The Debt Relief Algorithm is a formula designed to analyze a household's income-to-debt ratio and lead the household to the best solution to its debts.
Robert Manning
Robert Manning invented the Responsible Debt Relief Algorithm as part of the InCharge Debt Solutions program that he is involved with. Manning is a former research professor at the Rochester Institute of Technology.
What the Algorithm does
The algorithm is designed to analyze a household's debt and income, and then recommend a repayment plan so the household can eventually be free of debt. Generally the program is formulated so that the debt will be paid off in three to five years.
Software Program
The algorithm has been converted into a computer program so that almost anyone can utilize the technology. The Responsible Debt Relief software breaks down the debt repayment into one of three possible outcomes.
Possible Outcomes
One of three possible outcomes is recommended depending on the ratio of household debt to household income. These options are partial repayment, bankruptcy, and full repayment.
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