When you think of money, expenses, and spending, it means all things tangible. Take a piece of paper and a pen, and then write the expenses and income of the month. The amount left after paying all your expenses is the cash you hold in your hands. Then, when you have multiple debts to repay, a paper and pen will not help you at all. It is when technology plays a crucial role. When you have too many creditors, you are overwhelmed as to when and how to manage all of them. The problem becomes acute when you have insufficient funds but more debts to pay.
You only have a list of debts, creditors without any rock solid repayment plan or strategy. You have no clue how to start paying off your creditors. Then, today, you have so many apps that you help you track your debts, give you alerts, and possibly suggest you a date when you will become debt-free when you make timely payments without fail.
According to an article published on https://www.huffingtonpost.in, you can use the Credit card Payoff app to set a time goal for repaying all your credit card loans. The app also shows you how much money you need to shell out each month to realize the goal and become debt-free as soon as possible. So here are some top apps to motivate you to repay your debts quickly:
Debt Payoff Planner
The app is available on both iOS and Android. It lets you examine the two methods – Snowball and Debt Avalanche each month. It will help you figure out how much time it will require to repay your debts and how much rate of interest you can save when applying the methods. It will work for you if you have not yet decided which of the two methods will prove worthwhile. There is no need to feel inundated with repayment. Create a solid plan, systematic enough, and the app will help you achieve your goals. There is no doubt about the same. For a personalized repayment plan, you need some information related to your loan. These include the debt balance, the additional monthly payment, and the minimum amount to pay. Then, you need to pick a repayment strategy and get a custom payoff plan.
The best feature of the app is its potential to monitor your payments. When you make additional payments over and above your regular payment, you know how the same will affect your overall debt plan. Use the app to figure out how many months or years it will take to help you become debt-free. It is applicable when you enter some new payment details. Use the app to see how well you are progressing when it comes to your loan repayment.
Debt Tracker
The app is available on Android. It is the best app to see all your debts on a single platform. The app has a simple user interface as well as additional add-on features. You can use the app to monitor your debts offline. There is no need to enter sensitive information such as your account number when you start using the app. The app is secure and protects your data if you want to add some bank details. All you need to do is keep your debt private and confidential with a secure PIN code.
You will find all the features in this app to choose a repayment strategy so that you can start using it right away. Track all your payments, interest fees, and penalties when you work on repaying your debts fast. Besides, when you have carefully studied genuine debt consolidation companies review, the lender you choose will help you in picking a consolidated loan to repay all your debts and become debt-free quickly.
Besides, the app will also show who owes you money. It has a savings tracker as well. You can use this feature if you are planning to buy a new car, a vacation, or anything related. Besides your debt management, Debt Tracker will also help you determine how you are progressing with your other financial goals. It gives you an overall idea of your current financial condition.
Debt Payoff Assistant
The app is solely for iOS users. It helps you deal with your debts using the Snowball method. Pay your smallest loans and then to the biggest no matter what is your rate of interest. You make minimum payments on all your existing loans until they are paid off the right way. The additional payment you can use from the cleared debt and apply to the subsequent debt. The extra payment will keep increasing as you pay off more debts, thus resulting in a snowball effect.
Most borrowers use the method because it makes them feel accomplished, as they cope with the smallest debts initially and then focuses on the large debts. The app helps them achieve this goal.
The app lets you monitor numerous debts, though its primary focus is on the Snowball method. Then, you have the liberty to opt for multiple repayment strategies, highest balance first, lowest debts first, high rates of interest first, or any custom payoff plan. You can also monitor additional payments, and shell out funds towards your debt to help you become debt-free quickly.
The best feature of the app is its graphs and charts. The visual representation will help you understand the repayment methods easily and your progress too. You can look at things like your total loan amount, debts unpaid, and rate of interest saved. You will love the app’s percentage paid progress bar for individual debts. The visual representation inspires you to repay your loans fast, as you can how your progress is when it comes to repayment.
You will get due date notifications so that you can pay all debts on or before the due. There is no possibility of forgetting your loan due dates. The calculator lets you decide how your monthly payment will affect your interest rate and due date.
Conclusion
Now that you know about these top apps, get motivated. Pay off your debts on time without missing due dates. It will help you become debt-free soon.
