Debt is a matter that has to be taken seriously. It is a situation that is difficult to get out of specially when it starts to accumulate. It also affects one’s way of living and one’s future plans such as purchasing a house, car or even just trying to keep up with all the payments you need to do. Fortunately, there are lots of tools that could help and aid you in trying to pay all of your debts.
Here are the Best Debt Payoff Apps
Tally is a credit card payoff app which is perfect for those who have high interest credit card debts and who are having a hard time paying off their monthly balances.
This app is actually an automated debt manager. It extends your line credit and uses the payments to your interest debt while paying your minimums. This means, you will not need to pay your credit card directly but rather you will have to pay your Tally credit line which would have much lower interest rate than your credit card.
To be able to use their services, you will need to have a minimum FICO credit score of 660 plus their eligibility requirements which is based on their soft credit check.
Mint is a good budgeting app that is offered for free. It is available on both iPhone and Android. It also has a desktop platform which offers amazing features. It could provide you your detailed spending breakdowns and allows its users to customize their budgets. It also offers a goal feature which lets you stay on your financial track while you are trying to pay off all your debts.
To use this app, all you have to do is choose your goal which you will be able to find on the app’s list and sync your accounts. Once done, Mint will calculate how much you would need to save monthly. This app offers budgeting tools which you will definitely find useful.
3. Debt Payoff Assistant
This app is well-known for its ability to focus on debt snowball method. It allows its users to choose a strategy they prefer the most. Through this app, you will be able to target paying off high balances or interest rates and even customize a plan. It also lets you input unlimited number of debts that you have. Through Debt Payoff Assistant, you will be able to track your efforts and progress of your payments. This app will show your statistics regarding your total debt, total interest paid, debts remaining, total interest saved, debt payoff date and many more.
4. Debt Free
Debt Free is another app that uses debt snowball strategy to pay all of your debts. It will aid you pay your debts with small balance aggressive. Once all of your debt is paid off, you will take the money you applied to the first debt then roll it to the next paying your next highest balance. Hence, the snowball effect.
5. Credit Card Payoff
This app helps you track your debts by helping you set time-based goals in paying off your credit card debt and it will provide you data on how much you will need to pay monthly for you to be eventually be credit card debt free.
This app is perfect for those who are trying to payoff huge student loans. All you have to do is sync your bank accounts and the app will automatically analyze your spending and will round up all purchases to the next dollar. It will also deposit the difference into an insured account. Them ChangEd will make that into a payment to your student loans.