Having debt is hard enough without knowing how to properly organize and manage it. But what if there was a simple budgeting tip that would allow you to organize all of your debts and finances in one place?
Thankfully, debt management apps make this possible. Here’s an overview of some debt management apps and their features for both Apple iOS and Android platforms:
|Debts Break – Debt Payoff Plan and Snowball Method||Borrowed/lent amount, remaining balance of accounts, statistical charts, finance expense report, Snowball Method||Free||iOS|
|Debt Free Calculator||Debt summary and debt schedule, graphs for debt visual, Snowball Method||Free||iOS|
|Debt Free – Pay Off Your Debt||Pie charts for debt visualization, Snowball Method, payoff strategies||$0.99||iOS|
|Debt Manager||Bar graphs for debt progress, Snowball Method, debt hints and tips, what if scenarios||$0.99||iOS|
|Debts Monitor||Snowball method, debt status, due date notifications, payoff date calculators, debt free date||Free||iOS|
Debts Break – Debt Payoff Plan and Snowball Method
Debts Break is a debt payoff plan app that focuses specifically on the “snowball method” of debt reduction. Coined by Dave Ramsey, the snowball method is a debt payoff strategy that starts by paying off the smallest debt balance first and in the meantime paying the minimum on all other debts. Following the payoff of the first debt, the extra money is then applied to the next smallest debt, and so on and so forth. Debts Break helps you manage your debts with ease by giving you payment logs and finance updates through visual graphs, which helps you visualize where your money is at all times so you can evaluate your progress.
Debt Free Calculator
Debt Free Calculator gives you a summary of your debt as a way to keep it organized at all times. It includes a list of your debts, the amount you owe on each, the amount you’ve paid on each, and your interest rate for each.
Debt Free – Pay Off Your Debt
Debt Free – Pay Off Your Debt is also an app to visualize a summary of your debt, including your interest rates, your payoff date, your debt free date, and your chosen debt payoff strategy. Another perk to this app includes a passcode lock so you don’t have to worry about your information being compromised if you lose your phone.
Debt Manager specializes in creating progress graphs to measure your debt reduction progress. It shows each debt, its balance, and its interest rate. Debt Manager also allows you to create “what if?” scenarios, such as how much money you’d save if you paid off a debt early, or if your interest rates went down.
Debts Monitor gives debt overviews and allows you to keep track of all payments and due dates. It also has three separate payoff calculators for date, loan, and mortgage. The app breaks down each individual debt by showing the monthly payment details, the principle and interest rate for each, and the paid and owed amounts.
|Debt Book||Borrowed/lent amount, remaining balance of accounts, statistical charts, finance expense report||Free||Android|
|Debt Manager and Tracker||Borrowed/lent amount, debt settlement graphs, payment tracking, PIN/fingerprint security||Free to $0.99||Android|
|Debt Tracker||Borrowed/lent amount, amount paid in relation to the total, various graph and visualization options, payment tracking||Free||Android|
|My Debts||Debt organization, visuals of revenue and expenses, payment and deadline alerts, recurring debt tracking||Free||Android|
|ReadyForZero: Pay Off Debt||Credit score tracking, debt progress graph, pay down plans, debt recommendations||Free||Android|
Debt Book has features for borrowers and lenders. The app uses a “Master Book” to keep track of balances as well as paid and collected amounts. Debt book also uses charts to give you a visual representation of your debt statistics. An additional convenience is that it allows borrowers and lenders to communicate with each other via the app; they can chat, as well as send and receive payments, making it easy for both to stay in contact and manage their accounts.
Debt Manager and Tracker
Debt Manager and Tracker is also an app for borrowers and well as lenders. Through the use of graphs, you can track your debt settlement, payments, and debt balance. There’s a Pro version available for $0.99 that is ad-free and allows you to communicate via the app and lock it with fingerprint technology.
Debt Tracker shows your debt summaries as a lender or a borrower. By tracking your penalties, interest rates, and payment details, you can manage your debt situation at all times. There is also an option to sync the app with Dropbox to protect your data from an app crash or lost phone.
Focusing on debt organization, My Debts is an app that gives you alerts for upcoming bill payment deadlines and due dates. You can also set up recurring rent or car payments.
ReadyForZero: Pay Off Debt
ReadyForZero allows you to track your credit score in addition to managing your debts and finances. The app also has graphs to visually show you your debt progress. ReadyForZero uses a “target account” which allows you to choose your most urgent debt and make that your top priority. You can also create your own payoff strategies, and the application will give you personalized recommendations based on your data.
Regardless of your debt or financial situation, these debt management apps can help you organize and automate your debt in a visual and interactive way. Accessing your debt from anywhere at anytime through the use of your phone allows you to stay apprised of your finances at all times. Now you can establish financial goals at the press of a button.
Photo Credit: Yeray Hernandez
One way I stay out of debt is not owning a smart phone nor any apps……ahahahaaaaaa…