People are reluctant when it comes to lending money to friends; friends forget and asking them back for the money is awkward. What you and your friends could use is a system that helps keep a track of who owes who and how much. That is what BillMonk lets you do.

BillMonk is a free to use web service that lets you keep a track of the money your friends owe you and how much you owe them. The app lets you and your friends create accounts on the site and then log bills, loans, and payments through your computer or your phone. This way your friends and you can all keep a track of how much you owe one another.

BillMonk users can optionally settle their debts to friends using Obopay – a payment platform integrated into BillMonk.

Features:

• A user-friendly web service.
• Keeps track of how much you and your friends owe one another.
• Can be used through your cell-phone.
• Lets you log bills, payments, and loans.
• Integrates Obopay to settle money you owe.
• Similar tools: Billeo, IsDueOn, BillsAreIn and Simplee.
• Also read related article: 15 Cool Tools for easy Expense Tracking and Budgeting.

Check out BillMonk @ www.billmonk.com