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Which Debt Software is Best for Me?

Young happy woman working with a debt management software app.

So you are looking for debt software to help you get out of debt? Managing debt is crucial to becoming financially free, and there are tons of technological tools to help. The trick then, is finding the best debt software for you, and then sticking with the program.

When you start shopping for a debt management software, you’ll find a different one for every personality under the sun. Here are eight of the most important features to look for in a good debt management tool.

  1. A strategy. Good debt software programs don’t treat all debts the same. Instead, they work with you to determine which account should be paid off first – based on your values. For example, the high-interest credit card should be a priority because you’ll save more if you get rid of that debt first. However, your personality may benefit from the morale boost that comes from paying off the smallest debt first. If you’re considering a debt management tool that does not support a strategic approach, keep shopping.
  2. A secure link to your bank. Staying connected to your accounts in real-time isn’t just a luxury, it’s a necessity. While some technological features are charming, this element is indispensable.
  3. A mobile app. A few years ago, this feature would have made the “bells and whistles” category. In other words, it wouldn’t have been necessary. Today, though, everything happens on-the-go, and managing your debt on the bus, in class, or between errands is a huge benefit. So when shopping for a good software to support your debt management program, choose one with a great mobile application for your handheld device.
  4. Budgeting help. Getting out of debt is pointless if your spending habits don’t change. There’s nothing worse than digging out, then falling back in again. That’s why you need a budget template to accompany your debt management plan.
  5. Scenarios. Some debt tools offer “what if” pictures that allow you to answer questions like, “How much interest will I save if I make an extra payment once a quarter?” or “How much longer will it take me to pay off debt if I only pay the minimum – instead of tackling debt aggressively?” While not necessary, this feature is a definite bonus.
  6. Reports. Visualizing success is nearly impossible when you’re faced with a data set, but a simple graph can lift your spirits instantly by showing you how far you’ve come, how much you’ll save if you continue on, and what you have to lose if you give up.
  7. Usability. Believe it or not, simplicity is a feature. The best debt management software is intuitive, or “smart.” In other words, when you’re reviewing your budget and want to make a change, for example, the button to do so is clearly visible. Or, when you’re entering in an expenditure and want to distribute the debt into multiple budget categories, that option is immediately available.
  8. Education. Every debt management software promises the same end result: financial freedom. The true test of whether a company has your best interest at heart though, is whether they’re willing to offer continuing education. A good plan for debt management doesn’t set you up and leave you hanging but offers continuing relevant financial education.

The team at CESI is committed to helping you make wise financial decisions and to helping you understand how to get out, and stay out of debt.  For a free debt analysis, contact us and find out how we can help.

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Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.


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