SpringCoin service promises to help you pay down debt

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If you're looking for a personalized strategy to pay down your debt, the website SpringCoin might be an option.

It's being billed as Mint.com for people in debt.

Like Mint.com and Pageonce, SpringCoin asks you to enter your banking information so that you can view all of your debt in one place.

But here's the difference: Unlike Mint.com, which focuses on budgeting, SpringCoin uses your data to create a debt-killing plan designed specifically for you.

Here's how it works: You provide basic income and debt information, and give SpringCoin permission to examine debts on your credit report through TransUnion, one of the three big credit-reporting bureaus.

Then SpringCoin creates your payoff plan, which includes recommended monthly debt payments and an estimated completion date.

As you progress, SpringCoin tracks your debt-slaying progress, gives you recommendations on how to cut back if you exceed your monthly budget and issues reward points that can be turned into gift cards when you hit your goals.

In its online FAQ, SpringCoin says its debt tools are for those having trouble making debt payments. It recommends that people who want to look at all their accounts in one place use a site like Mint.com.

That's because this service isn't free.

A basic plan is $8 a month, and premium service comes at $35 a month.

With the basic plan, SpringCoin says it will monitor your spending and provide bill reminders, financial education tools and rewards.

If you sign up for the premium service, you also get information to help you negotiate payments with your creditors, a bill-paying service and more financial education tools.

The site promises to help you pay off your debts over "several months to several years."

After gathering all of your debt information, SpringCoin will help you determine which service would be best for you. Yes, it will tell you if you don't need the more expensive plan.

The company says it will calculate recommended savings based on a person's debt information. If you won't save at least 5% of your current debt payments using the premium service, SpringCoin will recommend you sign up for the basic plan instead.

SpringCoin is just starting to build relationships with creditors to negotiate debt. So, if you're really pinched for cash, you might want to hold off on signing up for the premium service until there's more of a proven track record.

SpringCoin charges a monthly fee so it doesn't need to sell advertisements to pay the bills (which had been my big complaint with Mint.com -- though Mint is free).

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