3 Effortless Ways To Get Out of Debt Using Online Tools

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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.

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The first time I realized how much debt I was in, I felt a sharp pang of anxiety.

I knew that I was in debt, but I was also in denial. Seeing such a large number unapologetically displayed in black and white on my bill seemed difficult to grasp.

I was deep in debt — yet I’m far from alone. The average U.S. household has roughly $15,000 in credit card debt, while the average student loan debt is nearing $30,000.

As most of us know, getting out of debt isn’t easy; it can be a long and arduous journey. In order to become debt free, many of us have to make big financial, emotional, and mental changes to get to the other side.

Luckily, there are online tools out there that can help you along your journey and ensure all aspects of your financial health are headed in the right direction: debt freedom.

Here are three ways to get out of debt using online tools to help you.

1. Track money with Mint

The first step to getting out of debt is knowing exactly where your money is going — and how much is actually coming in. Mint is a web-based budgeting software that can help you track your income and expenses.

Instead of bothering with pen and paper or trying to keep track of pay stubs and receipts, Mint does all the hard work for you.

You can link your checking accounts, saving accounts, student loan debt, credit cards, as well as your investments and property. Mint offers a birdseye view of your financial picture, showing all of your income, expenses, as well as your net worth.

Mint is great for those getting out of debt for a number of reasons:

  • You can create a budget and track balances easily
  • Mint has a “Goals” feature to help you pay off debt or save up for big life goals like travel or a saving up for a down payment on your first house
  • Mint alerts you when your credit card or student loan payments are due
  • You can get your free credit score from Equifax by using Mint

Mint is ideal for those in debt because you get an accurate picture of where your finances are, and you can track them from month to month to evaluate your progress. The new credit score feature is a great bonus, as it’s key to monitoring your credit score when climbing your way out of debt.

2. Earn credit to pay off debt with Gradible

If you have student loan debt, then this tool is for you. Gradible is a web platform that helps you pay off your student loans through earning “LoanCreds” by performing various tasks.

LoanCreds are Gradible’s form of currency and go directly towards your student loans. Gradible works with all student loan lenders, so any money you earn through the site can be redeemed and put towards your student loans.

While you aren’t going to get rich quick from Gradible, it’s a great way to earn a little extra money to put towards your student loans.

Some of the things you can do to earn LoanCreds include:

  • Take surveys
  • Social media posting
  • Printing out coupons
  • Performing internet research
  • Writing
  • Transcription
  • Editing
  • Shopping on Gradible’s site
  • Referring friends to Gradible

How much you get paid depends on the time and difficulty of completing the task. Each task displays how many LoanCreds you’ll get and the estimated amount of time it will take to complete a task.

For example, an internet research task may pay 5 LoanCreds and have an estimated time of six minutes to complete.

So how much are LoanCreds worth? 10 LoanCreds are equivalent to $1 in debt repayment.

As I mentioned, Gradible isn’t a quick-fix on your student loan, and you may be better of finding side work to increase your income instead. But Gradible is still something that can help you pay it off a little faster.

The beauty of Gradible is that it is free and can help you put extra money towards your student loans.According to their website, top performers on Gradible are pulling in around $500 per month.If you’re going to be on the internet anyway, why not pay off your debt instead of just watching cat videos? (ahem, guilty).

If you’re going to be on the internet anyway, why not pay off your debt instead of just watching cat videos? (ahem, guilty).

3. Foolproof budgeting with Mvelopes

The envelope budgeting method has been a personal finance favorite for those in debt. The premise is that you create an envelope for each of your expenses and put only the amount of cash you need in the envelope for the month. When the money is gone, you can’t spend any more money.

While this method is great, it can feel a bit antiquated. But now there is a digital counterpart for this method called Mvelopes.

Mvelopes is a web-based budgeting software that takes the traditional envelope budgeting method into the modern age by using digital envelopes to manage your budget and cashflow. Kiplinger chose Mvelopes as the ‘Best Budgeting Site for Over-Spenders’ in October 2012.

According to their website, Mvelopes can help you recover as much as 10 percent of your income from hidden spending. Mvelopes differs from Mint in that it takes a proactive approach to budgeting, rather than a reactive approach.

Rather than looking back at your budget after your money’s already spent and gone, Mvelopes helps you look and plan ahead. Using the envelopes help you decide how to spend by showing you what you have left to spend in each category in real-time.

So for example, if you budget $200 for groceries this month, you’d deposit $200 in cash into an Mnvelope labeled for groceries.

Many people getting out of debt swear by this method as it forces you to spend consciously — when you start to see your cash dwindling in your envelope, you may think twice about buying that tub of Ben and Jerry’s.

The free version of their software allows you to sync 4 bank accounts and have 25 spending envelopes. You can also have access to their community forum as well as email support.

Similar to Mint, you can also define your goals and track your net worth. While Mint is a good option for those that may already be familiar with budgeting, Mvelopes is a good option for people that are just getting started with budgeting and are looking for something to help them keep their spending on track.

Get Started

If you’re looking for wother ways to get out of debt, use these tools to get started now and help you along the way. The best thing of all? These tools all have free versions so you don’t have to spend a dime to use them.

What are the best ways to get out of debt using online tools that you’ve found?

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
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Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. 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. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. 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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable 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, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have 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, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval 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.
  5. Automatic Payment Discount Disclosure: 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.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
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.