-weekly, etc.).
  
  

💡 Don’t forget Priority!
This tells the software how to attack that debt based on your preferences. Setting the correct priority ensures your strategy matches your goals—whether you want that loan gone ASAP or prefer to tackle something else first.

Taking a few extra seconds to enter your debts correctly means the software can work at full capacity for you, giving you precise payoff timelines and realistic savings estimates.

PS: Check out this video Adam did explaining the difference between a HELOC and a Home Equity Loan. Give it a thumbs up and share your thoughts in the comment section. Subscribe to our channel! We’re gonna be posting great videos like this one very often.

We also want to ask you a favor. We're currently trying to build a database of HELOC providers to help new members find a lender wherever they may be based. We would greatly appreciate it if you could fill out this form based on your HELOC provider.