8 Best Debt Reduction Software Programs

Tolu Gabriel
Tolu Gabriel October 24, 2021
Updated 2021/10/24 at 10:35 PM
8 Best Debt Reduction Software Programs

Technology has helped In so many ways to ease achieving our desired goals which include debt reduction. There are best reduction software programs that can help you pay off your debts quickly.

These debt management tools will take out the tedious and often unachieving processes of creating a debt plan. The best debt reduction software as provided here is very efficient in paying off your debt. They help you track your interest amounts, calculate your monthly payment, and also enter information for multiple debts.

You’ll also be able to create a workable plan that you can easily implement each month. Some of these options can be used on mobile devices and desktop computers.


What Does Debt Reduction Software Do?

Debt reduction software is software that can help you reduce, repay, and track active debt. This saves you money and time in the long run. You can use the software on both your computers and mobile devices to achieve your personal goals. The apps are specifically designed to help you create a payoff plan for your debt, which includes instilling some working steps to attaining debt-free life. It would also help you to prioritize debt that needs quicker attention, ones with the highest interest rates so that they get settled first.


How Does Debt Reduction Software Work?

When you acquire the desired software for your debt deduction goals, you’ll need to input your details into it. The information that would be needed include the debts you are owing, the payment due dates, and interest rates.

The software will help to calculate your monthly payments, track your principal amounts, track the interest, and provide you with workable payoff options. The software will help you calculate everything necessary to attain your debt-free goals.


How We Chose the Best Debt Reduction Software

Our best debt reduction software are enumerated based on their features, functionalities, mobile-based, web-based, usage, and setup features. The payoff strategies and prices are also put into consideration.


How Much Money Can Debt Reduction Software Help You Save?

You can use the apps in several ways to save money. First, the software will help to make timely payments and eliminate late charges. It will also help you to prioritize debts with the highest interest rates given timely attention first, and also create a plan to get them paid first and reduce how much will be going into interest. The savings you’ll be able to achieve depends on the amount you owe and how quick you can pay them off. But in the long term, they could run into hundreds or even thousands of dollars.

With these best picks, you only need to be deliberate about taking back control of your finances and getting out debts fast once you have access to these debt reduction apps to start.


Here Are 8 Best Debt Reduction Software Programs To Consider


1. Quicken – Best Overall Software

Quicken is an all-rounder for everything concerning personal financing. Many debt reduction software focus on creating a debt payment plan but quicken offers more. Aside from the benefits you’d get in paying off your debts, it can also be used in tracking your expenses and creating a budget among others.

The finance app is efficient with having a proper structure to clear out your debts by prioritizing your debts with the highest interest rates, so that you can have some cash in the long run. After getting the software, you’ll be required to link your accounts so that your current interest and minimum payment information can be retrieved. You may also want to enter the information from your monthly billing statements.

In addition, the app allows users to see their credit score to find out the impact your debt repayment plan is helping your credit score improve. Quicken Deluxe costs a yearly fee of $51.99 with a free trial period of 30 days, during which you can decide to cancel your subscription if you feel unsatisfied with their service. It is suitable for both Mac OS and Windows.


2. Undebt.it – Best Free Software

Undebt.it as the name implies, is designed to take you out of a debt-laden life and become debt-free. It is a free tool that helps you create a personalized debt repayment plan. In creating your debt payoff plan, you can harness the debt snowball or debt avalanche plan. You may even decide to use your own custom method especially if it seems a plan isn’t working for you as expected.

Enter your debt information in the software to receive all the necessary calculations you need it to handle for you. With this debt payoff software, you can input all your debt in the plan and watch it handle every bit for you. You’ll also be able to track your payoffs and total interest amount before the due date.

You can use the calculator even if you have no account or simply create your account to be able to save your debt information in it. The basic service comes at no cost but if you want more features available on the premium version, you’ll need to subscribe with $12 per year and also receive access to special features such as management of your bills, payment reminders, savings challenges, and many others. It also comes with a 30day free trial.


3. ZilchWorks – Best Debt Repayment Software For Fast Payoff

Having a highly handy debt repayment plan is a quick way to overcome debt. ZilchWorks is nice for creating individualized plans that can help you attain your debt-free goal in 18 to 24 months. To get started, you’ll have to input information about your creditor, outstanding debt, interest rate, and your monthly repayment amount. The debt repayment software will thereafter help you to create a step-by-step guide in settling the debt as quickly as possible.

You may also compare the 18 months period of debt payoff plan to a payoff plan that is more extensive, to see the difference between them. Don’t consider only your payoff timeline alone, but also think of the entire amount of interest that you’d pay with any of the considered methods. You’ll be amazed at how much money you can save in interest by being more timely with your debt repayment.

 You can have ZilchWorks for just $39.95, and you’ll have the option to input download protection for an extra $6.99. With this you’ll be able to download the software for as long as two years after making the initial purchase.


4. Vertex42 Debt Calculators – Best Excel Tool

This personal finance software is helpful in harnessing Microsoft Excel to create a debt reduction plan on your computer. Your ultimate goal should determine your choice of calculators to consider.

Vertex42’s Excel-based debt reduction calculator helps with the debt snowball technique to create a payoff plan for your debts and does this in a way that helps to boost your credit score. 

The software also gives you access to a Savings Snowball Calculator that helps you create between reducing your debt and increasing your savings. This will help you still achieve your savings goals while paying off debts.


5. Debt Payoff Planner – Best Overall Debt Reduction App

Debt payoff planner works for both Android and iOS devices and helps to create detailed plans for debt repayment. This plan includes the precise focus amount you need to pay each month that can help you stay abreast with your goal.

You will have access to a brief of your debt information. This debt info will include your total debt amount, your monthly repayment figure, your period of debt repayment, and your interest details.

The software allows you to pick between three repayment plans — the debt avalanche, debt snowball, or a custom debt plan that you consider suitable for your personal goals. The app will also provide you with a graphic that will show how your debt is progressing, depending on your choice of plan.


Debt Free is majorly for iOS users and it is one of the most popular apps in the App Store Finance section. The app is efficient in creating customized debt reduction plans which can also be based on the snowball method, or can be paid off using the highest interest rate, lowest balance, or the custom method.

Additional features on the app include a detailed schedule for clearing off your debts so that you are always informed of how much is required to be paid. You see the real amount that is going into each debt including the total interest amount. There are three built-in calculators in the app which include the loan calculator, the payoff date calculator, and the mortgage calculator. You can use the app for just $0.99.


7. Debt Tracker – Best App For Privacy

This debt tracker app can be used by Android users to track the debts you are owed and the ones you owe. It also allows you to monitor the growth of your savings. List the details of your debts in creating a debt plan, track penalties and payments for an accurate debt amount.

The app helps to secure your privacy with PIN security. You may additionally use the app features without necessarily adding your actual bank information or even creating an account.

When you get the Pro version of the app, it syncs your debt with Dropbox and gives you access to your information from the cloud.


8. Debt Payoff Assistant – Best Debt Reduction Free App

This software is for iOS device users which allows you to input different debt information including the monthly payment amount, payment due date, and Interest rate. can tell you how much debt is left and its projected payoff date. You may consider including the amount of extra payment per month and choose if to use the snowball debt repayment strategy or your customized strategy.

It also makes your repayment goal easier by breaking down your monthly payments to be made on each debt. The payment amount may be adjusted from month to month as you clear off your debts, so it is important to keep abreast with updates on the app to help you stay on track.

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