Best Debt Reduction Software Programs

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.

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.

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.

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.

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.

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.

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.