DebtGoal Partners with Consumer Finance Expert Jean Chatzky to Help Americans Get Out of Debt

by News Guy on May 18, 2010

Leader in Online Personal Debt Management Unveils Free NegotiateMyRate Tool

SAN FRANCISCO, CA, FinovateSpring – May 11, 2010 – DebtGoalTM, the leader in online personal debt management, joined nationally recognized personal finance expert Jean Chatzky today at FinovateSpring 2010 to announce a new debt management program to help consumers take control of their debt. DebtGoal created the Pay it Down! TM application that is included in Chatzky’s new online personal finance program The Debt DietTM. DebtGoal also announced the launch of NegotiateMyRate.com, its new free tool to help credit card borrowers negotiate rates with lenders. NegotiateMyRate™ is open to the public and crowd-sources data from borrowers about success they’ve had lowering their APRs.

DebtGoal’s sophisticated SmartPay Plan™ algorithm is the core of the Pay it Down! app.  It instantly calculates a customized debt repayment plan that provides the fastest and most efficient way to pay down debt, based on a member’s APRs, due dates, late fees, and other relevant data.  By linking to the member’s online accounts, DebtGoal can refresh plan details automatically every time customers make a payment or purchase – thus eliminating the 5-10 hours per months that borrowers spend creating and managing a plan on their own.

“Jean Chatzky’s sound financial advice shaped many of our early ideas as we created our SmartPay Plan,” said Scott Crawford, DebtGoal CEO. “Until now, people have had to apply what they’ve learned from financial experts like Jean on their own. Often, the calculations and paperwork required to create a schedule that compensates for changing payments and interest rates over multiple loans is too much work.  It’s so hard for people to consistently do on their own that as a result they do nothing.  Including DebtGoal’s SmartPay Plan algorithm in The Debt Diet helps bridge the gap between advice and action.”

“The Debt Diet is designed to meet people where they are—whether they’re just beginning to think about their debt or are already trying to tackle it but feeling hopeless and overwhelmed,” said Chatzky. “The addition of DebtGoal’s Pay it Down! app gives Debt Diet users a valuable resource on their journey toward financial freedom—dynamite instead of a pickax as they attack their mountain of debt.”

The basic Debt Diet Pay It Down! app is available at no additional fee to Debt Diet members. The standard version, which automatically updates the user’s repayment plan when interest rates and balances change, will be available for an additional fee.

DebtGoal’s new free NegotiateMyRate site harnesses the power of crowd-sourced data collection to empower credit card borrowers to negotiate more effectively with their lenders.  DebtGoal will leverage its large community of members to track the results of these negotiations, and will use the results to encourage other borrowers to negotiate with their lenders. DebtGoal has found that this knowledge can help borrowers reduce rates by 3-11%, enabling them to pay off debt more quickly.

“Since balance transfers involve significant fees, and opening a new card can impact your credit score, negotiating lower rates is generally the first step most personal finance experts recommend to those trying to deal with debt,” said Crawford.

DebtGoal also offers tips, tricks and guides for finding “extra” cash to help pay down debt faster. Its progress trackers keep consumers motivated by showing how they track against their target debt-free date, and the online community gives people a forum to share their debt challenges and successes.  Taken together, the SmartPay Plan, NegotiateMyRate, and Accelerator Actions combine to provide a holistic system helps borrowers understand their financial tradeoffs, make decisions that are aligned with their goals, and create a plan that can save them thousands of dollars in interest and takes years off of their debt.

About DebtGoal

DebtGoal is the industry leader in online personal debt management. Targeting the do-it-yourselfer, DebtGoal is helping its members organize, optimize and pay off nearly $1B in debt with its proprietary SmartPay PlanTM, which calculates an optimal pay-down plan based on a member’s preferences and budget. With its low monthly price and focus on helping subscribers build credit by repaying what they owe, DebtGoal represents a dramatic departure from previous debt solutions that charge high fees or significantly harm credit.  For more information about DebtGoal, visit http://www.debtgoal.com.

About Jean Chatzky

Jean Chatzky, an award-winning journalist, bestselling author, and nationally recognized television personality, has created a global platform that is making significant strides in helping millions of men and women battle an epidemic with a devastating impact—debt. Chatzky is the financial editor for NBC’s Today, a contributing editor for More magazine, and a columnist for the New York Daily News. She’s also the author of numerous bestselling books including Money 911, Pay It Down! and Make Money, Not Excuses.  As one of America’s foremost authorities on personal finance, Jean has appeared on Morning Joe, Oprah, The View, Larry King Live, Sesame Street and numerous other television programs.  For more information, visit http://www.jeanchatzky.com.

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