Key Takeaways
- There are several debt management apps that you can use to track your finances in real time, which makes it easier to see how much money is being spent and where it’s going.
- Debt management apps can also help you set up reminders for the due dates of your payments and provide tips on how to pay off the debt faster.
- Most debt management apps are free but some can be expensive. If you’re looking for a way to get out of debt, you should also learn how to budget and save money.
Figuring out how to pay off debt can be a big challenge. Nowadays, using your phone is a straightforward and convenient way to manage your bills and pay for them. The trouble is, that finding the best debt management apps can be difficult. We’ve listed the best management apps that can help you handle your finances in a way that makes it easier to keep up with the payments each month.
What is Debt Management?
Debt management is a proactive approach to managing your debt. It’s not a quick fix or one-time thing, but debt management is something you can do long-term and help you become financially stable. Debt management plans are also made up of a few different strategies that help you lower your debt so you can save for the things in life that are important to you.
What are Debt Management Apps?
Debt Management apps are software applications that help you manage your debts. These apps are designed to help you keep track of your current debts and make payments to creditors. They cant also help you set up reminders for the due dates of your payments and provide tips on how to pay off the debt faster.
Benefits of Using Debt Management Apps
There are a lot of benefits of using debt management apps. First, you can use these apps to track your finances in real-time, which makes it easier to see how much money is being spent and where it’s going. This can help you decide better what things you should spend your money on. The apps we’ve listed down will also keep track of all your debts, so even if you have multiple credit cards or loans, they’ll all be consolidated into one place making it easy to see how much each one is costing you per month. In addition, debt management apps can help prevent overspending because you’ll know exactly what’s going on with each debt, when payment is due or when the balance is settled. Another benefit of using debt management apps is that they will notify you when something needs to be paid off immediately, preventing you to miss a payment, which may result in an additional fee or have a negative impact on your credit score.
9 Apps That Will Help You Manage Your Debt
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Tally (free)
Tally is a free app that makes it easy to save money by automating your credit card payments and helping you reduce your debt faster. The best part is that you don’t even have to set up an account. Tally’s free app gives you access to all of your credit card information so you can see how much is being charged each month and how much is being paid off each month. You can also use Tally’s built-in budgeting tools to see how much money you have left at the end of each month.
You can click here to download: Android, iOS
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Debt Book (free)
Debt Book is an app that allows borrowers and lenders to track their debt in a “master book,”. This shows how much was borrowed and/or lent, how much has been paid back, and how much remains. The app also gives users options to view this data in a statistical chart of their current debt situation. And if the borrower and lender are both on the app, they can communicate with each other and send payments through the app—making it easier than ever to stay in touch with one another and ensure that each party is always on top of their existing debts.
You can click here to download: Android
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Mint (free)
Mint is a great budgeting app. It helps you track your spending and make sure you’re not overspending. You can also set up alerts for when bills are due, so you don’t have to worry about forgetting and paying late. Mint is easy to use and has lots of extra features that make it great for managing your finances in an efficient way. It’s packed with features that help you keep track of everything from cash flow to investments and loans, so it’s easy to keep everything organized in one place.
You can click here to download: Android, iOS
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Debt Manager ($0.99)
Debt Manager is an app that uses your debt information to create progress bar graphs, letting you see how far along you are in paying off each debt, how much debt is remaining, and your interest rate. The app focuses on the Snowball Method to track and pay off all debts quickly and efficiently. The “snowball method” means paying off the smallest debt first, then your next smallest, and so on. This method helps build motivation because you will be able to see fast results and encourages you to stick with the plan.
The app is also interactive and gives hints and tips based on your debt situation. You can also track monthly payments within the app manually or automatically.
You can click here to download: iOS
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Pay Off Debt ($4.99)
Pay Off Debt is another debt management app that helps you choose the payoff method and order that works best for you. You can either use the debt snowball method or the debt avalanche method. The debt avalanche method involves making minimum payments on all debt using extra funds to pay off the debt with the highest interest rate. It minimizes the amount of interest you pay and also lessens the amount of time it takes to get out of debt.
Pay Off Debt also prioritizes keeping you motivated during your debt payment journey. The app provides a burst of motivation with a PAID icon each time you pay off a debt.
You can click here to download: iOS
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Digit ($5/month)
Digit might be just what you need if you’re looking for something different. Digit is not a traditional debt management app—it’s more like a tool that helps you save automatically without even thinking about it. For $5 per month, Digit will help save money automatically by using a special algorithm to analyze your spending habits, bills, and cash flow, so that when it’s time to pay your bills, there’s enough money left over to do so.
You can click here to download: Android, iOS
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Acorns (free)
If you’re looking for a zero-fee investing app, Acorns is a good choice. The app is free to use, but it does charge fees for some of its features. You can use the app to invest in stocks and ETFs or buy gift cards with your savings. There are also options for retirement planning and saving money for specific goals like paying down debt or saving up for a vacation.
You can click here to download: Web, Android, iOS
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Unbury.me (free)
If you want a quick and easy way to see your debts and how long it will take you to pay them off, Unbury.me is a great tool to use. You don’t need an account to use it and you just need to enter 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.
You can click here to check: Web
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Debt Payoff Planner (free)
Debt Payoff Planner is an easy-to-use app that has eight loan categories so you can add your debts and calculate how long it will take until you’re debt-free with each option. It also has a “custom plan” feature that lets you create your repayment plan. Debt Payoff Planner will show you the optimum payoff plan and calculate how long it will take before you’re debt-free with each option.
You can click here to download: Android, iOS
Get Your Debt Under Control
Getting your debts under control is difficult, but it can be done. Here are some tips for getting your debts under control:
- First, you need to make a weekly or monthly budget. This will help you keep track of what you have and what you owe.
- Second, cut back on spending. This means that you have to stop buying things that don’t make you happy or help your life in any way.
- Third, look into paying off your debts. There are many different options available when it comes to paying off debts such as applying for loans. Applying for loans may be advantageous since they can have low-interest rates than credit cards.
Conclusion
Debt management apps are a great way for people who have trouble managing their finances to get back on track. They can help you manage your debts by automatically categorizing them and setting up payment plans. They can also help you track your debt more effectively so that you know exactly where your money is going. In addition, they make it easier to find ways to save money on your monthly payments, like refinancing or finding a lower interest rate.
In other words, they’re not just for people who want to avoid getting into debt in the first place. Although most debt management apps are free, some can be expensive. If you’re looking for a way to get out of debt, you should also know how to save money.
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