and will then walk you through the same steps a trusted financial advisor would give you. Based on your minimum payments, salary and balance, ReadyForZero will figures out an optimal
strategy for what to pay and when. The site will send you reminders and you can track your progress online. While you cannot actually pay your bills directly from ReadyForZero, the startup will eventually allow users to do this directly from the site.

ReadyForZero is trying to help those consumers who are having trouble paying their debt off, as opposed to those who are already in collections or bankruptcy. Essentially the site is trying to help people be able to eventually not carry any balances month to month. The company says that in the US alone there are 100 million people with revolving balances, meaning they carry credit card debt from month to month. Combined they owe $900 billion to banks and credit card companies.

The site will eventually pull in additional data for users such as credit scores and even facilitate lending. In terms of revenue, ReadyForZero could make money in lead generation by recommending budget-friendly cards from credit card companies who charge lower interest rates.

Of course some credit card companies and banks offer financial planning and advice on how to manage credit. But ReadyForZero is taking a more hands-on, web-based approach to helping people control their debt. And the site provides assistance via phone and live web chat. There’s no doubt that consumers need more information when it comes to credit counseling and financial planning; ReadyForZero is definitely a interactive yet informative way to manage your debt.

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Authors: Leena Rao

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