Got Debt? Get Smart About Debt. Get Debt Wise.

With credit card defaults on the rise more and more consumers need every tool they can get there hands to help pay off their debt. Equifax, one of the major credit bureaus, released Debt Wise a couple of months ago. I hadn't heard of it until this weekend, when I happened to see this commercial.

Using your social security number Debt Wise compiles all of your debts on to one list. Then after you enter the interest rates you are paying on all your debts, Debt Wise calculates the amounts you should pay and which debts to pay first. This is called the "fast pay plan". These calculations will save you months of payments, as well as tons of interest.

Reviews I have read about the product have said that consumers will pay off their debt faster and will save thousands of dollars in interest, but they could not afford the payments Debt Wise suggests to pay.

I also gather that Debt Wise offers the same advice that we continuously offer here. To payoff the highest interest rate debt you have first. And doing things like using you spare change to pay extra towards that debt and pay it off sooner. After paying off the first debt take the payment you were making on that and add it to the next debt you were paying and so on.

Debt Wise runs $14.95 a month. Is it worth though? I guess it would be if it ends up saving you money. It doesn't hurt to try it and you can always cancel it. You could also get your plan together and then cancel and if you aren't to lazy you can calculate the payments and continue the plan yourself.

If you feel you need the structure of having everything done for you (other than making the payments yourself), then go for it. Debt Wise does have some other benefits such as: access to your FICO score, and four copies of your credit report, automatic tracking of your payment progress, and $25,000 in identity theft insurance.

The program probably wouldn't serve people with no debt other than their mortgage, but if you have credit card debt, student loans, or auto loans it might be good for you. It looks like it's a good way to start you on a debt free path and a great way to keep on eye on credit report and you can track how your credit score is improving.

If you have a lot of debt $14.95 isn't going to kill you. Give it try. If any one has used or is using Debt Wise let us know how it is working for you.