Looking for apps to help you track and manage your debt? Here are some of the most popular apps on the market and what you can expect from each one.
Remember: while applications like these can help individuals keep track of payments and monitor spending, they won’t be the perfect solution for everyone — especially if your debt is already overwhelming.
If you’re looking for an expert solution to help you manage your debt and move toward true financial freedom, consider talking to a certified credit counselor like those at CreditGUARD. We can provide a more customized debt management solution than you’ll find in an app and work with you one-on-one to pay down your debts.
However, if you’re simply looking for day-to-day help to keep tabs on your finances, keep reading to see if these apps fit your needs!
UnDebt.it (Web app)
This app helps you pay off debt at an increasing rate—if you’ve heard of the debt snowball, this app uses a similar method to help you pay off your debt faster by rolling over payments as each account gets paid off so that you tackle your remaining debts faster.
You don’t enter any account info here on this app- just your debt balances, interest rates and monthly payments. UnDebt.it creates a timetable for you and tells you what to pay and how to manage your payments. If you’re looking for alternatives to the debt snowball method, there are other settings you can use such as starting with the highest interest rate, highest payment amount, highest credit utilization and so on.
Qoins (iOS & Android)
If you’ve ever opened a savings account that rounds up your purchases to the next dollar, Qoins is kind of like that – except that instead of putting those pennies towards your savings, it helps you automate extra payments to your debt accounts each month.
Mint (Web & app)
Mint is a great tool for aggregating your banking data into one place. It’s also helpful in that it allows you to create data visualizations of your spending habits. While it’s not as robust in terms of paying off debt, it does have a goals feature that allows you to input fields like your interest rate, payment, and balance. It will project a timeline for you and send you notifications about keeping up with your goals.
Tally (iOS & Android)
Tally is an app that automates your credit card payments and helps you take control of your debt and pay it off. Similar to the other options we mentioned, Tally structures a payoff schedule for you based on the budget criteria you enter into the system.
Tally also offers a line of credit option which is akin to a debt consolidation loan, but only for qualified users. This is not a good idea. Debt consolidation loans end up costing you more in the long run and actually set you up to fail by freeing up your old credit cards so you can re-spend all that money again. It’s risky and not recommended.
Debt Payoff Planner (iOS & Android)
Similar to our first example, this app works by creating payoff structures and calendars to help you get out of debt more quickly through regularly strategizing your payments. You can use multiple methods like the debt snowball or the debt avalanche. They also provide support through educational content.
Need more than an app to manage your debt?
If you’re dealing with a credit card debt situation that feels bigger than you can resolve on your own or you’ve been falling behind on your monthly payments, consider calling one of our certified credit counselors at 800-500-6489 to learn more about our process and our programs here at CreditGUARD.