Debt can feel like a terrible thing, but paying off your debts is how you demonstrate that you can successfully manage your finances. Whether you make your debt payments on time makes up 35% of your credit score. Making on-time payments is one of the smartest ways to use your debt to your advantage.
If you need a little help, debt management apps can help you organize and manage all of your debts in one place. Just input all debt data into your phone and manage them there. Here are a few options to consider.
|Best Used For
|Credit card management
|Free to download
|iOS and Android
|Snowball Method, debt summary and tracking, progress bar
|Pay Off Debt
|Motivation to make your debt payments
|iOS and Android
|Budgeting for debt payments
|Web, iOS, and Android
|Student loan repayments
|iOS and Android
|Quick payoff calculator
|Savings to apply to debt
|iOS and Android
|Credit Report Card
|All-around financial wellness and credit score tracking
|Web, iOS and Android
Tally is a debt management app that makes it easy to save money by automating your credit card payments to help you reduce your debt faster. The app is free to download, but the real value of Tally comes if you are approved for a Tally Line of Credit that consolidates your credit card debt with a lower APR. You’ll owe interest on that loan, but Tally will automate your credit card payments and determine the best way to save you money based on your credit card rates.
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Debt Book is an app for borrowers as well as lenders. It allows you to track and update your debt in a “Master Book,” which shows your borrowed/lent amount, how much has been paid/collected, and how much remains. The app also gives you options to view this data in a statistical chart for a visual representation of your current debt situation. And if the borrower and lender are both on the app, they can communicate and send payments through the app. This makes it easier to stay in contact with one another and to stay on top of existing debt.
Debt Manager uses your debt information to create progress bar graphs to help you see how far along you are in paying off each debt, how much debt is remaining, and your interest rate. The application specifically focuses on the Snowball Method to track and pay off all debts quickly and efficiently. The interactive app gives hints and tips based on your debt situation. You can also track monthly payments within the app manually or automatically and test out different “What If?” scenarios.
Pay Off Debt helps you choose the payoff method and order that works best for you. You can use the debt snowball method, debt avalanche method, or something else. Track your payoff progress and the interest you’ve saved. 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, and you can add pictures to symbolize your “Why.”
You’ll need to budget in order to efficiently pay off your bills. Mint helps you do just that. It’s one of the best-known budgeting apps for good reason. It’s easy to use and is packed with extra features. Mint gathers everything in one place—your cash, credit cards, loans, investments, credit score, and more. Track your bill payments, budget for future payments, and get alerts when you overspend or a bill is due.
A round up app like Acorns, ChangEd is an easy way to automate regular extra payments to pay off your student loans early. Connect your loans and bank accounts and create an FDIC-insured ChangEd savings account. As you spend, ChangEd will roundup your purchases and transfer those roundups to your ChangEd savings account. Once you reach $100, they’ll send that money to the student loan you want to pay off first.
If you want a quick and easy way to visualize your debts and how long it will take you to pay them off, Unbury.me is a great tool. You don’t need an account to use it—just start entering your information—but you can sign up for a free account to save 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.
In order to pay off your debts, you need money. That’s where an app like Digit comes in. It’s not a traditional debt management app, but it’s definitely a debt management tool. For $5 per month, it helps you save automatically without even thinking about it. You won’t miss the money it puts in savings for you, but you will benefit from it when it’s time to pay your bills.
If you want to see how your debt management is improving your credit, sign up for Credit.com’s free Credit Report Card. Our Credit report Card is an easy-to-understand breakdown of your credit report information that uses letter grades so you can track —plus you get a free credit score updated every 14 days.
Get Your Debt Under Control
Regardless of what approach you prefer to manage your debt, these apps have options for everyone. We suggest taking a look at which app works best for you and personalizing it to fit your needs.
Ready to take your finances to the next level? Sign up for ExtraCredit. This five-in-one financial tool will help you build, track, protect, and restore your credit profile—and reward you while you’re at it! Learn more about all the amazing benefits of an ExtraCredit account at Credit.com/Extracredit.
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