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January 07, 2022

Do you have an effective debt repayment plan in place?

Managing debt is never easy, especially for students and recent graduates, many of whom are financially inexperienced. If getting a handle on your debt load is one of your 2013 resolutions, you’re in luck.

ReadyForZero is a free service that aggregates and tracks all of your debts and creates a personalized plan for repayment to get you out of the hole as quickly as possible.

This debt payoff software is built on four major points: Plan, Pay, Track, and then Relax.

You input all of your debts, interest rates, payments, and accounts. The company helps you put together a plan to pay off that debt as quickly as possible and then to track your progress.

To help visualize your path to success, you get a page with sliders where you can set how much per month you want to pay or a deadline for when you want to be out of debt. As you move those sliders around, numbers change automatically, showing you the effects that your choices might have.

You can go once step further, if you like. Once you have the plan set up you can send payments directly to specific creditors (not, as yet, in Canada, however).

Do you have a debt repayment plan? Back of the envelope or have you used some sort agreegation tool to help get organized?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...