DebtFolio was created by a small startup about 15 miles west of the Queen of Debt and myself. The idea behind the site, is that you can enter in your credit card data (you’ll soon be able to do student loans as well) and you can then track you balances with pretty graphs over time. For more details you can read the detailed review over at Make Love, Not Debt.
For myself, the site doesn’t really give me a reason to switch from my current methods of tracking our debt. The biggest gripe that I have about the site is that it doesn’t work for me on my Mac. I know that this is a trivial issue, but if I am going to post my credit balances to a site, I need to feel more comfortable about where I am posting it to. Safari friendly sites make me feel warm and fuzzy inside.
That’s not to say that they aren’t on to something. I just think that the execution is a little lacking at the moment. There main source of revenue is by pushing credit cards. But, they are not just reandomly peddling cards, they are going to be selling you low balance transfer rates. Which I think is a good idea, but I think that they could do a better job educating people on using credit (and low rate cards) responsibly.
But as I said before, they are on the right track. In the future this could be a service that could help a lot of people. Just not so much right now.