Obtaining loans help people achieve their life goals, such as completing a degree from a dream college, buying that perfect home, driving a luxury car, or setting up a business. At first, with this assistance, people feel like they are fulfilling their dreams, but as time passes, stress builds up, causing problems for everyone.
It is wise to plan and strategize how one is going to repay the loan before taking it. Also, it provides peace of mind and helps in managing debts without hassle. Disorganization adds difficulty to a situation, and when it comes to repaying Debt, it creates mental pressure for a person.
When it comes to Debt, the more organized the approach is, the stronger a plan is, the higher are the chances of getting out of debt well before the estimated time. Here are six apps that will help you get out of Debt.
Unbury.me
One of the best tools aiding the debt repayment process for people is Unbury.me. It is specifically designed for debtors who have no idea where and how to start repaying their Debt. It is free to use an app that requires users to log in and enter all their debts. Based on the data entered, the app will develop different plans, from both the snowball approach and avalanche approach.
The user can then choose the plan that best suits their situation by comparing all the plans proposed by the app. Each of these plans outlines the interest that an individual will be paying, the balance left, along with an expected date of debt freedom.
Debt Eliminator
Debt Eliminator is a free app, and the most highlighted feature of this app is that it does not store the data entered by a user. This app draws up a debt repayment plan based on the debt snowball technique. A user is expected to list down all the debts that have to be paid and any extra amount that a user can add into debt repayment.
In addition to these details, a user must also add the minimum payment. This app draws up an intelligent plan for the users based on all this entered data.
Qoins
Qoins is a tool for debt repayment that helps an individual subconsciously attack the debt. Qoins was launched in 2017 and since then has helped many people save the spare change. The concept on which the app works is rounding off all the purchases to the nearest dollar.
And it was then making use of it in the repayment of the Debt. It is not a free app; it costs $1.99 monthly, which is not expensive. The app cuts the monthly payments from the savings pool and does not charge the card. With this app, people can save daily.
Digit
Nothing can be better than paying off the debt without stressing over it. Digit is an app that does exactly that. By analyzing a user’s spending behavior, the app decides to auto-safe to help the users save for their goals. The amount transferred to the in-app savings account is such that it is not very noticeable by the users.
When a goal is reached, the amount set for a specific debt, the app notifies the user, and then they can take that amount out to pay it off. Using the app costs $2.99 per month, and it can help users save up to $110. Also, this app offers a no-overdraft guarantee.
Pay Off Debt
Helping its users set financial goals and then achieve them, the Pay Off Debt app was launched in 2009. With this app, users can achieve goals such as a debt-free vacation. Pay Off Debt also features the facility of tracking even personal loans. Using this app allows people to draw up priority-based repayment plans.
This app costs $2.99 monthly. Using this app helps people stay updated about their payments and helps them in avoiding a late fee. Not only does it help in getting out of debt, but it also helps in the development of long-term financial habits.
DebtTracker Pro
The app features a simple user interface and allows users to stay on top of their financials. The whole financial picture can be analyzed using this app, helping people pay off their debts. The default planning technique used in this app is the snowball method.
After a user enters the required information, the app calculates the payment for each Debt. Also, with payment reminders, a user can make sure that the debt payments do not get delayed. Using this app costs $1.99 per month.
Conclusion
Successfully repaying the debt in the estimated time or before it is one of the most significant milestones that a person can achieve in their lifetimes. The only thing that can help people do so is carefully planning and strategizing the debt repayment.
Planning gives an upper hand to the debtor as they also get a chance to work towards their other financial goals. The bottom line is that managing the debts efficiently using these debt assistance tools can help people achieve a stable financial situation at the time estimated and, in exceptional cases, sooner than the time calculated.
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