Do you want to get out of debt but are having difficulty getting organized and setting up a debt payment plan?  Maybe you don’t even know the total debt you owe, the interest rates, minimum payments, due dates, etc.  Would you like to know when you can be debt free whether you pay the minimum towards your debts or pay extra each month.  There are different ways of paying off debt. Will paying the smallest debt first or highest interest debt first be best for your situation?  DebtGoal helps you solve all of these problems.

DebtGoal is not debt settlement, credit counseling, debt relief or debt consolidation.  In fact, that’s why we like it. It’s for people who can make payments on their debts and are motivated to pay them off.   Research shows if you don’t have a well-defined plan for reducing your debt, you’re likely to make minimum payments.  Of course you’ll pay extra from time to time, but it’s typically easier to make minimum payments.  DebtGoal is a planning tool that steers you away from making minimum payments and debt consolidation.  The tool will help you reduce extra costs from the interest and decrease the amount of time you spend in debt.

How it Works

Getting started with DebtGoal requires a few simply steps that only takes a few minutes.

1.  Sign up for an account and get started for free!

2.  Add a debt.  You can automatically link an account from your financial institution or add your account manually.  Automatic linking updates your accounts in DebtGoal as they change.

3.  Enter the information for the debt such as the type of debt (credit card, mortgage, car, etc.), interest rate, payment due date, etc.

4.  Create the DebtGoal SmartPay Plan.  You’ll choose between making minimum payments constant until the debt is paid off or a custom amount each month.

5.  Choose your debt pay off strategy which includes:  Debt Stacking (highest APR first), Debt Snowballing (lowest balance first), or your own customized strategy.

6. Finally, confirm your plan.  You now know  the total interest you’ll pay, your debt free date, monthly commitment, and have a strategy.

Benefits

Debt Free Date - Knowing your debt free debt is motivating!  It helps you realize you can accomplish your goal of becoming debt free. You can also adjust your plan to see how making extra payments can impact your debt free date.

Track Progress - DebtGoal does a nice job of helping you track your progress.  You can view your balance over time graphically and view a summary of your progress which includes your balance and payments made.

View Your Savings – The bottom line is debt costs you money.  Someone is charging you a fee for the loan whether it be a credit card or a home mortgage.  DebtGoal helps you save money and get out of debt sooner and it shows you how much you’re saving in interest payments.

Organized Payment Plan - Everyone’s situation is different.  You might choose to use Debt Stacking or Snowballing or a combination of the two.  The important thing is DebtGoal provides the flexibility to choose the strategy best for you with an organized payment plan.

Accelerator Actions  - Accelerator Actions are recommended steps you can take outside of your debt plan. By following these actions you can modify your debt plan with a one – time payment or increase your monthly payment. One example of an action is negotiating credit card interest rates. DebtGoal will provide recommended steps to take associated with each action.

Final Thoughts

The first step of setting up a debt payment plan is getting everything organized. This is the hardest part for most people.  DebtGoal definitely helps you solve this problem as they take you through the process step by step.  The only drawback of DebtGoal is the monthly subscription cost after the free 7 day trial is over which is $14.95 per month.  I initially thought this amount seemed high, but considering the interest savings people see in creating and following a debt payment plan, the fee is minimal.  If I had a lot of credit card debt or other debt I wouldn’t question paying the fee. The benefits and savings of DebtGoal far outweigh the cost.

Have you had any experience with DebtGoal?  Let us know your thoughts in the comments.

What is DebtGoal and How Does it Work?

DebtGoal is a relatively new product category of debt assistance: self-paced debt management.  The tool allows you to set up a customized debt plan, link your accounts in a secure fashion online so they automatically update as you make payments, and choose your debt pay off strategy (debt-stacking, snowball, or your own customized plan).  Additionally, you can get payment reminders and monthly progress reports.  Finally, people need to get creative when trying to pay off debt.  DebtGoal provides different actions you can take to accelerate your debt pay-off.

Sign Up for the Free Trial Offer

The group over at DebtGoal just sent me a new video they put together to help people get a better idea of how the tool works.  Once you’ve viewed the video, I recommend visiting DebtGoal and signing up for their free trial offer to check it out for yourself.

I currently have an account and have been using it for tracking and paying down our final car loan.  I’m amazed at the enhancements they’ve made since I wrote my DebtGoal review (which needs some updating) last year.  They’ve put a lot of work into the product and I like how they’ve built the guidance you need into the tool!

Have you had any experience with DebtGoal?  If so, please share your thoughts with other readers.