There are a number of debt management software tools you can find online that have been specifically created to help people figure out these quickest way to pay off their debts.
You might think paying off debt is limited to using costly debt services such as debt settlement. Not true.
Many people can get out of debt themselves by putting forth hard work by creating and following a solid debt payment plan. They just need help getting their debts organized, figuring out the right strategy, staying on track and receiving some encouragement along the way.
If this is you, consider the below debt management software tools to help you get your debt under control and pave the way to debt free day!
5 Debt Management Software Picks to Consider
Ready for Zero – Free online software that creates a personalized debt plan once you link all of your debt accounts. The plan uses the benefits of both the debt avalanche (highest interest first) and the encouragement of the debt snowball method. Provides the ability to track due dates and monitor your progress along the way. Mobile apps are available for iOS and Android. The software is also a savings platform that offers recommended ways to reduce interest or payoff debt faster through savings partners.
Mvelopes Debt Center – This tool is available for Mvelopes Premier members. You can prioritize your payoff method (Avalanche or Snowball) or create a custom method based on your debts. You can also run what if scenarios to see what happens when you apply a lump-sum payment. Mvelopes Premier costs $95 per year.
DebtQuencher – Provided by No Thirst Software, the makers of MoneyWell Personal Finance software. Create a plan with 3 simple steps of entering your credit card balances, picking your payment method and then following the payment plan. You can look at different scenarios for paying your debt, such as minimum payment, highest interest, lowest or highest balance. You can download the software for free and at the end of the trial the cost is a one-time fee of $4.99.
DebtWise – DebtWise is online software offered by Equifax. The cost is $14.95 per month. The software provides a step by step plan to pay down your debts and is pre-populated and automatically updated by your Equifax credit report. Note: some information requires manual updates such as interest rates, minimum payment, etc. The service also provides access to your credit score, credit report and a credit score simulator to see what actions impact your score.
Debt Coach – A free debt comparison tool created by Bills.com that helps you find the best way to get out of debt. Recommended options may include credit counseling, debt consolidation, bankruptcy, debt settlement or payment plans such as using the Debt Avalanche or Snowball methods. The tool considers your personal financial goals and shares the costs you can expect with each program. Note: I’m not a big fan of debt settlement or consolidation services here. I’m all in favor of a do-it-yourself debt plan as most of the time you can.
Hopefully, you’ll find this to be a good list of debt management software to evaluate and get you started on your debt pay off plan. Remember, most people can pay off debt themselves as long as they are willing to put forth some time to get their debt organized and set up a payment plan. Debt settlement or consolidation services are rarely necessary and some can be dishonest.