Don’t Go It Alone — How to Find the Debt Help You Need

debt help

Some of the loneliest moments in my life have been when the weight of debt threatened to completely suffocate me. In those moments, nothing made me feel better. And I didn’t think I had anyone to turn to — mostly because I felt too ashamed to talk about it.

If you’re feeling this way right now, you’re not alone. Even if you’re not comfortable talking to your closest friends or loved ones about your debt, you don’t have to shoulder this burden by yourself. There are plenty of people and tools on your side that can help you break through the cloud of debt.

Here’s how to get debt help when you need it most.

Websites and mobile apps

You might automatically think of turning to people for debt help, but would you believe a website or app can be just as supportive? It’s true!

Debt payoff apps can be the friend you need who’ll never make you feel weird about having debt. The right app can help you strategize, stay motivated, and visualize your progress. Here are a few to consider:

1. Your bank or lender’s website

Financial institutions are finally coming around to embracing technology. That means the bank or lender you’re already working with might have an app to help you pay off your debt.

Here are just a few examples of this:

  • Banks are releasing debt payoff apps, such as this one from USAA.
  • Credit card companies are too, as can be seen by this example from American Express.
  • Even student loan servicers are joining in, as FedLoan Servicing has done.

It’s easy to see if your financial institutions have a debt payoff app to offer. Simply browse their site or mobile app, or contact a customer service representative. If they do have one, you can use it to manage your debt and get additional help all in one place.

2. ChangEd

Sometimes much of the problem with paying down debt is the feeling that you simply don’t have any extra money to apply to the payment. That’s where ChangEd comes in.

With ChangEd, all of your purchases are rounded up to the next dollar. That spare change then goes directly to a savings account and, once it hits $100, ChangEd sends a payment to your lender. What’s more, there’s a dashboard that enables you to visualize your progress. All this for just $1 per month.

Unfortunately, ChangEd is currently only available for student loans.

3. Debt Payoff Assistant

If you have more than one kind of debt, Debt Payoff Assistant can help. This app doesn’t just let you list more than one debt, it also lets you choose the payoff plan you prefer.

Methods include paying off your lowest balance first (the debt snowball), the highest balance first, the highest interest rate first (the debt avalanche), or a custom payoff plan.

Once you pick your plan, you can see payoff charts and reports, use different calculators, and receive notifications when your payments are due. The app is free, or you can upgrade to Debt Payoff Pro for an ad-free version that costs $0.99.

This is just the beginning of the list. There are many more debt payoff apps to find, and more are popping up every day. Find them anytime by going to your app store and searching for what’s new in debt payoff apps.

4. Websites, blogs, and more

You don’t have to keep your debt help confined to mobile apps. There are plenty of websites and blogs to help as well. Here are just a few to start with:

Browsing the web might not be the same as talking to a person one-on-one. But what it does offer is a wealth of tips and tracking tools, as well as the ability to get the information you’re looking for, even if you’re not yet ready to talk about your debt.

Nonprofit credit counselors

For anyone whose debt has placed them in seriously dire straits, it might be beneficial to seek help from a nonprofit credit counselor. This is someone who can help you create a budget, decide on a debt repayment strategy, and sometimes even negotiate with your lenders.

That said, not all credit counselors are the same. Nonprofit doesn’t mean there are no fees, either. To find a nonprofit credit counselor you can trust, the National Foundation for Credit Counseling (NFCC) can help.

But no matter what kind of credit counselor you work with, follow these guidelines, as outlined by the Federal Trade Commission (FTC):

  • Ask about all their services, and avoid counselors that pressure you into a debt management plan before fully evaluating your finances.
  • Get all fees in writing before you sign anything.
  • Remember: Some organizations may work with you regardless of your ability to pay.
  • Ask about their qualifications, if they’re licensed within your state, and how they compensate employees.

As with all financial professionals, if the first person you meet doesn’t listen to you, leaves you in the dark or confused, or pressures you into something you’re not comfortable with, don’t work with them. Keep looking until you find someone you can trust and work with for potentially years to come.

Certified financial planners (CFPs)

Some might think financial planners won’t work with people who have debt. That’s simply not true.

There are three types of financial planners: fee-based, fee-only, and commission-based. Commission-based might sound nice at first, since you won’t have to pay an upfront fee for their services. But few people work for free. If you go to a commission-based financial planner, they’re more likely to recommend products that they get a commission from. Whether or not those products are exactly what you need will depend on that particular planner.

Fee-only planners, however, don’t typically earn a commission. That means you can be sure that the products being recommended are what that planner thinks will help you, and won’t conflict with how he or she earns money.

And while a financial planner’s main goal is to grow your money, that doesn’t mean they can’t help you get out of debt. In fact, seeing a financial planner means hiring someone to coach you through the process — from creating a realistic budget and spending plan, to paying off debt, to turning that money you save when debt-free into savings plans and investments.

You can find certified financial planners in your area with the help of networks such as The National Association of Personal Financial Advisors (NAPFA),  XY Planning Network, and Garrett Planning Network.

You don’t have to go it alone

The moment I opened up about my debt was the moment things began to change for the positive. I thought keeping it to myself was helping me, but in fact, it was just another way to bury the truth.

When I finally started telling people about it and looking for apps and tools to help, I was able to find the solutions I needed to pay it off. Having debt wasn’t any less painful or frustrating, but I finally had a plan of action.

Don’t go it alone in your debt journey if you don’t have to. Get debt help from the sources above, such as apps, websites, nonprofit credit counselors, or certified financial planners, to make sure you’re getting the information and motivation you need. Get help in a way that you’re comfortable with, create your plan of action, and show your debt who’s boss.

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LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 6.02% – 15.97% (6.02% – 15.97% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.