Review of DebtEye

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For consumers who want to get out of debt, it can be difficult to figure out their best solution.  There’s debt settlement, credit counseling, debt stacking/debt snowball, and even the dreaded bankruptcy.   It can be a difficult maze to navigate with different companies telling them different things.

I recently came across Debteye from a recent article that was featured on Techcrunch.  I had the chance to play around with the website and register for an account.   They’re definitely not your typical debt relief company that you hear on the news and TV.  Here’s what I found:

Automatically retrieves creditors

On the second part of the registration process, Debteye obtains your credit report through Transunion to automatically retrieve all your creditors.  I wasn’t sure if this was a hard or soft inquiry, but I followed up with Debteye and learned it was a soft inquiry (so this doesn’t hurt your credit score). At this point, you have the option to exclude any credit cards that you don’t want to include in the program.  Furthermore, if you see an account that you don’t recognize, you have the option to dispute the information.  Although I would have loved to see my credit score, it only shows me the balances for each creditor.

Pick your payment

 For once, you’re not pressured into paying an uncomfortable amount.  After retrieving your creditors, you can pick a payment that you can comfortably afford every month.  As you play around with your payment amount, it will “recalculate” the time to become debt free with their various options.  Personally, I think Debteye should tell me what the recommended payment would be.  If I were to enroll in this program, I would be inclined to pick the lowest payment possible.

Choose your plan

The next step involves selecting your plan.  You can see what the recommend program is and it will provide details with all the specifics (monthly payment, interest payment, # of months to become debt free, etc).  It will also mention all the pros and cons with the program.   The great thing I like about this company is that they explicitly tell you what the drawbacks are for each program.  You can select a different program to compare the different payment amounts to see which one is best for you.

I would recommend anyone considering signing up with a debt relief company to check them out before you enroll in any debt relief program.   I believe that the hardest part about getting out of debt is to get organized.  If you create a budget and track your spending, you’ll see exactly where your money is going every month.   I didn’t see this functionality with Debteye but hopefully one day they will be able to help with budgeting just like Mint does. 

Pick your payment

For once, you’re not pressured into paying an uncomfortable amount.  After retrieving your creditors, you can pick a payment that you can comfortably afford every month.  As you play around with your payment amount, it will “recalculate” the time to become debt free with their various options.  Personally, I think Debteye should tell me what the recommended payment would be.  If I were to enroll in this program, I would be inclined to pick the lowest payment possible. 

Choose your plan

The next step involves selecting your plan.  You can see what the recommend program is and it will provide details with all the specifics (monthly payment, interest payment, # of months to become debt free, etc).  It will also mention all the pros and cons with the program.  The great thing I like about this company is that they explicitly tell you what the drawbacks are for each program.  You can select a different program to compare the different payment amounts to see which one is best for you.

I would recommend anyone considering signing up with a debt relief company to check them out before you enroll in any program. I believe that the hardest part about getting out of debt is to get organized. If you create a budget and track your spending, you’ll see exactly where your money is going every month. I didn’t see this functionality with Debteye but hopefully they’ll be able to help with budgeting just like Mint someday.

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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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