6 new tools to help you get out of debt

Debt, the evil four-letter word that just won't go away, is growing quickly among Americans. Knock out the money you owe before it ruins your dreams with these six new online debt-busting tools.

Know exactly how much interest you pay
Know exactly how much interest you pay
Tool: ReadyForZero

It's bad enough to see the total amount of debt you owe the credit card companies. But it's even worse when you see that you are wasting $9.73 a day (or more depending on your payment plan) in interest payments to them.

ReadyForZero breaks down your debt and payment plan to show you exactly how much money you owe across all of your credit cards, how much interest you pay every day, and how many payments you need to make until your next card is paid in full.

Then, just when you're feeling truly terrible, the website creates a customized payoff plan and provides payment options for you to choose from -- letting you see how quickly each choice will enable you to eliminate your debt. Each month, the site sends you recommendations of how to pay off your debt faster, as well as notifications of rewards and other credit card perks you may be eligible for.

Along your debt-paying journey, ReadyForZero acts as the angel on your shoulder. When it sees that an extra check or lump sum of money was deposited into your account, it will tell you to put that toward your debt -- and show you just how much closer you'll be to accomplishing your goals if you do. When you buy a new iPhone on your credit card, it will tell you how much that purchase is really going to cost you once interest is factored in.

While you currently can't pay off debt using ReadyForZero, that will change in October, when customers will be able to use the site to make payments on their loans.

Also starting next month, consumers will be able to use the site's tools to tackle student loans, mortgages, auto loans and other debts.


By Blake Ellis - Last updated September 23 2011: 10:30 AM ET
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