Paying off debts is a difficult task for everyone. For solving this problem, many debt reduction tools are available in the market. These software or applications can help anyone to reduce the debt burden effortlessly.
Picking the right one is sometimes tricky, as so many alternatives are available in the market. Just like in the world of finance, you get to explore a variety of personal loan apps, virtual trading apps, best stock simulators, similarly you can find a range of debt reduction tools around.
So, here we will pick up the five best tools you can use to refinance your debt.
What is a Debt Reduction Tool?
Before going forward, we must know what a debt reduction tool. How does it work? Debt reduction tools do the calculations for you, create a plan that you can easily follow every month.
You can enter information for calculating multiple debts, monthly payments, track interest amounts. Some of these instruments also allow you to decide the payment method depending on your requirements and savings goals.
Best Tools for Refinancing Your Debt
So, if you want to refinance your debt, then take a look at our collection of the best debt reduction tools you can use today.
1. Undebt.it
A free to use online debt reduction software. The tool allows you to create a personalized debt repayment plan. Try out the various built-in options such as debt snowball, debt avalanche, etc., for building your debt plan.
You can use various custom methods to make a debt reduction plan. You can compare multiple options and switch to different ideas according to your financial requirement. All you need to do is to enter your debt information in the tool; it will do the rest for you.
Users can track their payoff date and remaining amount conveniently from one place. One can use the basic version for free. To use the premium features such as bill management, savings challenges, payment reminders, you can upgrade by paying just 12 USD for a year.
2. Quicken
This offers another debt reduction instrument that helps you manage your finances effectively to pay off your debt faster. You can easily create a debt payoff plan, monthly budget, track all spending in one place.
Set it as per your requirement and become debt-free by using this easy-to-go personal finance and debt-management software.
Quicken can handle multiple debts at once, and it automatically creates a debt reduction plan by prioritizing the debts with higher interest rates, which ultimately help you save money. You can even see your credit score from this tool.
Moreover, you can analyze your score while the software manages the debit payment for you automatically. This is available for both Windows and Mac operating systems.
3. ZilchWorks
To pay off your debts quickly while being stress-free requires you to create a highly effective plan. Not able to figure out a perfect roadmap for refinancing your debts? Then, this could be your solution! You can have a debt reduction plan based on the individual goals, which help you pay off your debt in the shortest time possible.
You need to enter the creditor’s details, debt interest rate, current account balance, and monthly payment options for your debts, and you ready. ZilchWorks handles all the remaining work for you by creating a step-by-step roadmap to pay off your debt in the shortest time possible. By paying off your debts early, you can ultimately save a lot of money.
4. Debt Payoff Planer
Debt Payoff Planner is available for both Android and iOS devices. With this, you can design a step-by-step plan for paying off all your debts in the quickest time possible. Get the details like the amount you need to pay each month to each of your debt accounts.
View the summary of multiple debt accounts, the total amount you have to pay, total monthly payments paid to date, interest rate, the date you will be debt-free, and so on. Finally, this also gives you an idea of the total payment you need to make along with the total interest.
Debt Payoff Planner offers various debt paying strategies such as the debt snowball, debt avalanche, and so on. You can also create a custom plan based on your goals and analyze everything in one place through interactive graphics showing your debt payoff progress.
5. Vertex42 Debt Reduction Calculator
One more effective option to add here is Vertex42, which is a unique Excel-based debt reduction tool. It allows you to create a debt reduction plan on your computer by using Microsoft Excel. Users can use various inbuilt calculators and spreadsheets to create their debt payoff plan.
You can use debt payoff strategies such as the debt snowball technique and more. The Credit Repair Spreadsheet helps you to improve your credit score by paying off your debt in the shortest time possible. The monthly pay off calculator helps you to figure out how much payment you need to make every month.
The best thing about Vertex42 is that the Savings Snowball Calculator helps you to balance your savings and debt. The application makes sure that you don’t neglect your savings while you are paying off debt.
Conclusion
So, these are the popular tools you can use to refinance your debt and become stress-free in the quickest possible way. No doubt, you have a number of financial intermediaries like banks, credit unions, and advisors to guide you. But, having access to such useful calculators and tools does help.
The list is based on their features, payoff strategies, and how easy they are to set up and use. You can use them one by one and choose the best one as per your financial requirements and priorities. Which one did you like the most? Do share with us
