You and Your Money
Know Your Debt Score: New, Free Service Helps Consumers Analyze Their Financial Health
DebtScore.com Offers the First-Ever DebtScore Personalized by Age, Lifestyle and Retirement Goals
Ed Ojdana, CEO of Oweing.com and the visionary who founded freecreditreport.com, has announced the launch of DebtScore.com – the first-ever, free service that scores a consumer’s debt based on individual criteria.
At DebtScore.com, consumers calculate the critical debt-vs.-income metric used by lenders. The service generates a simple to understand score that shows consumers the proportion of their paycheck that is consumed by debt each month.
What’s unique about DebtScore.com
is its “Debt Report Card.” This feature uses factors like current age, planned retirement, lifestyle, education and personal goals, and provides a realistic assessment of how current debt impacts a consumer’s financial health.
“Most Americans have little or no idea how much debt is tolerable,” Mr. Ojdana said. “Banks and other financial institutions take a ‘one-size-fits-all’ approach to granting credit. However, rules that are good for the banks aren’t necessarily good for the consumer. With DebtScore.com we believe we’ve created the best way to educate consumers on how much debt is appropriate for their stage of life.
“DebtScore is as useful to the consumer as their credit score is for lenders,” added Mr. Ojdana. “Our vision is for every consumer in America to know their DebtScore so they can look to tomorrow and make intelligent choices about whether to borrow today.”
DebtScore is one of several free and subscription solutions created by Oweing.com. Other tools include DebtGoal (www.DebtGoal.com), a successful, subscription-based membership program that has helped customers manage over $1 billion in debt since 2009; and SmartPay Plan™, a free tool that calculates a consumer’s “Debt-Free Date.”