Continuing the discussion from Using a Credit Card:
While discussing credit cards, we got onto the topic of the debt reduction tool I have started using. It may be useful to discuss the tools that others have used or are currently using.
I have started to use undebt.it which is a browser-based debt reduction tool that I have found extremely useful for building a plan for reducing my debt. It is free, with a premium option for some features, such as YNAB synchronisation, but the free features have been enough for me so far. I specifically liked the fact that undebt.it allowed me to see a comparison of several different methods of debt reduction so I could select the one that would minimise the total amount paid or the length of time it would take.
There are also detailed breakdowns of your credit utilisation, how well you are doing with your goals and how much of your credit is on cards, as compared to other sources of credit. This allows for useful and very interesting analysis of your credit situation.
It is a very simple and intuitive tool, there are just a few things that I would like it to have, such as having a mobile app, or at least have the repayments table more mobile-friendly in the browser. I also feel it would be useful if it could utilise open banking in order to track your repayments without having to manually enter these on the site. Another thing that is less than ideal is that you can only set the minimum payment as a fixed amount rather than a percentage of the current balance, which all of my credit cards are.
This is the first debt reduction tool I’ve used and I’ve only set up my plan within the past couple of days, so I don’t have much to compare this tool to. So what tools have you used? What do they do well and is there anything you feel they are missing?