Taking a debt is one of the worst financial decision that you would have to take in your life. Any kind of debt that you take, can change the course of your life, you have to care about so much things that it can cause headache at times. Many people get in to debt in such a way that they do not even know about it. For example, if we talk about credit card debt, many a times we fall in to lure of buying extra products and then we end up in taking a loan. This loan comes with a high interest rate and increase dramatically.
If you are facing debt issues and you suddenly got in to debt and you do not know how to get out of it, then do not worry because there are certain apps that you can use to pay off the debt. The process of paying off the debt is hard and takes time but when you use debt payoff apps, it can smooth the way.
Getting out of debt is an important step to take because you cannot have any financial freedom if you are in debt. If you are the one who has debt to pay then your first priority should be to pay off the debt you have. There are many different methods that you can use to manage and organize your debts, the debt payoff makes it easy for you to decide and make the calculations. So today we will go through a list of different apps that can help you to pay off your debt. Each apps has its own qualities, so you can choose the one which suits you best. So starting from the 1st app,
1. Debt Payoff Planner
One of the best app to consider is Debt Payoff planner, this app can work on both Android and IOS systems. This app can help you to decide which method is best for you to use. The app has both debt avalanche and debt snowball method that you can use to pay off your debt early. The app has a very user friendly interface, so it is easy to put all your information. To take a start, you need to download the app and then just put your information, such as the amount of debt, the remaining time, the payments you have to make and the amount of money that you have to pay off the debt. Then the app reviews all your information and comes with a payment plan that can help you to be debt free soon.
There is no such personal information required on the app and you can easily use the app without providing any of your personal info because there is no log in or sign up process, you can just start right away. The app will show you a detailed analysis of your data and will tell you that how it will help you to pay off debt, this will include pie charts, tables and summaries of the data.
Apart from these facilities, you can also use the app to read motivating article that you can help you to off the debt.
2. Debt Tracker
Another app to consider to pay off your debt is the Debt Tracker, you can only use this app with an Android system. There are two version available of this app, first is the free version and second is the pro version which costs $2.99 and it is ad free. This app has a very easy and user friendly interface that you can use for a number of different financial services. One of the best thing about this app is that you will not need to enter any personal banking information on the app and the app can work offline effectively. You can enter and track your account number, debts, payment plans and much more information on this app.
You can track your debt by interest rate or their type easily on the app and you can also write down the amount details that a person owes to you. The app not only tracks your payments but it can also help you track any fees or penalties that you would have faced. Apart from saving these information, you can also use this app to track your savings, you can put up your saving information on the app.
All this information be protected with a password and if you buy the pro version of the app, you will be able to get a cloud backup of your information as well with not a single ad being disturbing you.
3. Debt Manager
If you are an Apple user, then you should consider Debt Manager as an app that can help you to pay off your debt in time. This app has a rating of 4.5 on Apple store and it only cost 99 cents to use this app. The app uses almost all kind of methods that can help you to pay off debt such as debt snowball, debt avalanche or the highest balance first. You can also make a plan for yourself according to your own priorities.
This app is easy to use and it allows to track and organize your debt in a better way, also you can enter as much debt as you want on this app. You can also enter your payments in percentage if you want to because the app allows you to do that. You can also track your payment and set an automatic recording on the payments so that you could track your payments easily. This could be done for bi-weekly, weekly and monthly payments.
This app allows you to enter extra information for debts easily and you can enter any amount that can increase you debt or you can also enter an extra payment that you have made easily and effectively. The apps has calculators that can help you to calculate monthly payments for your variable rate loans.
The apps also provides tips and suggestions to pay off your debt effectively and this app also has a reminder service, which reminds you to pay off your debt with in time. You can protect your data by using a passcode.
4. Debt Payoff Assistant
One of the best apps to consider as a debt payoff helping app is Debt Payoff assistant. The only drawback of the app is that it is only supported on the IOS systems. You can use the same app on all the devices of Apple at the same time and the date will be recorded in all the devices if you enter the information in one device. This a free app and does not require any hard and fast rules, its rating is 3.5 out of on the Apple store.
The app contains all kind of debt methods such debt avalanche method in which you have to pay the highest interest rate debt first and the debt snowball method in which you have to pay the lowest balance amount first. I always recommend the debt snowball method because this allows you to pay off your loan fast. This app also allow you use your own custom plans for your repayments of debts and you can also add your extra principal payments on the app, the app suggest you the best possible plan for yourself. The apps has calculators that you can use to calculate your monthly payments and the total on amount of interest payments on your different loans. The app also allow you to analyze your total and remaining debt, total interest paid and savings and the debt payoff time via tables, reports and pie charts.
Apart from that, the app also lets you keep motivated towards your goal by adding a progress bar that shows your progress. You will be happy to know that you are making a positive progress and if it is vice versa, you can take steps on time and avoid any upcoming penalties. The app reminds you whenever there is a payment date coming, you can customize the time and date once and it will notify you so that you won’t get a negative mark.
Apart from this, you can see a complete payment plan for a loan with all the payments and interest amount till the end of the loan. Other than that you can protect your data on the app using a password and you can also export your data on another device. Last but not the least, the app also has a debt delete lock function which helps you to lock the delete process for a debt so that it could not be deleted accidentally.
So these were some of the best apps that you can use to pay off the debt. All the apps has some of the unique features that make tracking of debt easier. Gone are those days when you have to write down all the information on a paper and it created a lot of mess. Now you can handle all your data on a single app only by providing your information. Do comment in the section below and let us know if you have any queries regarding the article because we would love to hear from you.