March 17th, 2011

Review: ReadyForZero Launches Free Online Debt Management Platform

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readyforzero

Kicking debt’s butt, one day at a time.”

Boldly stated on their blog, in a nutshell, that’s exactly what venture-backed startup ReadyForZero aims to help consumers do.

ReadyForZero, which launched last year under private beta, recently went public with its debt management platform to reach all consumers burdened with credit card debt.

Credit Karma’s February data shows that the average cardholder carries $7,168 in credit card debt. If you don’t carry credit card debt, chances are your friends, family, and coworkers do.

ReadyForZero’s service could help you and your loved ones turn that around.

“You’re in control, not the credit cards.”

readyforzero

Here’s how you can reclaim power over your plastic:

ReadyForZero collects your debt information from credit card accounts, and crunches your numbers to evaluate your balances. Based on this information, ReadyForZero customizes a plan to wrangle your debt. It accounts for each card’s interest, minimum balance, and total debt to determine the optimal strategy of when to pay each card and how much. It takes the mind-spinning guesswork out of juggling multiple cards with varying interest and balances.

Additional features include syncing payment reminder to calendars, suggested debt-ridding advice, and e-mail updates on your financial situation. Thus, you have a legitimate plan of action, not just another “I should pay off my debt” guilt trip. The website even teamed up with peer-to-peer lending site Lending Club to provide personal loans to qualified consumers.

What may be ReadyForZero’s most effective feature is the real numbers. How much in interest you are paying each day. Your remaining overall debt. How many payments till your card is paid off. Credit card debt is hard to wrangle because, other than on the bill-paying days, we never really see the true value of the money tied up with our debts. Now, you can daily track the damage done in dollar amounts. This is the kind of financial wakeup call every consumer needs, whether it’s debt worth a few hundred or a couple thousand.

“There can be better options for people in debt. This is not fantasy.”

Quoted on ReadyForZero’s blog, the ambitious team that launched ReadyForZero created this free platform for the sake of giving indebted consumers an alternative debt option apart from predatory companies and high-fee services.

Our favorite aspect of ReadyForZero is that it’s a tech-savvy DIY way to deal with debt. It teaches consumers to clean up after their own financial messes. Plus, it’s a free; can’t beat that.

The biggest missing piece of ReadyForZero is that it can only present as much relevant information as possible; it can’t enforce the actual debt-paying action consumers need to follow through on. Being a free service is an undeniable benefit, but not paying out of pocket also sometimes means there is less obligation on the consumer’s part to actually take action.

ReadyForZero, cheers to you for providing a debt solution sans hidden fees, shifty practices, or confusing information. We think you’re ready to help Americans everywhere struggling with credit card debt; the question is, is America ready for you?

Would you use ReadyForZero to kick debt’s butt? Let us know in the comments below!

Disclaimer: All information posted to this site was accurate at the time of its initial publication. Efforts have been made to keep the content up to date and accurate. However, Credit Karma does not make any guarantees about the accuracy or completeness of the information provided. For complete details of any products mentioned, visit bank or issuer website.

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