Are you struggling with too much debt?  You’re certainly not alone; the whole nation seems to have a borrowing hangover.  For years, credit was easy and many people became overextended.  But we now live in an era of austerity and it’s time to get our affairs in order.

It’s one of the reasons you may have been seeing an avalanche of advertising from debt-settlement companies claiming that they can help re-negotiate your debt.

But the reality is that these types of solutions are not right for many people. Firstly, they are expensive. Secondly they only help with credit card debt and a lot of people also have consumer finance, medical and other bills in addition to what they owe on their credit cards.

It turns out most people don’t need an expensive 3rd party debt settlement company, but rather some simple common sense and a system to get organized.  Surprisingly, making changes to how you allocate your interest payments every month can have a huge impact on how long your are in debt.  So, a new category of online “do-it-yourself” debt payoff solutions is arising to help borrowers save thousands of dollars by getting out of debt years sooner.

The leader in this category appears to be DebtGoal - a new Internet start-up that has developed a management tool for people looking to get their debt under control.  DebtGoal is a software program that acts like a personal finance coach to help people pay down their debt faster by paying smarter.

The premise of the product is simple.  Research has shown that getting out of debt is primarily a result of having a definitive plan.  DebtGoal lets you create and personalize a SmartPay Plan™ that fits your budget and financial goals. Your plan will tell you exactly what to pay on each debt account each month

Anyone with multiple debt obligations is likely dealing with multiple interest rates.  The DebtGoal program helps you plan your payments efficiently so you are paying the right amounts to the right accounts to minimize your interest and maximize your principle payments. Because of the compounding effect of interest, this can translate to literally tens of thousands of dollars in savings.

Keeping track of multiple debt accounts and payment accounts can also be difficult.  So DebtGoal’s SmartPay Plan™ does this work for you.  It lets you know exactly where you stand each month and keep track of your “debt-free date”.  You can also see how small changes to your plan affect how long you’ll be in debt.

But those aren’t the programs only advantages over an outside debt settlement company.  By managing your own debt resolution, you avoid any high upfront costs, you maintain your privacy and it doesn’t eat up hours and hours of your time.  The software is remarkably simple and easy to install and use.

In addition, users of the program can access a wealth of information from their fellow users.  There is a large and growing network of people using the program and valuable tips that new users find hugely valuable; like which creditors are most the flexible with payment plans and what to avoid.  These shared experiences and success storied keep you motivated and on track to eliminate all of your debt once and for all.

And most importantly, using a program like DebtGoal is infinitely cheaper than expensive debt settlement agencies.  You can try the software free  for a week before you decide if you want o pay for it and continue using it.  After that, it’s just $14.95 a month and you can cancel anytime.

Just measured against the interest savings alone that a typical member sees, it’s quite a bargain.

To learn more about DebtGoal or check out their free trial, click here.