Paying off debt is a big challenge, and a solid financial plan is needed. In order to come up with a payment strategy that works for you, you will need to look over your current financial condition and take steps like cutting down on your expenses to free up more cash. There is no one-size-fits-all payment strategy, so never ever make the mistake of following in others’ footsteps just because they seem to be doing fine with their methods. Everyone’s situation is different.
Debt becomes a challenge when you have to pay off a larger sum. There are some ways to ease off your burden like you can consider looking for bad credit debt consolidation loans, but you still need to pay down a hefty sum.
Well, debt payments should not be a concern any more as you can use some apps exclusively designed to develop your debt repayment plan.
Debt payoff apps to use in 2024
Whether or not you are struggling with debt payments, these apps can prove to be of great use.
- Payoff Planner
If you are one of those borrowers who want a detailed payment plan, Payoff Planner will be the best bet. It can advise you on the best payment strategy after taking your financial situation under advisement. In addition, accessible tools can let you track your progress, know how long it will take to repay your debts, and determine whether you need to make any adjustments to your plan.
The app will divide your debts into eight loan categories, including credit cards, personal loans and auto loans. If you have any debt that does not fit into any category, you can put them into other types of loans. Then, you will enter your monthly payment amount and choose between the payoff plan, most commonly between snowball and avalanche method. A customised payment plan is also an option. Then, the app will let you know the duration of being free from your outstanding debt. It is absolutely free to use if you are happy with ads. Otherwise, opt for subscription plans.
- Qapital
This app is recommended for those who want to automate their finances. It offers a range of features that deal with all aspects of your finances, and one of them is debt payment. In other words, you can say that when you are organised with your finances, debt payment does not become a hurdle.
Savings are crucial so you do not have to rush to lenders to apply for a £1,000 loan, for example, to fund unforeseen expenses. With the help of Qapital, you can put away money automatically and track the growth of your savings. The app offers you over 15 ways to save money. You can share your goals with others and reach them faster.
In addition to savings, the app will suggest ready-made investment plans after knowing your target amount, risk-tolerance capacity, and timeline. Qapital will budget for you automatically, so get money off your mind.
The app offers a 30-day free trial, and then, if you want to continue, you will be put on any of these plans based on your choice – basic ($3 per month), complete ($6 per month) and premier ($12 per month).
- Qoins
If you cannot come up with a solid debt payment strategy, you might need the help of Qoins. The app will be linked to your accounts, and then you will set up a debt payment plan or savings goals. Based on how you want to tackle your debt, you will choose an automated strategy. Qoins lets you choose between options like weekly withdrawals and payday withdrawals and, rounding up the transaction to the nearest figure and utilising the difference to your debts.
Unlike other apps, Qoins lets you open a prepaid debit card. As the payments will be made automatically, you do not have to worry about the due dates. Keep tracking your progress by reviewing the report that highlights how much amount is cleared, how much is to be paid off, and how long it will take to get settled.
The Qoins app just helps you with debt payoff service. If you are looking to budget, save, and invest, this app will not work for you. It offers both monthly ($4.99) and annual ($49.99) subscriptions.
- Tally
In addition to providing tools that help you pay off debts, Tally is known for offering a line of credit to consolidate expensive credit card debt. The app is only aimed at credit card borrowers.
Once you download the app, you will have to link it to your credit card accounts, and then the app will run a soft credit check to figure out if you are eligible to qualify for a line of credit, which is done by monitoring your balances, due dates, and APRs, so you do not miss a repayment. You must have a good credit score to qualify for a line of credit from Tally.
The app will then use the amount to pay off your high-interest credit card balances. This is how it will help save you money in interest. You will pay back the money to Tally in instalments, a comfortable way to settle your debt. The best part about this app is that it can help you knock out your debts faster if you manage to qualify for lower interest rates.
To wrap up
Debt settlement is complicated, especially if you are struggling with high-interest debts. Thankfully, there are some apps exclusively designed to help with the settlement of expensive debts without falling behind on payments.
Some apps tackle all types of debts while others only credit card debts. Carefully analyse the features of apps and then pick the one that solves your purpose. A few apps are out there that deal with all aspects of finances such as budgeting, saving and investing.
You can easily pay off your debts with the aforementioned apps and stay organised with your finances. When you are in control of money, you will automatically be staying away from debt.
