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Best Debt Reduction Software Programs

Desktop software and mobile apps to help you get out of the red

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Figuring out the best way to pay off your debt can be confusing. But using debt reduction software can take away the tedious legwork of creating a repayment plan. The best debt reduction software programs allow you to enter information for multiple debts, calculate your monthly payment, and track interest amounts. Many also allow you to choose between different payoff methods depending on your needs and savings goals.

Debt reduction programs do the calculations for you and help you create a plan you can easily follow month to month. If you're ready to take control of your finances and get out of the red, check out our picks for the best debt reduction software to use today.

The 7 Best Debt Reduction Software Programs of 2022

Best Overall Software : Quicken


Quicken

Quicken

  • Cost: $35.99/year & up
  • Platform availability: Desktop, Android, iOS, web
Why We Chose It

With its helpful budgeting and expense tracking tools, Quicken is our pick for best overall debt reduction software.

Pros & Cons
Pros
  • Full-featured software with budgeting and debt management tools

  • Multiple customer support options

Cons
  • More expensive than some competitor offerings

Overview

While most debt reduction software programs focus solely on helping you create a debt payoff plan, Quicken is a comprehensive personal finance software that can also help you extract more money from your monthly budget to pay off debt faster. You can use it to create a budget and track your spending so you can design a debt reduction plan based on your goals.

Quicken lets you create a debt payoff plan that prioritizes debts with the highest interest rates so you save money in the long run. You can link your accounts and allow Quicken to automatically pull your minimum payment and current interest rate, or you can manually enter the information from your monthly billing statements. As a bonus, you can also access your credit score to see how paying off your debt is helping to improve your credit, but this feature is not available for Mac users.

Best Free Software : Undebt.it


Undebt.it

 Undebt.it

  • Cost: Free (with optional paid upgrade)
  • Platform availability: Web
Why We Chose It

If you're not interested in paying for a debt reduction software, Undebt.it offers a free version that allows you to create a customized repayment plan based on your unique needs.

Pros & Cons
Pros
  • Customizable repayment plan options

  • Free trial available with Premium version

Cons
  • No mobile apps available

Overview

Undebt.it is a free online debt reduction software that lets you create a personalized debt repayment plan. You can use the debt snowball, debt avalanche, or your own custom method to create your plan. And if one plan doesn't work, you aren't stuck with it. Switch between plans at any time to find what's most effective for you.

Enter your debt information into the software and it will handle all the calculations. Undebt.it can accommodate an unlimited number of debt accounts, allowing you to include all your debt in the plan. Track your projected payoff date and the total amount of interest you’ll pay before you reach that date.

You can create an account to save your debt information or use the calculator without an account. The basic service is free. Upgrading to the premium version is $12 per year and gives you access to bill management, savings challenges, payment reminders, and other features. It also offers a 30-day free trial.

Best Software for Fast Payoff : ZilchWorks


Zilch Works

 Zilch Works

  • Cost: $39.95
  • Platform availability: Desktop (Microsoft only)
Why We Chose It

If you want a custom repayment plan that helps you knock out your debt in just 18-24 months, ZilchWorks is worth a look.

Pros & Cons
Pros
  • Helps you create a customized payoff plan

  • Ability to compare repayment plans

Cons
  • Only compatible with Microsoft on desktop

Overview

If you’re looking for a quick way to get out of debt, you need a highly effective plan. ZilchWorks debt reduction software creates an individualized plan to help you reach your goal in 18 months to 24 months. Start by entering the creditor, interest rate, current balance, and monthly payment for each of your debts. The software then creates a step-by-step plan to help you pay them off in the shortest time possible.

You can also compare the 18-month debt payoff plan to a longer payoff plan and see the difference—not only in your payoff timeline but also in the total amount of interest you'd pay with either method. You can potentially save thousands of dollars in interest by paying off your debt in a shorter amount of time.

ZilchWorks requires Microsoft Windows to run and is available as an electronic download for $39.95.

Best Excel Tool : Vertex42 Debt Reduction Calculators


Vertex42 Debt Reduction Calculators

 Vertex42 Debt Reduction Calculators

  • Cost: Free (with optional paid upgrade)
  • Platform availability: Desktop
Why We Chose It

If you're a fan of Microsoft Excel, OpenOffice, or Google Sheets, Vertex42's Debt Reduction Calculator could be the budgeting tool you've been looking for; it integrates well with all three platforms.

Pros & Cons
Pros
  • Multiple calculators to choose from

  • Offers a tool to help you improve your credit score

Cons
  • No mobile apps available

Overview

Vertex42’s Excel-based debt reduction calculators allow you to create your debt reduction plan on your computer using Microsoft Excel, OpenOffice, or Google Sheets. You can choose from a few different calculators depending on your overall goals.

The Debt Reduction Calculator spreadsheet creates a repayment plan based on the debt snowball technique, while the Credit Repair Spreadsheet focuses on paying off your debt in a way that improves your credit score as you go along. The Credit Card Payoff Calculator is perfect for figuring out the monthly payments you need to make in order to reach a particular payoff date.

