Smartphones can be used for more than just texting friends, sending email, snapping selfies, and scrolling through social media. While those might be the most common uses for our pocket-sized technological devices, there are more than 2 million mobile apps available today, which means our phones are capable of much more. Believe it or not, there are even debt payoff apps that can make it easier for you to get out of debt by putting your finances at your fingertips.
Today’s top debt-busting apps incorporate several intuitive design features that increase your chances of breaking free from your financial obligations. First, they make money matters more visual. With charts, graphs, and animations, these mobile tools give you a physical picture of your progress. The best apps also keep things concise. Following the adage “time is money,” app designers have figured out how to share the most information as quickly as possible. And perhaps most importantly, mobile apps make personal finances interactive. By getting you actively involved in eliminating your debt, these applications give you a stake in your own success.
Take Control of Your Debt With These 6 Apps
- Debt Book (available for Android devices)
Price: Free, offers in-app purchases
This handy app provides an intuitive user interface that makes it simple to record various loans and accounts. In addition to giving you an up-to-the-minute snapshot of your debt, this app also tracks your activity over time and provides a visual representation of your progress. Then, for optimal convenience, Debt Book also allows you to sync your data through Google or Facebook, which offers additional ways to store and access your information.
- Debt Free (available for iOS devices)
One of the most popular apps in Apple’s financial category, Debt Free offers remarkable versatility and control. From debt summaries and graphic reports to payment reminders and loan calculators, the features in this app allow you to manage daily activity and plan potential repayment strategies. As with any iOS apps, Debt Free can be accessed on all Apple devices.
- My Debt (available for Android devices)
Price: Free, offers in-app purchases
This app has one goal and one goal only: to help you pay off your debts as quickly as possible. By focusing on simplicity and visual organization, My Debt provides a side-by-side comparison of income and expenses that allows you to track your debt payment progress. With its handy calendar and customizable notification options, the My Debt app also allows you to set reminders, which can save you hundreds of dollars in missed or late payment fees over the life of your loans.
- Debt Payoff Pro (available for iOS devices)
Designed around the “snowball method” made popular by financial experts like Dave Ramsey, Debt Payoff Pro takes the guesswork out of the snowball strategy. Just enter your credit card and loan information, and let the app show you the best way to proceed. While the traditional snowball approach focuses on building momentum by paying off the account with the lowest balance first, this app also compares the pros and cons of alternative payoff strategies that include highest balance first, highest interest rate first, and custom ordering options.
- Debt Tracker Pro (available for Android devices)
Debt Tracker Pro takes debt management to another level by incorporating personal and business finances. While the personal debt tracking features are on par with most of the other top applications, this versatile app also makes it simple for business owners to monitor their expenses and payments as well as the money owed to them by their clients and customers.
- Debt Strategy (available for iOS devices)
Rather than limiting debt repayment options to a single focus or strategy, this app gives iOS users the opportunity to determine which approach works best for their situation. With its minimalist interface and graphic summary tools, Debt Strategy keeps the focus where it’s meant to be — on your finances. Track your progress, adjust your strategy, and set up reminders to keep you on schedule. All of this can be done conveniently from your iPhone or iPad.
If you’re looking for additional tools to help you develop a plan for getting out of debt, be sure to check out Savvy Money, as well as our Spero debt consolidation and credit card payoff calculators. For more specific questions regarding your financial health, give us a call or stop by one of our branches today!