Aug

7

Website Review: Debt Free LLC

August 7, 2007 |

One of our sponsors (DebtFreeLLC) just renewed their space lease in our site and that prompted me to take a look again at the services they are offering. Taken directly from their website, this is how they define their services:

Debt Free, LLC was formed in order to help consumers form a disciplined plan to payoff all of their debt before it gets to the point where debt consolidation is required; Debt Free, LLC was formed to help its clients pay smarter and create a roadmap out of debt. It is not a debt consolidation, debt settlement / negotiation, or consumer credit counseling company. –DebtFreeLLC

They start by doing a free, automated debt analysis on their website. (Debt Free LLC Sample). You enter your loan information and they prepare a good document that includes tables and charts showing you how your interest is eating you up and making you suffer for a long time. Sure, you could also do this kind of analysis in Excel, but it would probably take you hours, maybe a full day to do… they do it for free in a minute and let you download a PDF file that you can pull out every time you want to remind yourself of what debt is doing for you. You can consider this your “Before” situation.

The second step of the process is not free. I believe they charge $29.99. I understand that for your money they give you a detailed plan that shows you the optimal way to pay off your debt without needing consolidation, settlements, or even bankruptcy. It is a more efficient payment schedule.

Should you use the service? Those without credit card debt (as me) might not find this useful; they have already mastered one of the pillars of financial freedom.
Those with mounting debts may have been able to reach the same plan by themselves, but when you are into spiraling debt and haven’t done it… you are either burring your head in the sand and ignoring the issue or procrastinating making your own plan. Maybe you don’t know where to start or how to start. 30 bucks doesn’t seem like a big amount of money to get you started towards debt freedom – as long as you pay it in cash/paypal-cash… paying with credit card would be silly. I have been into spiraling debt once – and without a concrete plan (that I made myself) and a lot of discipline, I would not have been able to get out of it.


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