About one-half of the U.S. households currently have a “debt problem”.

A debt problem can be defined as having high-interest credit card debt that is not being paid down every month. Given the recent economic crisis, it’s probably no surprise that “getting out of debt” is today’s #1 financial goal.

As folks made their New Year’s Resolutions around getting out of debt, industry surveys show that:

• Getting out of debt is a top New Years resolution
• 65% of people who say they have goals to get out of debt never create a real plan for doing so
• Those who do create detailed plans are 20% more successful in achieving their new year’s resolutions
• in 2007 Americans had a tough time sticking with their resolutions as aggregate consumer debt climbed 2.3% to $3.6T and credit card debt increased to 3.7% to $876B.

One way to build a debt reduction plan is with a new online service called DebtGoal.

DebtGoal is a web site which makes paying down debt as easy and efficient as possible. DebtGoal takes into account all of a consumer’s debt (credit cards, student loans, car loans and mortgages) and helps them organize, optimize and create and manage a plan to pay-down their debt.

How DebtGoal Works

DebtGoal is a cool “Web 2.0″ application which means its pretty easy to use, supports community forums, and has a nice graphical look and feel to it. Consumers securely enter their debts (credit card, student loan, auto loan, mortgage, etc.), interest rates and payment schedules into the DebtGoal.com application – and it delivers a customized, dynamic, easy to follow plan to pay down debts as efficiently as possible. DebtGoal then sends reminders and tracks progress to ensure every dollar spent on paying down debt is maximized. DebtGoal also provides a support system, where users share tips, stay motivated and gain valuable feedback from experts.

“More consumers than ever are experiencing stress regarding personal debt, and prior to DebtGoal there were no tools focused specifically on paying down debt. Financial planning programs are geared to the affluent, with significant assets to be managed. But for a large percentage of consumers, debt remains the greatest hindrance to attaining financial security.” said Scott Crawford, CEO and co-founder of GoalSpring which provides DebtGoal.

Too many Americans are caught in the spiral of credit card debts, making minimum payments, getting hit with late fees, etc which invariably leads to dings and negative items on their credit report. A low credit score then leads to higher lending costs, feeding the cycle. Using a tool like DebtGoal is a great first step to eliminating the expensive debt you are holding. Getting your credit repaired at the same time can help put you back on the right track quickly.

RESOURCES:

• DebtGoal - www.DebtGoal.com
• Credit Scores and Reports – Instant Free Credit Score Check your Credit Score Now and Fix 1 Problem Online for Free Today www.ConsumerDirect.com

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Tagged as: Credit, credit card, credit repair, credit report, credit score, Debt, high interest, Mortgage

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