Debt is an ugly factor of life that is both a necessary evil and an incredibly dangerous foe that many people will be forced to deal with at some point in their lives. Of those many people, some will win their battle with debt, and others will be crushed under the sheer weight of the task.
However, there are many tools and resources at your disposal to ensure that you aren’t on the losing side of debt. Naturally, there are people who dedicate their careers to solving financial issues, but there are also things that you can use to help yourself claw yourself out of the red before permanent damage is done.
Below are the best debt management apps developed on iOS and Android:
1. Debt Payoff Planner
The best debt management app for paying off debt
Keeping track of your debts is a simple concept that isn’t as easy as it sounds. You lead a busy, hectic life, and some things understandably slip the mind. However, your debts aren’t very forgiving in this regard, so staying on top of things is incredibly important to debt management.
With the Debt Payoff Planner app, you will always be in the know regarding important dates, specific amounts, and how much you’re saving in interests by using a variety of payment techniques.
Debt Payoff Planner can even assist you in creating an in depth, step by step plan for debt payment. By following that plan, you will be well on your way to being free from debt worries in due time.
The best debt management app for managing credit cards
Credit card debt can get pretty intense in a quick way, especially when multiple cards are involved. Fortunately, Tally can help manage those cards for you in a quick, easy, and accessible way via an app.
Tally helps you do this by opening a line of credit that it uses to consolidate your card payments. The debt management app then pays off your cards in the most effective way by paying on the higher balances first, then making the minimum payments for every other bill. This way, Tally slowly chips away at your debt for you by handling things in a way that you may not be able to.
All you have to do is pay Tally on a monthly basis without any fees. Although, Tally will charge interest for transactions made on the line of credit. The APR of this line will naturally depend on your credit history, which will be somewhere between 7.9 and 19.9% per year. You will still be able to use the cards on your account, though!
Tally is free to download on iOS and Android.
3. Debt Book
The best debt management app for borrowers and lenders
This app caters to both borrowers and lenders, as you may find yourself on both sides of the debt line at some point. The app grants you a “Master Book” of debt that shows you how much you have borrowed or lent, how much progress has been made on the deal, and how much more remains to be paid or collected.
Debt Book also gives you descriptive statistics in the form of charts to help you get a better idea of what you’re dealing with. This is made better with an easy to use interface that will keep things clean, simple, and to the point.
Debt Book is available on Android for free.
4. DebtTracker Pro
The best debt management app with simple UI
As far as user interfaces go, it’s hard to find a simpler and more effective UI than that of DebtTracker Pro. Don’t let the accessibility fool you, though, as this handy app will definitely help you stay on top of any accounts or debts that you need to deal with.
By organizing all of the information that you need to know in an easy to read arrangement, you can better focus on what you need to do rather than understanding the situation.
When you begin using the debt management app, you will be prompted to fill out a form that gathers data on your debts. Using this data, DebtTracker Pro will help you find a quality debt payment strategy, and then will help you stick to it once chosen. You will also get a display that shows the total amount of interest paid based on the data provided.
Of course, there is also a notification system to remind you of upcoming payments so you won’t accidentally forget about an upcoming due date. As a bonus, the debt management app even automatically corrects a due date that falls on a Saturday or Sunday to the Friday before those days, ensuring you’re not late due to a simple oversight like that.
The DebtTracker Pro app is available to purchase on iOS for $1.99