Three great debt management apps
More and more people are turning to personal debt management programmes and services to help them with their debt problems. Consequently, debt management plans are getting a great deal of attention as credit card companies and debt consolidation companies try to sell their services to the financially struggling.
Whilst these consumers are desperately trying to get their finances in control, innovative smartphone app creators are trying to make their lives a whole lot easier. Here’s a summary of some of the apps that can assist you in trying to sort out your money woes.
Credit Card Debt: This application keeps track of all your credit accounts (like credit card accounts, mortgage etc). It helps you track all your debt and even shows the user a bar graph of the percentage of money you owe against the credit limit on your card.
Personal Debt Clock: The Personal Debt Clock takes a different approach to managing your debt. This app allows you to visualise the effects your payments make on your debt. It does this by allowing you to see the number of years, months, days etc, that it will take for you to be debt free. It also allows you to implement different scenarios, such as the effect of making an extra payment and, hopefully, will then motivate the user to pay their debt off faster.
Debt Tracker: The Debt Tracker app (available in Pro and Lite versions) combines both of the above two methods. This app shows you all your credit card balances, loan balances and mortgage in one, convenient place. It also allows you to determine how long it will take to pay off your debt if you pay a specific amount each month. You can also use this app to determine how much you should pay per month in order to pay off your debt by your preferred date. A handy application that can help with debt management.
All of these apps are quite useful, but if you are really struggling to pay off your debt, seek the advice of a professional financial advisor.
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