There are three ways to add to debt repayment: enter the monthly payment, adjust planned payment amounts or enter additional payments when you have some extra cash available.
What if scenarios include four methods for paying off debt: Minimum Payment, Highest Interest, Lowest Balance or Highest Balance. Debt Quencher recommends a best method and shows you the numbers behind each method.
This software looks dated, but the features work well. Zilch Standard comes pre-populated with data to help the user understand how to use the software. Choose from six different debt payoff strategies plus there is an option to create a customizable strategy.
Zilch Standard is not intuitive for the average user, and even if you are familiar with other tracking and budgeting programs, this format can be challenging. There are tutorials and videos available to help you navigate the process.
The free trial has some features disabled but works well enough to determine if you want to buy it. Zilch Standard has good reports both on the screen and as printouts.
Two things set Debt Analyzer apart as debt reduction software: the number of financial reports and the simple household budget feature that lets you apply budget surplus to the debt repayment plan.
The quick start guide that pops up the first time the software is used is very helpful, as are all of the support options under Help in the software.
Debt Analyzer can be password protected, which is an important feature for any software that stores financial information. Debt Analyzer includes multiple debt pay off scenarios, supports multiple debt reduction plans and includes a debt consolidation plan.
04Free Debt Reduction Spreadsheets
If you have Microsoft Excel, you can use one of these spreadsheets to create a plan to get rid of your debt. If you do not have Excel, you can use these four debt reduction spreadsheet picks with the free Open Office spreadsheet or the spreadsheet tool in Google Docs/Drive.
- Vertex 42 Debt Reduction Snowball Calculator and Credit Repair Spreadsheet
- Squawkfox Debt Reduction Spreadsheet
- It's Your Money Excel DebtTracker Spreadsheet
- How Much Debt Costs Spreadsheet from Debt Free Adventure
05Debt Management Tools in Personal Finance Software
06Online Debt Reduction Tools
How Debt Reduction Software Can Help You Eliminate Debt
If you carry balances on credit cards, have outstanding loans or are overwhelmed with bills, you need a plan to pay those debts off. The debt reduction software listed here will help you with achieving your financial goals by tracking your spending, managing additional payments and recording your progress. See the bottom of the page for links to spreadsheets and mobile apps that help you track and eliminate debt.