If you’re working on paying down debt, this piece is for you!
Keeping track of your money is easy with budget apps like YNAB and Mint. But what about tracking debt and prioritizing your debt payoff?
While budget apps can help you manage where your money goes, a debt app can help you:
- Calculate which debt to pay off first
- How much money will get your debt paid off faster
- And whether the snowball method or avalanche debt payoff method is right for you.
The odd thing is, we are in an age where the debt in America is at its all-time highest, yet there aren’t as many debt planning tools as there are budgeting and money tracking tools.
And aside from tracking how much money you spend on debt each month, budgeting apps don’t do much in the way of supporting your debt escape plan (aff link).
I scoured the web to find debt apps that:
- Don’t’ require you to download them to your computer.
- Have an easy-to-use, updated web interface (no outdated websites from the 90’s).
- Don’t have time-consuming tutorials.
- Are straightforward, plug-in-numbers-and-give-me-my-plan type of online application.
If that’s what you’re looking for, here are 3 apps that make it super easy to manage your debt.
If you’re looking for a simple debt payoff calculator online, Unbury is your best bet.
There’s no linking your bank or credit card information, no names or email addresses needed either.
Just gather all your debt information:
- Merchant name
- Current balance
- Interest rate
- Current monthly payment (current rate of payoff)
Click save, and Unbury will quickly give you an overview of how long it will take before you’re completely out of debt if you use your current rate of payoff.
You can change how much you pay a month and see how the life of the debt changes.
If you want to save your progress for later, you can sign up with your email address.
COST: Always Free
This Dave Ramsey inspired online tool is both a budget and debt tool. But using it correctly means you’ve made a commitment to stop getting into debt. This means closing all your credit card accounts and not opening any more loans while you dig your way out of debt.
This is a comprehensive tool that puts your entire debt payoff picture into focus. Where other apps only concentrate on managing debt payments and timelines, EveryDollar helps you put together a budget so you can find money to pay off debt by using the zero-dollar budget technique.
Every month, as you put money toward your debts in the Everydollar budget, it shows you how much of your snowball has been paid down. Hopefully encouraging you to continue finding ways to cut more money out of your household budget so that money can go toward paying down more debt.
COST: Free. But there is a paid version that links your bank transactions ($99/yr)
Looking for a comprehensive full-featured debt payoff program? Undebt.it is the best, most reliable tool available.
Where most debt payoff calculators and programs look dated, shady, only-on-mobile, or downright vanished (I’m talking to you Ready for Zero), Undebt.it is the only one I trust to manage my debt accounts.
You manage your accounts manually (no linking to debt accounts yet), so sometimes it can be easy to miss payments, but this app has a host of features:
- Debt Blaster – it’s a payment plan that automatically adjusts your payment plan every month to accelerate your debt payoff.
- Multiple payoff plans – including avalanche, snowball, and custom plans suited to your unique situation
- Payment and account history with ability to export
- Summaries and reports of your debt payoff progress
- Track unlimited loans and debt accounts
- No personal information or link to bank accounts needed
COST: Always free but there’s an optional premium version at $12/yr
What apps are you using to manage your debt escape plan?
If you’re dead serious about getting out of debt, it doesn’t have to be a painful process.
Through careful planning and persistence, these tools can help you keep track of each debt and help you construct a plan that fits your current budget. You’ll see how long it will take for you to get out of debt if you pay X amount each month.
The enjoyable part is trying out different payoff scenarios to find one that is right for you.
What system are you using to manage your debt escape plan?
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