With the relatively new credit card reform being put into place, we have easier to read credit card bills that show just how long it will take to pay off debt if we only make the minimum payments.
Well, now we can go a
step leap further with DebtEye.
DebtEye is a one-stop shop for looking at your debt repayment options.
I signed up with DebtEye, and it looks like it can do a lot to help people looking to make a smart decision regarding their debt and how fast to pay it off. Making large payments isn’t for everyone, and it gives you a non-biased way of looking at your debt.
DebtEye can use your social security number to pull in all your outstanding debts. In about 3 minutes, I was up and running. I saw all my debts, including credit cards and student loans, on the page.
I told them I cared about improving my credit score and that I had extra money to put toward my debt, so they recommended an accelerated repayment plan for me. This is where it got interesting. It showed me how much I would pay with minimum payments and how much I would pay with accelerated payments, and it came out to over 1,000 in savings on a single month’s worth of credit card bills.
Very quickly, I could see that I would be debt-free in 3 months (though I pay off my credit card each month anyway) as opposed to a whopping 162 months with minimum payments, I’d save 46% with the new plan, and also the advantages and disadvantages of this plan. While I’d save money in the long run, I’d have high monthly payments, not something everyone can afford.
The click of a button can help you look at multiple scenarios and determine which is best for your situation. I was able to adjust my monthly payments and see the effects of paying more or less per month. Being able to see it so easily is a huge plus.
With no debt other than my student loans, which are at very low rates, I would likely not use this product. However, it’s probably a great tool for those in debt, if nothing else than to see the options. Whether you have them help negotiate or try to settle debt for you is a personal choice, but seeing your options is one of the best things you can do in personal finance.