Pay Down Debt with Help from DebtGoal

The time for New Year's resolutions is here, and many people have a goal to pay down their debt. One tool that may help with your goal is this: A Web site called DebtGoal.

DebtGoal is a site that helps you develop a customized plan for getting out of debt. Here is what a press release I received from the company said:

Debtgoal is much like a WeightWatchers plan for debt reduction.  It’s an online consumer application that helps make paying down debt easy and efficient.  The site takes into account all of a customer’s debt (credit cards, student loans, car loans, mortgages, etc.) and provides a clear, customized plan to help them pay down credit card debt in the most efficient, easiest way possible.

I checked out the site, and entered in some hypothetical debt. I really liked the visual I got showing how much money I could save if I made certain additional payments on top of the base plan that DebtGoal offered:



For those who don't know where to start when it comes to how to pay down debt, DebtGoal offers a great jumping-off point. You can get personalized help and information, as well create a debt reduction plan that is tailored to your needs. Also nice: You can keep track of your progress to see how well you are doing.

Overall, I think DebtGoal is an excellent resource and tool. It provides a visual doable illustration of what you need to do in order to pay down debt.

Do you have any tools that you use to pay down debt?