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6 Debt Reduction Software Options

Pay Down Bills Faster and Save on Interest


If you carry balances on credit cards or have outstanding loans, and bills are catching up with you, you need a plan to pay those debts off. The debt reduction software listed here will help you with achieving your financial goals by showing you options for lowering the amount of debt you carry or paying it off altogether.

See the bottom of the page for links to spreadsheets and mobile apps that help you track and eliminate debt.

Debt Quencher

Debt Quencher
Just plug in your credit card or loan account name, interest rate, current balance and minimum payment have a plan generated for paying off debt. Debt Quencher for Mac then presents three ways to pay down debt: 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.

I like that 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 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.

Using Zilch Standard isn't entirely intuitive and while it's not difficult, most people will need some explanation to use it properly. The Help feature wouldn't work without downloading a free program from Microsoft to allow viewing of support documentation (I was using a 64 bit version of Windows 7). The developer should update the software so that this is not necessary.

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 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. The web site is very dated-looking, but the software is legit.

Free Debt Reduction Spreadsheets

Get different scenarios for paying off debt with this debt calculator spreadsheet.
If you have Microsoft Excel, you can use one of these spreadsheets to create a plan to get rid of your debt. Don't have Excel? You can use most, if not all, of my four debt reduction spreadsheet picks with the free Open Office spreadsheet or the spreadsheet 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 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 AppsReadyForZero Inc.
Want to come up with a debt reduction plan without installing any software? Take a look at my online debt reduction planning tools picks:

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