Best Debt Reduction Software Programs

Desktop software and mobile apps to help you get out of the red

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Figuring out the best way to pay off your debt can be confusing. But using debt reduction software can take away the tedious legwork of creating a debt plan. The best debt reduction software programs allow you to enter information for multiple debts, calculate your monthly payment, and track interest amounts. Many also allow you to choose between different payoff methods depending on your needs and savings goals.

Debt reduction programs do the calculations for you and help you create a plan that you can easily follow month to month. We've included options for your desktop computer as well as apps for your mobile devices.

If you're ready to take back control of your finances and get out of the red, take a look at our picks for the best debt reduction software to use today.

The 8 Best Debt Reduction Software Programs of 2022

Best Overall Software : Quicken



While most debt reduction software programs focus solely on helping you create a debt payoff plan, Quicken is a comprehensive personal finance software that can also help you extract more money from your monthly budget to pay off debt faster. You can use it to create a budget and track your spending so you can design a debt reduction plan based on your goals.

Quicken lets you create a debt payoff plan that prioritizes debts with the highest interest rates so you save money in the long run. You can link your accounts and allow Quicken to automatically pull your minimum payment and current interest rate, or you can manually enter the information from your monthly billing statements. As a bonus, you can also access your credit score to see how paying off your debt is helping to improve your credit, but this feature is not available for Mac users.

Quicken Deluxe is $46.79 per year through September 2022. It is available for both Windows and MacOS.

Best Free Software : is a free online debt reduction software that lets you create a personalized debt repayment plan. You can use the debt snowball, debt avalanche, or your own custom method to create your plan. And if one plan doesn't work, you aren't stuck with it. Switch between plans at any time to find what's most effective for you.

Enter your debt information into the software and it will handle all the calculations. can accommodate an unlimited number of debt accounts, allowing you to include all your debt in the plan. Track your projected payoff date and the total amount of interest you’ll pay before you reach that date.

You can create an account to save your debt information or use the calculator without an account. The basic service is free. Upgrading to the premium version is $12 per year and gives you access to bill management, savings challenges, payment reminders, and other features. It also offers a 30-day free trial.

Best Software for Fast Payoff : ZilchWorks

Zilch Works

 Zilch Works

If you’re looking for a quick way to get out of debt, you need a highly effective plan. ZilchWorks debt reduction software creates an individualized plan to help you reach your goal in 18 months to 24 months. Start by entering the creditor, interest rate, current balance, and monthly payment for each of your debts. The software then creates a step-by-step plan to help you pay them off in the shortest time possible.

You can also compare the 18-month debt payoff plan to a longer payoff plan and see the difference—not only in your payoff timeline but also in the total amount of interest you'd pay with either method. You can potentially save thousands of dollars in interest by paying off your debt in a shorter amount of time.

ZilchWorks requires Microsoft Windows to run and is available as an electronic download for $39.95.

Best Excel Tool : Vertex42 Debt Reduction Calculators

Vertex42 Debt Reduction Calculators

 Vertex42 Debt Reduction Calculators

Vertex42’s Excel-based debt reduction calculators allow you to create your debt reduction plan on your computer using Microsoft Excel. You can choose from a few different calculators depending on your overall goals.

The Debt Reduction Calculator spreadsheet creates a debt payoff plan based on the debt snowball technique, while the Credit Repair Spreadsheet focuses on paying off your debt in a way that improves your credit score as you go along. The Credit Card Payoff Calculator is perfect for figuring out the monthly payments you need to make in order to reach a particular payoff date.

You can even access a Savings Snowball Calculator that helps you balance your savings and debt reduction goals. That way, you don’t have to neglect your savings account while you're paying off debt.

Best Overall App : Debt Payoff Planner (Android, iOS)

Debt Payoff Planner

 Debt Payoff Planner

Using the Debt Payoff Planner app, which is available on both Android and iOS, you can create a step-by-step plan for paying off your debt. The plan includes the exact amount you should pay on each debt each month to help you stay on schedule.

You can view a summary of your complete debt picture; this includes the total amount you owe, your total monthly payments, interest, the date you’ll be debt-free, the total payments you’ll make, and the total amount of interest you’ll pay.

Choose from four different payoff strategies—the debt snowball, debt avalanche, debt snowflake, or a custom plan that you create based on your personal goals. You can view a graphic showing your debt payoff progress based on the plan you choose.

Most Popular App : Debt Free (iOS)

Debt Free

Debt Free 

One of the top-selling apps in the Finance section of the App Store is the Debt Free app. It allows you to create a customized debt reduction plan. You can base your plan on the snowball method, or pay off your debts by lowest balance, highest interest rate, highest balance, or custom method.

The app creates a detailed schedule for eliminating each of your debts, so you always know how much you need to pay. You’ll be able to see the total amount going toward each debt, including the total amount of interest. The app includes three built-in calculators to decide on your payments: the payoff date calculator, the loan calculator, and the mortgage calculator.

The app is $0.99 in the App Store.

Best App for Privacy : Debt Tracker (Android)

Debt Tracker

 Debt Tracker

The Debt Tracker app for Android devices allows you to track both the debts you owe and the debts owed to you, as well as keep an eye on your savings goals. Create your debt plan by listing the details of each of your debts and track payments and penalties to calculate an accurate debt amount.

If you're concerned about privacy, rest assured that a PIN protects the app; this means you’re the only one who can access your debt information. You can also use the app and its features without creating an account or adding your actual bank information.

Best Free App : Debt Payoff Assistant (iOS)

Debt Payoff Assistant
Courtesy of Debt Payoff Assistant

The Debt Payoff Assistant app for iOS allows you to enter multiple debts along with the balance, interest rate, monthly payment amount, and payment due date. It can tell you how much of each debt is left along with an estimated payoff date. You can enter the amount of extra payment you’ll make each month and select whether to snowball your debts.

Debt Payoff Assistant breaks down the monthly payment you need to make on each debt to reach your repayment goal date. The payments can change month to month as you pay off your debts, so checking the app before making payments is key to staying on track.

What Does Debt Reduction Software Do?

Debt reduction software helps you track, pay, and reduce your debt—ultimately saving you time and money in the long run. This software is either used on your computer or downloaded as an app on your smartphone for on-the-go access. Debt reduction software typically helps you create a debt payoff plan, including specific steps to achieve along the way to a debt-free life. It can also sort your debts by prioritizing the ones with the highest interest rates so they get paid first.

How Does Debt Reduction Software Work?

Debt reduction software works by having the user enter their information into the software, such as multiple debts, interest rates, and payment due dates. It calculates your monthly payments, tracks interest and principal amounts, and even gives you payoff options based on your goals. Debt reduction software does the calculations for you, which can increase efficiency and accuracy. The software also creates a debt reduction plan based on the information that you input. 

How Much Money Can Debt Reduction Software Help You Save?

Debt reduction software can help you save money in several ways. First, it can ensure that payments are made on time, eliminating late fees. It can also calculate which debts have the highest interest rates, and help you make a plan to pay them first, so you’re paying less in interest. The savings ultimately depend on how much debt you owe and how soon you can pay it off, but they could total in the hundreds or even thousands of dollars. 

How We Chose the Best Debt Reduction Software

We chose these top eight debt reduction software programs by researching and reviewing multiple competitors. We narrowed down our options to the best 8 based on their features, goals, if they were web-based or phone-based, and how easy they were to set up and use. We also looked at their prices and payoff strategies.

Article Sources

  1. Federal Trade Commission. “Coping with Debt.” Accessed Jan. 20, 2022.