Yahoo! Personal Finance just featured DebtGoal.com. Laura Rowley, columnist, writes:
“A new free Web site called DebtGoal.com attempts to make the payback more transparent …. the site provides an optimal pay-down plan and specific recommendations to accelerate the process….
‘When people think about paying debt…it feels like they write a check and just immediately throw it into the trash can,’ says founder Steve Richmond, who spoke at the Finovate conference in San Francisco in April. “They don’t really gather that they’re paying back some portion of that to themselves in the form of reduced principal. So on each payment we show people how much they are reducing principal by…then we show them the future interest that’ll save them. We find it really helps people stay on track and get excited about making progress on their debt.”
According to a Yahoo! survey mentioned in the article, 57% of respondents have cut spending in response to the recession. Trimming expenses is critical, but not sufficient to completely fix one’s finances. A budget also needs to be implemented, outstanding debt better understood and tracked, and behaviors that can cause one to slip back into debt brought under control.
Raj Patel writes for DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
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