Best Apps To Help You Clear Your Debts

Best Apps To Help You Clear Your Debts

Managing debt is never easy. That’s why more and more people are trying to find ways to stay on top of it. But what if there is a way to manage your loan in just a tap of a finger?

Technology has indeed come a long way for the past couple of years. It has become a part of everyone’s lives, including how they manage their finances. Most money focused apps these days concentrate on incorporating debt management and budgeting as an afterthought. But there are a few apps in the market specially designed for managing debt and even how to pay it off.

Sally Mae’s app

For those who are paying off their private student loan, Sallie Mae offers an app to help set up automatic payments as well as an option to keep track of it. It’s a great way to monitor your existing private student loan and help you pay it on time. The app is entirely free and is available in both Android and iOS devices.

Debt Payoff Planner

Another one that you should consider if you’re looking for a payoff plan is the Debt Payoff Planner. Forbes says that it’s a free app that helps you manage your existing debt together with the starting balance. Although it’s outdated, it allows users to manage their debt by allowing them to input the minimum payment as well as the annual percentage rate for each debt. The app will then use the information to propose a plan which also contains the time frame and the expected date that you’ll be able to pay off your debt.

Debt Manager

Debt manager is another mobile app designed to use the debt avalanche and debt snowball method. Users only need to pay $0.99 to use their complete service. The app uses a unique payment system that transfers your excess payment the moment that you’ve entirely repaid one of your loans. The excess cash gets transferred to the next loan that’s in the queue. You can also use the app to track your credit and loan through bars and charts. However, this app comes with a downside. It doesn’t adjust if ever any of the variable interest rate shifts. It can be an excellent option, especially if you want to apply for a VW car finance to get a car.

Debt Payoff Assistant

Man with empty pockets

Debt Payoff Assistant is another exciting app that can provide you with a unique avenue to help pay off your debt. Unlike Debt Manager, this app only focuses on the snowball method to help pay off your debt. Once you pay one of your debts, the excess amount will get applied to the next highest balance. The process continues until all debts get wholly paid off.

These are only a few of the things that you need to remember when managing your debts. There are other ways to help manage your finances. All that you need to do is find which one works for you.