12 Apps for Managing Debt Repayment

Before we explore the practical apps and tools, let’s grasp the peace of mind that comes with understanding why debt management is crucial. I can relate to the heavy burden of debt on mental and emotional well-being. The stress of owing money can disrupt our sleep, strain our relationships, and diminish our overall quality of life.

High interest rates on credit cards and loans can waste your hard-earned money. Every dollar paid in interest is a dollar you could have used for something else, like building an emergency fund or investing. Debt, as you know, can snowball. A small balance can quickly escalate if left unchecked. By tackling it head-on, you prevent it from growing into an insurmountable sum.

I put together some helpful apps and tools for managing debt repayment.

1. Mint – Free budgeting and expense tracking app to help you allocate more money towards debt payments.
2. YNAB (You Need A Budget) – Budgeting app focused on giving every dollar a job, including debt repayment.
3. it – Free web app specifically for tracking and planning debt payoff. It allows you to compare different repayment strategies.
4. Debt Payoff Planner—This Mobile app helps you create and follow a debt payoff plan and visualize your progress.
5. Tally – An app that helps you manage credit card payments and can offer a lower-interest line of credit to consolidate debt.
6. Debt Free- Simple mobile app for tracking debts and calculating payoff dates.
7. Debt Manager- Detailed debt tracking app with multiple repayment strategies and “what if” scenarios.
8. Personal Capital – Free financial dashboard, including debt tracking and investment management tools.
9. Debt Payoff Assistant – An app that compares debt snowball and avalanche methods.
10. ChangEd – App that rounds up your purchases and applies the spare change to student loan debt.
11. Qoins – Similar to ChangEd but can be applied to any debt.
12. Debt Tracker – Simple free app for tracking multiple debts and payments.