You can even access a Savings Snowball Calculator that helps you balance your savings and debt reduction goals. That way, you don’t have to neglect your savings account while you're paying off debt.

Best Overall App : Debt Payoff Planner


Debt Payoff Planner

 Debt Payoff Planner

  • Cost: Free (optional paid upgrade)
  • Platform availability: Android and iOS
Why We Chose It

Offering a free version with detailed repayment schedules and other useful features, Debt Payoff Planner is our best overall debt reduction app.

Pros & Cons
Pros
  • Multiple payoff strategies to choose from with Pro version

  • Helpful educational content available

Cons
  • Free version has ads

  • Limited features with free version

Overview

Using the Debt Payoff Planner app, which is available on both Android and iOS, you can create a step-by-step plan for paying off your debt. The plan includes the exact amount you should pay on each debt each month to help you stay on schedule.

You can view a summary of your complete debt picture; this includes the total amount you owe, your total monthly payments, interest, the date you’ll be debt-free, the total payments you’ll make, and the total amount of interest you’ll pay.

Choose from four different payoff strategies—the debt snowball, debt avalanche, debt snowflake, or a custom plan that you create based on your personal goals. You can view a graphic showing your debt payoff progress based on the plan you choose.

Most Popular App : Debt Free


Debt Free

Debt Free 

  • Cost: $0.99
  • Platform availability: iOS
Why We Chose It

Debt Free's easy-to-use interface and helpful tools and features make it one of the most popular apps for debt reduction and repayment.

Pros & Cons
Pros
  • Ability to create detailed debt payoff schedules

  • Multiple debt payoff calculators

Cons
  • Not free, but fairly low-cost

  • Only available for iOS

Overview

One of the top-selling apps in the Finance section of the App Store is the Debt Free app. It allows you to create a customized debt reduction plan. You can base your plan on the snowball method, or pay off your debts by lowest balance, highest interest rate, highest balance, or custom method.

The app creates a detailed schedule for eliminating each of your debts, so you always know how much you need to pay. You’ll be able to see the total amount going toward each debt, including the total amount of interest. The app includes three built-in calculators to decide on your payments: the payoff date calculator, the loan calculator, and the mortgage calculator.

The app is $0.99 in the App Store.

Best Free App : Debt Payoff Assistant


Debt Payoff Assistant
Courtesy of Debt Payoff Assistant
  • Cost: Free
  • Platform availability: iOS
Why We Chose It

iPhone users looking for a free debt reduction app may want to consider Debt Payoff Assistant. It has the features and tools you need to get on track financially.

Pros & Cons
Pros
  • Helpful debt tracking at no cost

  • Simple monthly payment breakdown

Cons
  • User feedback is mixed

Overview

The Debt Payoff Assistant app for iOS allows you to enter multiple debts along with the balance, interest rate, monthly payment amount, and payment due date. It can tell you how much of each debt is left along with an estimated payoff date. You can enter the amount of extra payment you’ll make each month and select whether to snowball your debts.

Debt Payoff Assistant breaks down the monthly payment you need to make on each debt to reach your repayment goal date. The payments can change month to month as you pay off your debts, so checking the app before making payments is key to staying on track.

Frequently Asked Questions

What Does Debt Reduction Software Do?

Debt reduction software helps you track, pay, and reduce your debt—ultimately saving you time and money in the long run. This software is either used on your computer or downloaded as an app on your smartphone for on-the-go access. Debt reduction software typically helps you create a debt payoff plan, including specific steps to achieve along the way to a debt-free life. It can also sort your debts by prioritizing the ones with the highest interest rates so they get paid first.

How Does Debt Reduction Software Work?

Debt reduction software works by having the user enter their information into the software, such as multiple debts, interest rates, and payment due dates. It calculates your monthly payments, tracks interest and principal amounts, and even gives you payoff options based on your goals. Debt reduction software does the calculations for you, which can increase efficiency and accuracy. The software also creates a debt reduction plan based on the information that you input. 

How Much Money Can Debt Reduction Software Help You Save?

Debt reduction software can help you save money in several ways. First, it can ensure that payments are made on time, eliminating late fees. It can also calculate which debts have the highest interest rates, and help you make a plan to pay them first, so you’re paying less in interest. The savings ultimately depend on how much debt you owe and how soon you can pay it off, but they could total in the hundreds or even thousands of dollars. 

Is there an app to help you get out of debt?

Yes, in addition to debt reduction software, there are also many apps that can help you get out of debt. Some helpful options include Debt Payoff Planner, a free app available for both Android and iOS; Debt Free, available for iOS; and Debt Payoff Assist, also available for iOS.

How We Chose the Best Debt Reduction Software

To come up with our list of best debt reduction software programs, we evaluated several options, though we did not look at every company in the market. We narrowed down our list to the top seven based on their features, goals, if they were web-based or phone-based, and how easy they were to set up and use. We also looked at prices and payoff strategies to ensure we chose the best possible options for our readers.

Article Sources
  1. Federal Trade Commission. “Coping with Debt.

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