A press release about this company DebtGoal crossed my desk today. DebtGoal is actually GoalSpring Financial, Inc. Anyway here is the press release about this service that I think is way too expensive.
“SAN FRANCISCO, March 25 /PRNewswire/ — DebtGoal (www.debtgoal.com), the leader in online do-it-yourself debt management, today announced the appointment of two personal finance experts to the company’s management team. Ed Ojdana, founder of FreeCreditReport.com, has joined DebtGoal’s Board of Directors, and Igor Vaks, former CIO of Experian Consumer Direct, has joined as the company’s Chief Operating Officer. Ojdana and Vaks’ financial experience will be incredibly valuable as DebtGoal creates the new category of do-it-yourself debt reduction programs.
“We started DebtGoal because we saw first hand how complicated it can be just to understand your debt and to create a real plan to get out. Our mission is to remove all that fear and complexity and make it as friendly as possible,” said Scott Crawford, founder and chief executive officer, DebtGoal. “Ed Ojdana’s market vision and Igor Vaks’ operating experience will go a long way toward helping us realize that mission. Our team is experienced and dedicated to saving people thousands of dollars by getting them out of debt up to fifteen years faster.”
Mr. Ojdana is widely known as the “godfather” of the online credit monitoring industry. After founding FreeCreditReport.com (under the name ConsumerInfo) and selling the company to Experian in 2002, Ojdana became the CEO of Experian Interactive, which operates other well-known online financial services such as LowerMyBills.com. He brings 15 years of experience in online financial services to DebtGoal.
“I saw part of the value of the credit monitoring industry as helping consumers identify potential problems in their financial situations,” said Ojdana. “New DIY debt reduction solutions take this value proposition one step further by giving an actionable plan to solve those underlying financial problems. DebtGoal is well positioned to lead this emerging category.”
Mr. Vaks, former CIO of Experian Consumer Direct and FreeCreditReport.com, has joined as DebtGoal’s new COO. Vaks has 10 years of experience scaling the technical and business operations of industry-leading online consumer financial services.
“Working in the credit reporting industry, I saw the impacts of debt beyond just credit score,” said Vaks. “Financial stability, optimism about the future, and even health are all impacted by debt levels. I joined DebtGoal because I believed that borrowers needed a better alternative to current market solutions like debt settlement that are expensive, fail to deliver, and damage users’ credit.”
DebtGoal, described as the “Weight Watchers for Debt,” is the leader in the emerging Debt Acceleration market, providing do-it-yourself tools that empower borrowers to pay off debt as quickly as possible. The average DebtGoal user can save $35,000 in interest and get debt-free 16 years earlier. For more information, visit www.debtgoal.com.”
So I went to the DebtGoal site and took a good look at how the program works.
The program costs $14.95 a month. – Source. And at those rates this program will cost you about $180.00 a year. Let’s say it takes you five years to get out of debt using the program, your total cost will have been $900 in program fees.
What concerns me is that all of the features of creating a personalized plan to get out of debt in the fastest time and save the most amount of money doing it can be achieved with ZilchWorks that only costs a one-time fee of $39.95.
If you use a spreadsheet to track your progress, or how about a piece of paper and a pen, over the same five year period, by purchasing ZilchWorks to get out of debt you’ll save $860 in service fees that you can use towards your debt. And if you want to create a similar report for free, just use my free online calculators here. That way you get to keep the entire $900 in your pocket.
My opinion is that DebtGoal is a service you don’t need to spend money on.