Best Debt Reduction Software Programs for 2024 (2024)

While debt reduction software programs cannot make your debts disappear on their own, they can help you create a thoughtful plan to pay things down faster or create more interest savings over time. Debt reduction programs can also help you create a formal debt snowball or debt avalanche plan, then track your results. In addition to helping with budgeting, some software programs will automatically make payments to better ensure you stay on schedule.

By the end of 2022, Americans carried $986 billion in revolving credit card debt. This illustrates how much Americans rely on credit cards and why debt reduction software can be a good tool to rein in that debt.

We compared more than 20 debt reduction software programs and apps to find the best options for different types of consumers. This ranking of seven represents the best options available today based on function, price, ease of use, and more.

Best Overall: Quicken

(with Quicken)

Key Specs

• Price: Starts at $41.88/year
• Money-back guarantee: 30 days
• App: Android, iOS

Why We Chose It

Quicken is our best overall because this company has been around since 1982. While you won’t find a free version available, the annual cost is reasonable when you consider the access you receive to this software and the mobile app.

Pros & Cons

Overview

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.

The most affordable option is Quicken Starter which costs $41.88 per year. However, this option lacks some debt reduction features that could be very useful for readers of this article and is also restricted to Windows. For a mobile-focused experience, Quicken offers Simplifi for $47.88. From there, you can upgrade to the 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 some real estate and investment features. There is also a 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.

Best for Fast Payoff: ZilchWorks

(with ZilchWorks)

Key Specs

• Price: Starts at $39.95/year
• Money-back guarantee: 30 days
• App: No

Why We Chose It

ZilchWorks focuses on creating the fastest path for anyone to get out of debt, mostly because they use the debt avalanche or debt snowball method, depending on your needs. While this software isn’t intended to oversee your full financial picture, its promise is simply to help you relieve debt in the least amount of time.

Pros & Cons

Overview

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.

Best App: Tally

(with Tally)

Key Specs

• Price: $0 to $300 per year, plus interest for line of credit, app is free
• Money-back guarantee: No
• App: Android, iOS

Why We Chose It

Tally made our list as the best debt reduction app because it incorporates debt reduction with consolidation all from a smart device. The app specifically makes it easy to manage your credit cards and bills in one place, and that includes the new line of credit Tally provides. We also like that Tally will pay your credit card bills on your behalf if you want, creating the ultimate hands-off debt repayment process.

Pros & Cons

Overview

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 apply for the app's Tally+ feature which includes a credit line to consolidate your debts. This carries a fee of $0 to $300 per year. The company also 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 typically requires a credit score of at least 660.

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 a 256-bit encryption.

Best Free Option: Unbury.Me

(with Unbury.Me)

Key Specs

• Price: Free
• Money-back guarantee: N/A
• App: No

Why We Chose It

While Unbury.Me is incredibly basic, it’s totally free to use. We also believe it’s a helpful tool for consumers who want help creating a debt payoff plan without having to deal with complicated software or syncing their bank accounts.

Pros & Cons

Overview

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.

Best for Envelope Budgeting: Qube Money

(with Qube Money)

Key Specs

• Price: Starts at $79/year (Limited free version available)
• Money-back guarantee: No
• App: Android, iOS

Why We Chose It

Qube Money helps you manage all aspects of your finances and is the only debt reduction software that made our list for envelope budgeting. If you want to pay down debt and start using a budget that works, consider giving it a try.

Pros & Cons

Overview

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" Basic version, which has a one-time fee of $5. There is also the Premium version for $79 per year and the Family version for $149 per year. You can also choose to pay monthly, but this will cost you more over the course of a year. 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.

Best for Debt Snowball: Undebt.it

(with Undebt.it)

Key Specs

• Price: Free
• Money-back guarantee: N/A
• App: No

Why We Chose It

The Undebt.it debt snowball calculator uses a streamlined interface to create a savvy debt repayment plan for free. The snowball method pays off your smallest debts first. If the snowball is not to your liking, there are other repayment strategies as well.

Pros & Cons

Overview

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. While the program focuses on the debt snowball, you can choose from other methods if it doesn't suit your situation. Founded in 2012, Undebt.it claims to have users currently paying down billions of debt.

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 seven other methods if you prefer, including the debt avalanche. 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.

The Bottom Line

Quicken is a well-established company that was founded in 1982, and we believe this is the strongest choice for most situations. Its software works on the most popular platforms, including Mac and Windows for desktop versions and Android and iOS for mobile versions. It syncs with your bank data so you have the option to handle pretty much all of your finances through Quicken if you so choose.

Compare the Best Debt Reduction Software Programs