If you carry balances on credit cards 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.
Debt Quencher
Debt Quencher
No Thirst Software LLC
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.
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.
- Mac
- Learn more at NoThirst.com
- Unlimited Free Trial (can't print reports)
- $15
Zilch Standard
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.
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.
- Windows
- Learn more at ZilchWorks.com
- Free trial
- $40
Debt Analyzer
Debt Analyzer
Insight 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.
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.
- Windows
- Learn more at DebtAnalyzer.com
- Free trial
- $30
SavvyMoney Debt Payoff Tools
SavvyMoney Debt Payoff Calculators
GoalSpring Financial, Inc.
SavvyMoney online debt reduction tools were designed for people who aren't in perilous financial circumstances but who need to do something about the debt they've accumulated before they get into trouble.
Fill in your age, income and a few other financial demographics, then use sliders to select the debt you're carrying for loans, credit cards and mortgages. SavvyMoney shows you how soon you can be debt free and how much you can save in interest, then prompts you to sign up to get access to the real debt reduction features. You can have a 7 day free trial, but you'll have to enter credit card information and then call to cancel before the week is up.
SavvyMoney also offers free debt payoff calculators, but if you click to get any real plans for paying off your bills, you'll find that you need to sign up for an account or you're redirected to the home page.
SavvyMoney's tools look pretty slick, but $15/month (that's $180 a year) is a steep price to pay when you're trying to save money and get out of debt.
Fill in your age, income and a few other financial demographics, then use sliders to select the debt you're carrying for loans, credit cards and mortgages. SavvyMoney shows you how soon you can be debt free and how much you can save in interest, then prompts you to sign up to get access to the real debt reduction features. You can have a 7 day free trial, but you'll have to enter credit card information and then call to cancel before the week is up.
SavvyMoney also offers free debt payoff calculators, but if you click to get any real plans for paying off your bills, you'll find that you need to sign up for an account or you're redirected to the home page.
SavvyMoney's tools look pretty slick, but $15/month (that's $180 a year) is a steep price to pay when you're trying to save money and get out of debt.
- Online app
- Learn more at SavvyMoney.com
- Free trial
- $15/month
Debt Management Tools in Personal Finance Software
Quicken Debt Reduction Plan Set Up
Intuit
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:
- Mint.com (free, online)
- Quicken Personal Finance (Windows)
- Freedom Account Spreadsheet from It's Your Money (spreadsheet)
- Mvelopes (online)
- NeoBudget (online)
