Will SavvyMoney.com Help Me Tackle My Debt?

Can MoneySavvy Help Me?
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SavvyMoney.com is a site that is dedicated to help you get out of debt. It offers a variety of tools and calculators that can help you create a debt plan and work towards your dream of becoming debt free. This site used to be known DebtGoal.com, and was a free site at the time. They have recently revamped the site, the tools and the interface to offer a new product and service to its users.

Pros:

  • The site does set up a debt payment plan for you.
  • It is easy to record payments, or see them recorded.
  • The site is set up to download your transactions for you, and links automatically to your bank.
  • There are articles available on the site.
  • There are offers for credit cards and consolidation loans.
  • They give you the chance to see your credit score. 

Cons:

  • Since the company makes it money through the offers, be sure to read all of the fine print before signing up through them. However, it does not mean that the deals and offers are not good, but that you should be aware of them. 

SavvyMoney.com operates to help people get control of their debt and to fix their current financial situation. It is pretty focused on finding the quickest and easiest way for you to get out of debt. They do not focus as much on creating a budget or other financial aspects, although there are articles addressing them. The main purpose of the site is to help you get started on a debt payment plan.

The site also has several videos that quickly explain some basic financial topics.

What Are the Advantages of MoneySavvy.com?

The advantage of using the site is that you have the payment plan lined up for you, which automatically updates so you can see where you are. The other advantage is that since the site updates your accounts, it takes your credit card spending into account, which will show you when you begin backsliding.

This visual reminder can help you stay motivated. It also helps to know just how much extra money each month can quickly improve your situation. And this website offers you a way to track your progress, without making a chart to hang in your home.

What Are the Disadvantages of MoneySavvy.com?

The only downside I see to this site is that the site uses credit card offers to make their money, and those things will not help you to get out of debt any more quickly. Although if you are careful, balance transfers can reduce the amount you pay in interest. I would not do that until you have shown that you are no longer using your credit cards at all. There is a danger in transferring balances or debt consolidation since many people continue to use credit cards and end up accumulating even more debt. It is important that you do not do that if you are considering this option.

If you want to have set place to refer to your debt payment plan that updates automatically this may be a good fit for you and your situation. It may be an additional motivator or you may decide that the money could be better spent on getting out of debt. You can also set up the plan yourself and track it in on your own. However, the interface and the tools are easy to use and the customer support is prompt in replying to questions and concerns.

 

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