If you have debt — and let’s be honest, who would say no? — You can feel overwhelmed by it and you may even think it’s impossible to pay it off. With a debt management app, you can take some help in controlling your finances and come up with a plan that works for you to pay off your debts smarter and faster.
Here are seven of the best debt management apps for Android and iOS that you can download right now to get you back on the right track.
1. Debt Payoff Planner
The Debt Payoff Planner app offers a great way to manage all your debts and pay them off in a few different ways. The app recommends using Dave Ramsey’s “Debt Snowball” method in order to pay off the lowest debt first, but there are other options to choose from.
You enter your debts one by one, listing the amount, annual percentage rate (APR), minimum payment, and some other optional information.
Once you have entered all your debts, the app will recommend to start paying off first and when it estimates you will be debt-free. This date changes when you have different payment methods or a larger monthly payment, so find out what works best for you.
If you find that you like the app and want more of it, there is a Pro version that you can pay for on a monthly basis. The professional version gives you the ability to print a hard copy of your plan, outlines, payment reminders, and an ad-free version of the app.
Download: Debt Payoff Planner for Android | iOS (Free, subscription available)
Tally is an automated debt management app that not only everyone can have. You can only qualify for a Tally account by applying and you need a FICO score of 660 or higher in order to qualify. Applying won’t hurt your credit score, but Tally must check your credit score before you can use the application.
Tally securely analyzes your credit cards to see what is best for you. After that, Tally opens a credit limit for you. Tally uses this line of credit to pay off your debts each month and you only make one payment to Tally instead of multiple payments for all your different debts.
Tally will give you an estimate of when you can expect to be debt free. Of course, this date is not firmly set as you may accumulate more debts or be able to pay off your debts faster than you expected. Either way, Tally helps you automate everything so you don’t have to worry about missing payment due dates, getting charged late fees, or paying ridiculously high APRs.
Download: Tally for Android | iOS (Free)
Debts app has a simpler interface for people who just want to list their debts to see it all in one place. When entering a loan, you can enter a name, amount, any additional comments, and set the planned payment date for the entire loan.
This app does not have the ability to calculate the annual rate on credit cards or loans, so it will be up to you to update the total amounts. When you pay off the credit card, you can enter the payment and it will be automatically deducted from the total.
Although the main reason to use this app is to keep track of who you owe money to, Debts can also track who owes you money as well.
Download: Debts for Android (Free, in-app purchases available)
Digit has been praised and has great reviews on the app stores for good reason. Digit learns about your personal spending habits and starts saving money here and there when it thinks you have money to spare.
And before you worry about the possibility of your checking account becoming overdrawn, you should know that Digit has an overdraft prevention feature. This feature makes sure you get the money back into your checking account to avoid overdraft fees if you know something is going to go out and you don’t have enough money to cover it.
It can be hard for you to remember to save money, so Digit does it automatically. You can transfer the money you saved in Digit to your bank account to pay off your credit cards or loans and get out of debt faster.
Download: Digit for Android | iOS (Free)
If you basically have student loan debt that you can’t seem to pay, ChangEd is the right choice for you. ChangEd works similarly to other backup change programs such as Bank of America’s Keep the Change program. So that it saves your additional change and allows it to accumulate in your account.
Once you reach a certain limit you’ve set, ChangEd will automatically send it as an additional payment for your student loans. It works with most major student loan providers, such as Navient, Great Lakes, AES, and more.
You can add one or more student loans to your account. You can add more than one ChangEd credit or debit card to withdraw the change close to it.
Download: ChangEd for Android | iOS (Free to download, $3 monthly fee from your ChangEd balance)
6. Credit Card Payoff
If you have a lot of credit card debt specifically, this app is a great tool to help you get rid of it. It’s very easy to fiddle with your monthly payments and see how it affects you in the long run in terms of how much money you’ll save.
You can enter your balance, monthly payment, annual percentage, and how many months you want to pay it off. The app takes all this information and breaks it down to see it in multiple ways.
What sets this app apart is how different it is in presenting information. It gives you an estimated stretching goal and tells you how different it will make. Then you can see all of your payments that are set over the course of each year and how each payment is divided between principal and interest. You can also see your debt repayment plan in a bar graph or a line graph too if you’re someone who likes visual things more.
The only in-app purchase is to upgrade to an ad-free version. Check out the best credit card management apps for Android and iOS users.
Download: Credit Card Payoff for Android (Free)
The Qoins app is similar to the ChangEd app, only the additional change does not go to student loans. Qoins are linked to your bank account and the information is saved based on your preferences.
There are several different ways to save that you can take advantage of. You can choose to withdraw a certain amount each week, let the app take out the amount it thinks you should save using an algorithm, or withdraw a certain amount when you get a direct deposit. Or you can also choose to round up your purchases to the next dollar.
Whichever saving method you choose, it will save more easily without even thinking about it. At the end of the month, pay that extra amount towards your debt and it will be paid off sooner.
Download: Qoins for Android | iOS (Free to download, $3 monthly fee from your Qoins balance)
Make sure you have the perfect budget too
All of these apps will help you pay off your debts faster. It’s just a matter of which one is best for you based on the types of debt you have.
In addition to keeping track of your debts and making sure they are paid off regularly and intelligently, make sure you have strong budgeting skills as well. Excel and Google Sheets are great tools for keeping budgets and keeping track of expenses. Check out the best budget management apps for Android and iOS devices.