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15 Top Debt Management Apps
Paying debt may seem overwhelming and even impossible if you have debt. The best debt repayment strategy will rely on your circumstances and be one of several options. The hardest part, of course, is frequently finding the money for a higher monthly payment. A debt management tool can help you gain control of your finances and create a strategy that works for you to pay off your debts more quickly and intelligently.
If you need cash, you might want to apply for a loan. But it might be difficult for you to get approved for a loan if you have too much debt on your hands. Although there are lenders that offer no credit check loans, it might still be best for you to pay off all your debt first.
Debt management applications can help you handle all of your debts in one location if you need a little assistance. Simply enter all of your debt information into your phone and manage it there. Here are some ideas for you to think about.
What is a debt management app?
Debt management tools can help you organise your payments, consolidate debt, and calculate how much interest you’ll pay based on different payout dates. You can put your excessive loan sums behind you with the help of several debt-relieving apps. In the end, the greatest debt repayment software for you is probably one you’ll use frequently.
Here are some of the finest debt repayment applications for those wishing to improve their financial management or start paying off debt to achieve debt freedom.
15 Top debt management apps
1. Tally (free)
By automating your credit card payments, the free Tally software helps you pay off your debt more quickly while also making it simple to save money. The nicest part is that creating an account is completely optional. You can check how much is charged and paid off each month by using the free Tally app, which provides you access to all of your credit card information. The built-in budgeting capabilities in Tally can also be used to check your monthly financial situation.
2. The Debt Payoff Planner (free)
Debt Payoff Planner is a simple programme with eight loan categories that allows you to enter your debts and calculate how long it will take to be debt-free with each choice. Additionally, you can design your repayment schedule using the custom debt payoff plan tool. With each option, the Debt Payback Planner will calculate how long it will take you to become debt-free and show you the best payoff strategy.
3. Debts (free, in-app store purchases available)
The Debts app features a simpler layout for users who simply want to put their debts out so they can be seen all in one location. You can input a name, an amount, any additional comments, and a scheduled payment date for the full loan when you enter a loan.
You’ll need to maintain the total amounts up to date because this programme cannot figure out a credit card or loan APRs. When you pay a credit card off, you can enter the payment and it will be taken out of your total automatically. The Debts app may track who owes money in addition to keeping track of who you owe money to and who owes you money.
4. Digit ($5/month)
If you’re looking for something different, Digit might be exactly what you need. Digit isn’t your typical debt management app; rather, it functions more like a tool that encourages you to save money without even realising it. For $5 each month, Digit will analyse your spending patterns, bills, and cash flow using a proprietary algorithm to help you save money automatically so that you have enough money to pay your bills when they’re due.
5. ChangEd (free)
The ChangEd app is the one for you if your main debt is student debt, which you are struggling to repay. ChangEd functions similarly to other initiatives that collect spare change. Your spare change is saved and allowed to accrue in your account. ChangEd will automatically send it as an additional payment on your student loans if you reach a predetermined level that you specify. Most significant student loan servicers, including Navient, Great Lakes, AES, and others, are partners with them.
One or more student loans can be added to your account. Additionally, you can input multiple credit or debit cards for ChangEd to use when pulling rounded change.
6. Credit Card Payoff (free)
This software is a terrific tool to help you pay off credit card debt in particular if you have a lot of it. It’s quite simple to change your monthly payment and see how it will impact your ability to avoid paying interest in the long run.
Your balance, monthly payment, APR, and preferred number of months to pay it off can all be entered. The programme takes all that data and organises it so you may view it in different ways. This app’s unique display of information is one of its best features. It identifies an estimated stretch goal and details the impact it will have. The distribution of principal and interest in each payment for each year may then be seen. If you’re a more visual person, you may also view your debt repayment strategy as a bar graph or a line graph.
7. Debt Book (free)
An app called Debt Book enables borrowers and lenders to keep track of their debt in a “master book.” This displays the total amount borrowed and/or lent, the total amount repaid, and the total amount still outstanding. Users of the app can also choose to examine this information in a statistical chart showing their current debt condition. Additionally, if both the borrower and the lender use the app, they can contact one another and send payments to one another, making it simpler than ever for both parties to stay in touch and stay on top of their outstanding bills.
