September 2nd, 2010
Review: ReadyForZero Helps Consumers Cut Debt Down To Nada
The average consumer carried $7,752 in credit card debt in July.
If the average Joe or Jane paid only the minimum payment of 3% on a credit card with an average interest rate of 14%, it would take 15 years and 11 months to get rid of that debt. Plus, they will also be paying $4,751.80 extra in interest.
Maybe Joe and Jane should visit ReadyForZero.
ReadyForZero website just launched today and promises to guide consumers out of credit card debt with a realistic plan based on a consumer’s real debt and credit cards.
How It Works
Though the site is still operating in invitation-only beta, here’s their basic process to debt freedom:
You sign up for free and input your credit card information so ReadyForZero can import and access details such as how much debt you have, what kind of credit cards, and more. Though handing over private financial information may make some consumers skittish, ReadyForZero assures that they have top-notch security and will never charge your card. ReadyForZero then creates a payment plan particular to your credit cards, minimum payments, and salary, and determines the most effective plan of how to pay down your debt. A key aspect of the site is that it tracks your progress and sends integrated reminders, which helps motivate consumers likely to fall off the bandwagon. You receive account updates and payment reminders to keep you moving on your path to zero debt.
What Makes It Different
ReadyForZero strikes a happy medium as a free site that informs while emphasizing action with concrete tools and a realistic plan to cut down debt in measurable ways. It’s much more than an educational website or blog, which may inform you yet lack serious, hands-on tools to turn financial lessons into action. It’s free and will not damage your credit, compared to debt negotiation and debt settlement services out there. Plus, it takes some guesswork out of figuring out debt payments, a huge plus for the average Joe and Jane who have trouble paying debt beyond minimum payments.
Ready for ReadyForZero?
Overall, ReadyForZero looks like a personal finance tool that can be truly helpful and effective for consumers to control their debt. Once it is off beta, we’ll check out how the site actually runs and functions and report back. The only question is whether the average consumer will latch on and stick to a tool as financially healthy as this; are they ready for zero debt?
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Hi,
Thank you for the review. Empowering consumers is our primary aim and although our product is very early we are iterating fast with our beta users to make sure we nail it.
If you send us a note: support@readyforzero.com we can expedite your invitation or answer any other questions anytime.
Rod