San Francisco, California (PRESS RELEASE – July 13, 2009) – GoalSpring, a leading provider of online solutions for consumer debt reduction, today announced that its flagship product, DebtGoal.com, is now being used by 14,000 consumers to manage $800 million of debt. DebtGoal is an online platform that helps consumers get out of debt in a proven, healthy and sustainable way. DebtGoal also announced plans to raise additional capital in the coming months.
Debt reduction is a top priority for a majority of Americans – the average household’s debt-to-income ratio is more than 130%, with perhaps as much as $2 trillion of excessive debt in American households. “DebtGoal.com’s rapid growth speaks to the seriousness of the problem we are solving for our users,” said Scott Crawford, CEO and co-founder of GoalSpring. “Getting out of debt is a complex endeavor for which there has been no do-it-yourself solution, but the DebtGoal platform now makes it simple and easy for consumers to systematically manage and reduce their debt. We’re excited to be helping our members reach their financial goals.”
One user summarizes her experience with DebtGoal by saying “I understood I needed to pay down debt, and I had a basic understanding of interest rates, payment schedules, and terms for each of my credit cards but I had difficulty making real progressDebtGoal has given me a manageable plan and great suggestions to help me accelerate it.”
DebtGoal.com also announced several product improvements, including AccountLink — the ability for users to automatically download their latest financial information into the DebtGoal platform. “This helps our users easily keep their information up-to-date and understand their current status, progress, and next steps with a single glance,” says Crawford.
Crawford added, “The current economic crisis has demonstrated how unsustainable our debt levels are at an individual and macro level. Deleveraging at the individual level is going to be part of the economic landscape for years to come. We’re capitalizing on this market need and are looking forward to rolling out additional features that make paying down debt easier and more efficient for the nearly 50 million American households who have a debt problem.”
GoalSpring was founded on the premise that although there are many financial products, there are actually very few solutions that directly tie to consumers’ goals. GoalSpring’s first product, DebtGoal, is an online platform that helps consumers get out of debt in a proven, healthy and sustainable way. The company received funding from NewCycle Capital, who work with entrepreneurs to address unmet needs and affect positive change. Reducing debt was the #1 personal goal for 2008 and 2009, according to CNN and Franklin Covey. http://www.debtgoal.com