Free Debt Reduction Tools

Making a plan to pay down your debt can be a little overwhelming, and even stressful, when you are just starting to map out your plan of attack.

While I like to keep track of current balances in a spreadsheet, I also like to use a few different free online tools to help map out my strategy. And since I am looking to put all extra money toward debt, I only use free tools. With that in mind, I want to share some of the ones that I’ve tried.

Debt Avalanche and Snowball Calculators

While I don’t always agree with everything he says about how to pay off your debt, even Dave Ramsey is a fan of the debt snowball method of paying off your debt. My favorite sites for this are Undebt.it and Suze Orman’s Debt Eliminator. While these sites are not affiliated with him, you can use them to see the effects of a debt snowball or debt avalanche. Each is a really cool site and easy to use. You can find Undebt.it here so that you can start entering in your debt info. Or, go here for Debt Eliminator and start entering in your info.

Simple Loan Calculator

If you’re considering taking out a debt consolidation loan to pay off credit cards, then a simple loan calculator can help you figure out what it will cost you. The one offered by Credit Karma here is my favorite.

Amortization Calculator

Nothing makes me anxious and committed to paying off debt fast like seeing how much of my monthly payment is going towards interest. If that kind of visualization is a good motivator for you too, check out this calculator by Credit Karma.

Budgeting Tool

Creating a budget is one thing that you need to do when you are serious about paying off debt. You can use a spreadsheet for this or a free online tool like this one from Kiplinger.

Credit Score and Credit Monitoring

Credit monitoring and keeping an eye on your credit score is another way to keep yourself motivated when paying down your debt. I’ve tried some paid services in the past, but nothing beats the free account that you can create at Credit Sesame.

These are just some of my favorite tools for staying on track when reducing debt. Try them out and see if they work for you. If not, you’ll be able to find plenty of other options with a quick search online.

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