Toshl Finance Blog

Need help eliminating your debts? Ready for Zero?

Toshl helps you take control over your spending, so you never get sucked into a debt spiral. But what if you’re already in it? No need to panic, here’s a cool app that can help you get back to zero and beyond.

ReadyForZero is a free service that helps you plan your way out of debt. Here at Toshl we like it a lot as we believe it shares some of our core design values and also complements our service nicely.

Here’s how it works. Upon sign up, you securely link your credit card or loan accounts and all your debts are imported automatically. Then you are presented with a nice and easy to use interface where you create your optimal plan to pay off your what you owe. Based on how you set your monthly payment, the app calculates the total interest you will be paying and how much you will be saving compared to if you were only paying your minimum payments, as well as how much sooner you will be debt free. You wouldn’t believe how big a difference even a small adjustment can make. Woohoo, I’m saving $2676 dollars! Now I can go buy myself the new iPad!

Ready for Zero - Your Payment Plan

Not so fast, my friend, deciding on a plan is only the beginning. To make sure you fulfill on your resolution ReadyForZero sends you payment alerts, weekly emails, tracks your progress and even suggests concrete actions that can help you towards reaching your goal like “explore debt consolidation” or “stop using your credit cards for everyday purchases”. One to add to the list: take control over your spending with Toshl. And another one: wait a while before buying that iPad.

Ready for Zero - Recommended Actions

ReadyForZero already helped many people. You can read their stories on their blog. The amount of consumer debt in many countries around the world is at alarming rates. In United States alone, the total consumer debt is nearly $13.22 trillion. That’s $42,500 debt per person. ReadyForZero seems to be determined to bring that number down. Recently they also launched a petition to Congress to not increase interest rates on student loans. We support you guys!

Ready for Zero - Overview

ReadyForZero is available on the web and now also on the App Store, currently only in the United States. If you can, certainly try it out and let us know what you think!

Ready for Zero - iOS app

Written by Miha Mlakar

Posted in Debt, Tips & Tricks