3 great debt ­reduction apps

by Stefan Holt | Mar 10, 2017

These days, when you need help, you turn to your phone. Chances are, there’s an app for whatever problem you're facing. A problem with debt is no different, so if your finances are in the red and you need some assistance, grab your iPhone now and add any of these debt-relief apps.

Debt Payoff Pro

Debt Payoff Pro takes the complex problem of solving your existing debt and breaks it down into easy-to-understand yet effective debt solutions. Start by collecting your debt and entering it into the app. From there you will be asked to choose a payment strategy. These strategies range from tackling payments based on the balance (lowest first or highest first), tackling the highest interest first, or a strategy of your own concoction.

From there, Debt Payoff Pro provides all the metrics you could ever want surrounding your current financial situation. Your debt amounts, interest paid or saved, and your payoff timeline are all there. There’s even a progress bar so you can chart how effective your efforts have been and compare it to the debt you have left to pay off. Sometimes all it takes to tackle those nagging financial issues is a chance to see the end is truly in sight.

Debt Free

Debt Free works similarly to Debt Payoff Pro, but Debt Free’s focus remains fixated on tackling your debt issues one at a time. Like Debt Payoff Pro, you must enter your debts into the app and choose a plan, but the strategies you choose in Debt Free will focus on tackling that first debt.

Debt Free also allows you to set up reminders based on your payment due dates, ensuring you never forget another payment.

Debt Strategy

Just as the name implies, Debt Strategy focuses on the actual strategy of paying off your debts. Once you’ve entered your existing debts, you’ll be treated to a plethora of different strategies for solving that debt. Choose to conquer lower balances first or higher interest; you can also shop strategies to see how paying the minimum, for example, lengthens your debt-paying plan as opposed to a more aggressive strategy.

The app offers several other “what-if” strategies, which can be interesting to shop, but it’s important to note there are no financial calculators included in this app. So if having a calculator is important to you, you may want to opt for another app in addition to this one and use the two together.

You can learn more about each of these apps by clicking on the links above. So what are you waiting for? Pick up your phone and eliminate that outstanding debt for good. 

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