The Five Best Tools For Managing Your Debt

These Programs Can Get You on the Path to Financial Freedom

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.

Debt Quencher

Debt Quencher
NoThirst.com

Just plug in your credit card or loan account name, interest rate, current balance and minimum payment and Debt Quencher will produce a customized debt repayment plan. 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 simple debt reduction planner has a slick interface and it notes when you last updated account balances.

Zilch Standard

Zilch Standard show you the best plan for reducing your debt.
Zilch Standard Debt Reduction Software. Zilch Standard Debt Reduction Software ZilchWare

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 print outs.

Debt Analyzer

Debt Analyzer is software that shows you how to pay down debt and save the most interest.
Debt Analyzer. Debt AnalyzerInsight Software Solutions, Inc.

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.

Debt Analyzer has a 30-day free trial. 

Free Debt Reduction Spreadsheets

Get different scenarios for paying off debt with this debt calculator spreadsheet.
Vertex 42 Debt Reduction Snowball Calculator Spreadsheet. Vertex42.com

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

Debt Management Tools in Personal Finance Software

Quicken debt reduction planner shows you how paying extra reduces interest.
Quicken Debt Reduction Plan Set Up. Quicken Debt Reduction Plan Set UpIntuit

An option to buying software just for planning your debt pay down is to use personal finance software that has many money management features with a debt reduction tool. Here are some software options with debt focused features:

Online Debt Reduction Tools

Pay off your debts with REady For Zero.
Ready for Zero Online and Mobile Apps. Ready for Zero Online and Mobile AppsReadyForZero Inc.

If you want to come up with a debt repayment plan without purchasing any software, take a look at these online debt reduction planning tools:

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