Managing debt with Web 2.0

I took some time off from blogging to get started on a new project.  I am still far from fully ramped up in this new space.  However, that’s a story for another day.

This entry is about managing personal debt, especially the credit card kind.  I think we can agree that the American society is on average not very savvy financially.  Add that to the credit card companies and banks that chased profit without any ethical compunction, we have brought on ourselves a global financial crisis.

Regardless of what the government is doing around better disclosure by credit card companies, people really should know what kind of impact their credit card debt and other loans will have on their financial health long term.  For this, I think is a valuable resource and worth checking out.  As Newsweek pointed out in an article, you’ve got to Bail Yourself Out.

Some of the interesting facts that they might not have shared on their website:

  • These guys are not software engineers.  Rather they are former bankers who decided that there is a business opportunity in helping people save money.
  • They have not really spent their money on marketing.  Instead, this is really guerrilla marketing at its best.  You can see it by simply typing DebtGoal into your favorite search engine.

Given the recent acquisition of by Intuit, I wonder if there are further web property consolidation in the personal finance space.  Obviously the credit card companies can generate some good will with congress by purchasing such technology.  At the same time, providing this kind of utility would reduce their profit since they have always count on you not knowing how much those cash advances and coffee are costing you.  A knowledgeable consumer is an unprofitable customer.

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