While most debt reduction software focuses solely on helping you create a debt payoff plan, Quicken is a comprehensive personal finance software that can also help you get more money out of your monthly budget to pay off debt faster. Use the software to create a budget and track your spending so you can design a debt reduction plan based on your goals.
The debt reduction plan feature creates a debt payoff plan that prioritizes debts with the highest interest rates so you save money. You can link your accounts and allow Quicken to automatically pull your minimum payment and current interest rate or 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. Quicken Deluxe is $29.99 per year and is available for both Windows and MacOS.
Undebt.it is a free online debt reduction software that lets you create a debt repayment plan to eliminate your debt. You can use the debt snowball, debt avalanche, or your own custom method to create your debt plan. You’re not stuck with a plan. If a plan isn’t working for your or your priorities change, you can switch between plans at any time for the most efficient way of getting out of debt.
Enter your debt information into the software and it does all the calculations for you. The software can handle 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 over your debt plan.
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, saving challenge, payment reminders, and other features.
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 get out of debt in 18 months or less. Enter the creditor, interest rate, current balance, and monthly payment for each of your debts. The debt reduction software then creates a step-by-step plan to get you out of debt in the quickest time possible. You can also compare the 18-month debt payoff plan to a normal pay off plan and see the difference not only in debt pay off time and your debt-free date but also in the total amount of interest you pay on your debt. You can save thousands of dollars in interest by paying off your debt in a shorter amount of time. The debt reduction is available as an electronic download for $39.95. You can add download protection for an additional $6.99. This feature allows you to download the electronic version of the software for up to 24 months after your initial purchase.
Vertex42.com’s Excel-based debt reduction calculators allow you to create your debt reduction plan on your computer within 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.
The Credit Repair Spreadsheet focuses on paying off your debt in a way that improves your credit score as you pay off debt. The Credit Card Payoff Calculator is perfect for figuring out the monthly payment you must make to pay off a credit card in a certain amount of time. You can even access a Savings Snowball Calculator that helps you balance your savings and debt reduction goals so you don’t have to neglect your savings account while you pay off debt.
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. View a summary of your complete debt picture including 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 amount of interest you’ll pay on your debt.
Choose from three different pay off strategies – the debt snowball, debt avalanche (highest balance first), or a custom plan that you create based on your own personal goals. You can view a graphic showing your debt payoff progress based on the plan you select or create.
The Debt Tracker app for Android devices allows you to track both debts you owe and debts owed to you, as well as your savings goals. Create your debt plan by listing the details of each of your debts and even track payments and penalties for an accurate debt amount. A PIN protects the app so you’re the only one who can access your debt information. You can use the app and its features without creating an account or adding your sensitive bank information to get the maximum benefit from the app. The Pro version of the app syncs your debt with Dropbox so you can always access your debt information from the cloud.
The Debt Payoff Assistant app allows you to enter multiple debts along with the balance, interest rate, monthly payment amount, and payment due date. The app shows the amount of each debt remaining 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. You can view your debt-free date and the total amount of interest you’ll pay on your debt. The app breaks down the monthly payment you need to make on each debt to reach your debt 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.
One of the top-selling apps in the Finance section of the App Store, the Debt Free app allows you to create a customized debt reduction plan. Create your debt reduction plan based on the snowball method of applying an extra lump sum payment to a debt, or pay off your debts by lowest balance, highest interest rate, highest balance, or custom method.
The app creates a detailed schedule for paying off each of your debts, so you know how much to pay toward each debt. You’ll be able to see the total amount you pay towards each debt, including the total amount of interest paid. The app includes three built-in calculators to decide on your payments: the payoff date calculator, loan calculator, and the mortgage calculator. The app is $0.99 in the App Store.
The 8 Best Debt Reduction Software to Use in 2018
It's time to 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 allows you to enter multiple debts along with their balances, your monthly payment, and the interest rate. You may be able to choose between different debt pay off methods. For example, the debt snowball method allows you to prioritize your debts by lowest interest rate first and apply a lump sum amount to one debt while making the minimum payment on all your other debts.
Debt reduction software does the calculations for you and creates a plan you can easily follow. So 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.