Debt Decimator came to fruition after we were inspired by this article on The Washington Post:

Most people are paying off their credit card debt all wrong -- are you?

In it, the author cites studies from both the UK and Mexico stating that a significant amount of credit card debt holders do not have an effective payoff strategy. That is: they do not allocate the right amount to the right card. It is a concept that seems so obvious when spoken aloud, yet continues to elude us when the due date arrives and we have to make a judgement call about what to pay.

Debt Decimator aims to end that ambiguity.

payoff-graph

Our tool aims to strike a balance between broad financial suites (eg. You Need a Budget, Nerdwallet, etc.) and the stark utilitarinism of a raw calculator (ie. Unbury.me). We love those sites (and encourage you to give them a try!) but we believe two things:

  1. All-encompassing financial products overwhelm you with every bit of advice you need for every part of your economic life: investing, retirement, budgets, debt reduction...the whole nine yards. We think that can be a lot to digest. There's something to be said about starting small, with one thing you can do better today, right now, without a second thought: how you pay off your credit cards.
  2. A calculator that provides a textbook answer to a homework assignment does not consider for the nuances of a daily life struggling to reduce debt while making ends meet. What good is toggling between "Snowball" and "Avalanche" when a more important decision is "can I forego any payments this month in order to pay for groceries?"

payment-strategy

Debt Decimator is a new kind of financial tool - It gives you what you need, keeps you on your path, and ensures you're headed in the right direction.

When it comes to credit card debt, it's tough to see the finish line. We believe it shouldn't be.