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