8. Debt manager ($0.99)
Debt Manager is an app that uses your loan information to generate progress bar graphs, allowing you to monitor how far you are in paying off each debt, how much debt remains, and your interest rate. The Snowball Method is the main emphasis of the programme, which tracks and swiftly settles all obligations. Paying off your lowest debt first, followed by your next smallest, and so on, is known as the “snowball approach.” You will be able to notice quick results with this strategy, which motivates you to remain with the plan.
Additionally interactive, the app offers advice based on your debt position. Additionally, the software allows you to manually or automatically track monthly payments.
9. Pay Off Debt ($4.99)
Another debt management tool, Pay Off Debt, enables you to select the payoff strategy and sequence that works best for you. The debt avalanche method and the debt snowball method are both viable options. The debt avalanche method is making minimum payments on every debt while saving money to pay off the debt with the highest interest rate first. It cuts down on the interest you pay and shortens the time it takes to pay off your loan.
Maintaining your motivation as you work towards paying off your debts is a priority for Pay Off Debt. Every time you pay off a loan, the app displays a PAID indicator as a boost of inspiration.
10. Mint (free)
You’ll need a budget if you want to pay your expenses off quickly. Mint enables you to accomplish that. For good reason, it’s one of the most well-known budgeting apps. It has a tonne of added features and is simple to use. Your cash, credit cards, loans, investments, credit score, and more are all collected in one location by Mint. Receive notifications when you go over your spending limit or when a bill is due. You can also track your bill payments.
11. Unbury.me (free)
Unbury.me is an excellent tool if you want a quick and simple way to see your debts and how long it will take you to pay them off. You can just start entering your information without creating an account; however, you can create a free account to store your information. Enter the principal remaining, interest rate, and monthly payment and see how long it will take to pay off those loans based on the payment methods you choose.
12. CreditWise (free)
CreditWise assists with debt management by providing weekly snapshots of your credit report. You can view your financial accounts’ ages, the number of enquiries that appear on your report, and other details. You can see a variety of information, including how much credit you have available and how much you are using.
13. You Need A Budget ($83.99/year)
You Need a Budget (YNAB) tracks your accounts and expenditures like Mint. Direct account linking is an option, as is manual data entry.
You can view the balances of all of your loans—credit cards included—in one location with YNAB. Additionally, since you can view every transaction you make on a credit card, you can watch the amounts increase in real time. You must make a payment schedule because YNAB doesn’t have a goal option as Mint does. When you do, YNAB can help you stick to it by enabling you to keep track of your spending so you don’t spend too much money on things other than paying off your debt.
14. Undebt.it (free)
A “debt snowball management tool and payment planner” called Undebt.it is accessible online. When you sign up for an Undebt.it account, you’ll link your loan accounts to it, just like with the majority of these businesses. You will then be able to view all of the debts’ balances and payment due dates in one location.
The usefulness of Undebt.it lies in its capacity to design payment schedules for you. Each plan has advantages and disadvantages unique to it. Undebt.it can assist you in selecting the best option for you and in carrying it through. Plus, you don’t need to register to use the calculator. All of your debt information will simply need to be manually entered.
15. Qoins ($1.99)
Qoins is a debt management tool that aids in the tracking and management of your spending. You may make a budget with Qoins, set up alerts to keep track of your spending, and even connect with others to discuss goals.
You can add numerous debt accounts to the Qoins app, and it will automatically transfer payments from your bank account to those selected accounts once each month. Although your first payment with Qoins is free, any subsequent charge carries a $1.99 fee.
The Bottom Line
Debt management can be stressful, so it’s natural to seek aid. You have access to several different saving strategies. You can decide to take out a specific amount every week, let the app use an algorithm to determine how much it should take out from your account, or take out a specific amount whenever you receive a direct deposit.
Whatever way you decide to choose, you’ll be able to save more automatically. You may manage your debt, make a payment plan, and strive toward debt freedom with one of these apps. Also, try to make extra payments so your debts will be paid off sooner.
Marjorie Hajim is the SEO Manager for Friendly Finance. Friendly Finance is a leading loan matching service in Australia specialising in consumer finance. She loves growing businesses with a focus on their online presence and is passionate about organic growth and all things digital. She has written articles for Coinpedia, MoneyVests, HomeBusinessMag, & many more!
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