Best Debt Reduction Software Programs

Quicken is a company that offers comprehensive financial tracking software with a debt reduction component. This money management tool lets you see your entire financial life in one place, including your bank accounts, investments, loans, and other financial details. You can oversee and pay your bills using the interface with some plans, which are available for Windows or Mac. You can also create a debt reduction plan and oversee all your spending with tools that let you search for transactions and determine where your money is really going.

Quicken was founded in 1982, and over 20 million people have used its software. This company has 256-bit encryption that protects your data, and there's a 30-day money-back guarantee period.

You’ll pay $47.88 per year for the "Simplifi" program, but you can upgrade to the more popular “Deluxe” version for $59.88 per year. This plan allows you to create a budget and track your debt, so it’s likely the best for someone seeking debt reduction help. The next plan up is the “Premier” version for $83.88 per year, which includes bill pay software and priority access to customer support. There is also a fourth version called "Home & Business" which is the most complete version and costs $119.88 per year. Quicken frequently offers a discount so your first year will likely cost less.

ZilchWorks is ideal for consumers who want software that focuses on debt reduction. Their program works diligently to analyze your debts and figure out the fastest and most efficient way to pay them off. Once you create a plan with ZilchWorks, you will know exactly how much you need to pay each month toward each debt, and it will tell you when you’ll be debt-free.

An interesting fact about Zilchworks is that you only have to purchase this software once. This makes it less expensive for the long haul than some other debt reduction software programs that require a paid annual membership. A standard program for a single user starts at $39.95. ZilchWorks has also been around since 1990.

We like the fact that ZilchWorks creates an efficient debt payoff plan for you based on either the debt avalanche or debt snowball methods—the choice is yours to pay off the highest debt or the highest rates first. It’s important to note that you do have to enter your debt payments manually into this software. Also, note that Zilchworks doesn’t have its own mobile app, so you’ll need to use desktop software which is only for Windows.

Tally is an automated debt manager. This mobile app helps consumers by offering a line of credit at a lower interest rate than they’re paying on their credit cards. From there, Tally monitors each credit card and its balance and then uses its smart technology to help you know which cards to pay off first. Generally speaking, Tally operates using the debt avalanche method, meaning you would pay off credit card balances with the highest APRs first.

Tally is free to download. You can access the app's Tally+ feature and manage your debts for $25 a month. The company makes money by charging you interest on your line of credit, which should be lower than the interest you were paying on a credit card. The service is available to those with a minimum credit score of 580.

While this app promises to automate debt repayment for you, it does offer the option to let you pay your credit card bills yourself. Tally also promises the safe transfer of your data, which is transmitted securely using SSL encryption.

If you really just want access to a free tool that can help you create a debt repayment plan you can manage yourself, Unbury.Me is a good option. This software includes a basic debt repayment calculator you can use to craft a payoff plan using the debt snowball or the debt avalanche, two different strategies that have you focus on the smallest debts or debts with the highest interest rate first.

Interestingly, you don’t download this software to your computer. Instead, you create an online account where you can store your information. Then, each time you want to tweak or update your debt information, you sign on and make the changes manually. The app does not sync with your banking and other accounts.

Even though there are a lot of limitations with this debt reduction software, it is effective in helping you see the big picture and determine whether to use the debt snowball or debt avalanche method. For someone disciplined to follow a set plan, Unbury.Me might be all they need.

Qube Money is a comprehensive financial management tool that lets you plan your finances using the “envelope budgeting method.” This method of budgeting forces you to set spending limits in all discretionary categories including groceries, dining out, entertainment, transportation, and more. From there, Qube Money sets up digital envelopes that work in conjunction with a Qube Money debit card tied to your account. The app tracks your spending and other family members’ spending who are synced to the program, letting you work within parameters and stay on track. 

Qube Money is also rolling out automated debt reduction, which will help you manage your credit card bills and other debts in an optimized way. With the Qube Money budgeting help that you receive, you’ll also be in the best position possible to “find” extra money you were wasting before and can use to pay down debt faster. 

Qube Money offers a free version but also offers a premium and family version for $8 and $15 respectively. Their default security system also requires you to open a “qube” using your mobile app before you can spend money with your Qube debit card, making the system foolproof and secure. You can also apply for Qube Kid cards that let your little ones learn about and be part of the family finances. 

Qoins is a mobile app that lets you automate the debt repayment process with extra money gleaned from rounding up your purchases. This lets you pay off debt seamlessly and potentially without even noticing the extra money you’re spending each month. You’ll sync all your bank accounts with the Qoins app, and they will actually begin paying your bills on your behalf.

While Qoins aims to help you pay down debt by rounding up your purchases, this app can be used to pay more bills than one might think. For example, you can use Qoins to pay student loans, mortgage payments, auto loans, etc. Of course, you only have to use Qoins to pay bills you want to pay with the app. You have the option to pay some of your bills manually if you want, simply by not including them in your Qoins app.

Qoins charges 4.99 per month.

Qoins says it uses industry-standard encryption and never stores your banking information, which helps with security. Qoins was founded in 2016 and claims to have helped users pay off more than $20 million in debt so far. 

Undebt.it is a free debt reduction calculator you can use on any desktop computer or mobile device. This calculator helps you use the debt snowball method, which asks you to pay off your smallest debts first while making minimum payments on the rest. Founded in 2012, Undebt.it claims to have more than 123,000 active users and $9 billion in debt that's currently being paid down.

Creating an account is entirely free, but you do have to enter all your individual debts and accounts manually. From there, Undebt.it will help you craft a debt payoff plan using the debt snowball method (or via the debt avalanche method if you prefer). You can also use “Debt Snowflakes” to tack on additional payments to specific bills, and you can track your credit utilization, spending, and debt payoff plan all in one place.

Undebt.it is a secure option to consider if you want a debt reduction program that doesn’t require you to enter your banking information or passwords. For anyone concerned with identity theft or compromised information, this is a bonus even though it does limit the features available.