Paying off debt is much harder in comparison to accumulating it, one can quickly spruce money on the credit card, but when it comes to paying it off and recovering that debt the major hurdle shows up! However, too much credit card debt will make things difficult for a person, and they wouldn’t be able to make any further purchases and bills. It also hampers the credit score of a person and impacts the banking activities of them. As such, to effectively track debt payoff and handle it in time, technology came up with exciting and detailed applications which help in processing credit card payoff. Some of them include:
Apps for Managing Credit Card Payoff
ChangEd – Debt Payoff App
This application is useful in treating student loan debts. All the person needs is to sync the bank account, and it effectively analyzes the spending and purchases for the next dollar. Thereafter, it deposits the difference into an account and once it reaches the limit of $100, the application initiates payment towards the student loans.
Credit Card Payoff – Debt Payoff App
This debt repayment application is an excellent tool for planning pay off. The app lets the user set a time-based goal for repaying the debts and also highlights how much money is required to be paid monthly to reach the end. There are also easy-to-read charts which let the user compare different pay off plans to figure out the one that works best for the user.
Debt Free – Debt Payoff App
This application uses the debt snowball strategy for the payoff. The plan includes paying down the debt with the smallest balance available, while simultaneously making lower payments for the rest. Once a debt is paid off, the user to take the money applied on the first debt to pay off the next highest balance, thus creating a snowball effect. This repayment system is useful for people who get inspired by experiencing immediate wins.
The user can also opt for repayment methods starting with the highest interest rate or the highest money balance. They can also compare different techniques and strategies for choosing the best for them. Debt Free also has calculators, an efficient amortization table for detailing the principal, interest as well as the remaining balance associated with each payment. The app also provides payment notifications to the user.
Debt Payoff Assistant – Debt Payoff App
This app too focuses on the debt snowball strategy, though here the user can choose a different plan too according to their preference. The app also lets the user input unlimited debts, including credit card debts, student loan debts and auto loans, among others. The app tracks the payoff efforts and highlights the progress for each mortgage. The user also gets detailed information and statistics related to the mortgages, which it displays in visually appealing charts and reports. The app also reminds the user about impending payments and lets the user track extra payments.
Mint – Debt Payoff App
This free to use app provides information in detail about spending breakdowns as well as customized budgeting. The user can also use the ‘Goals’ feature to be on track about paying off debt. Once the goal is chosen, the app will enquire about the account to be associated with the target and then calculate the amount the user needs to save to reach that goal and further track the progress to achieve that goal. The user can also use the budgeting tools to allocate more money in accomplishing that goal.
Tally – Debt Payoff App
This credit card payoff app is designed especially for people with high-interest credit card debts and who struggle to repay the balances every month. The app is a kind of help for them to figure out the effective way of repaying their debts. The tally app is an automated debt manager tool. It extends the user a line of credit, which helps in making the payments. Tally runs a useful soft credit check to for checking on the eligibility of the user so that the credit score of the person is not affected by applying or registering on the app.