Staring down a mountain of debt? I’ve been there – feeling overwhelmed, out of control, and at a loss as to where to start paying it all down.
That’s when I began my hunt for the best debt payoff app. A debt repayment app can help turn that emotional mess of debts into a simple stack of numbers anyone can tackle. Plus, I needed a tool to help me form a debt payoff plan I could execute successfully.
The best debt management app can do the same for you. Here are six on our radar this year.
6 best debt payoff app and tools
Debt repayment tools can help you track your debts and figure out a strategy for debt payoff. They won’t do all the work for you, but with the best debt payoff app, you can feel empowered to start your journey towards becoming debt-free.
1. The Student Loan Hero Dashboard (in-browser)
Student Loan Hero doesn’t just offer articles – we also have tools and an app to help you manage your student loans.We’re proud to offer the best debt management app out there specifically for student debt.
Sign up for an account and you can set up your own Student Loan Hero Dashboard, a tool that helps you manage student debt and make a plan to repay it.
Key features of the Student Loan Hero Dashboard
- Sync all of your student loans across different servicers into one place so you can easily track your progress. The tool pulls in your student loan data from all major servicers and automatically updates to current balances.
- Use the repayment tool to play with different repayment options, from federal payment plans to refinancing student loans.
- See how actions such as making extra payments or getting on an income-driven repayment plan will affect your student debts.
- Consolidate federal student loans easily with the consolidation tool. You can also use it to enroll in different federal student loan repayment plans or put student loans in forbearance or deferment.
2. ChangEd (iOS mobile app)
What if you could save up your change and apply it to your student debts? That’s the premise of the ChangEd app, available for iOS.
This video from the app developer explains a bit more about what the app can do for you. You can also find out more about this app in our ChangEd app review.
Key features of ChangEd app
- The ChangEd app syncs with bank accounts and analyzes your spending habits.
- It identifies small amounts of “change” you won’t miss, and deposits them in an FDIC-insured bank account.
- Every time the saved change hits $100, ChangEd sends an extra $100 student loan payment to your servicer.
Users should note that the app isn’t free to use. However, its $1 monthly subscription fee is definitely affordable, especially considering that the average ChangEd user will make $10,000 in extra student loan payments.
3. Unbury.me (in-browser)
To explore different options for debt repayment, one of my favorite apps is Unbury.me.
It is a smart tool that lets you play with different debt repayment strategies. Clear graphs make it easy to understand and visualize the benefits of each option.
Key features of Unbury.me
- It’s free to use and doesn’t require a login.
- Returning users can sign up for a login to track their ongoing debt repayment. You can create an account with your Facebook or email accounts.
- Enter debts and adjust settings to explore payment plans that follow the debt snowball method. This will generate different graphs that illustrate your debts over time.
- Get debt payoff projections, such as your total interest paid or your pay-off date.
4. Debt Payoff Assistant (iOS mobile app)
The Debt Payoff Assistant app is a free mobile app available for iOS.
It’s a straightforward way to plan your debt repayment and track your progress, with capabilities similar to Unbury.me – but in your pocket.
Key features of Debt Payoff Assistant app
- Enter your debts including balances, minimum payments, and interest rates.
- Try different payment plans like tackling the lowest balance first or the highest-interest debts.
- See how much your extra monthly payment would accelerate your debt payoffs – and save you in interest.
- View reports on your debt, including past payments, that make it easy to track your progress. Using a debt payoff app to track debt progress helped one woman stay motivated to repay $75,000 in student loans.
- Use calculators for paying off debt by a certain date, monthly payments, and mortgage payments.
- Set the app to remind you of upcoming debt due dates.
There are a couple cons with the app.
You can’t adjust a balance without resetting that debt altogether, so it’s not ideal for tracking revolving debt like credit cards. You also will have to enter all debt information manually, including ongoing payments.
But despite this, Debt Payoff Assistant is still one of the best debt payoff apps that’s free.
5. Your lender or debt servicer’s mobile app
When you’re working toward repaying debts, it can be worthwhile to download the mobile app offered by your debt servicer. Check if your lender, loan servicer, or credit issuer has a mobile app you can use to view accounts, make payments, and set up alerts for payment due dates.
For instance, borrowers can use the FedLoan mobile app to manage student loans with this servicer. Many credit card companies also have an app, such as Amex Mobile from American Express, to track spending, make payments, or even earn bonus rewards.
6. CreditWise from Capital One (iOS and Android App)
Since your debt repayment efforts can directly affect your credit, it’s important to keep an eye on your credit score as you do.
If building credit is a central goal for you, CreditWise from Capital One can help you make a debt repayment plan that will achieve that. The video below from Capital One gives an overview of the CreditWise app.
Key features of the CreditWise app
- CreditWise is free to use and open to everyone – you don’t have to be a Capital One customer to use it.
- You can sign up via an internet browser, or login with the CreditWise apps for iOS and Android.
- See a free, updated estimate of your credit score.
- The CreditWise dashboard helps you understand the factors that are currently pushing your score up or down.
- A credit score simulation tool shows you how different actions are likely to affect your score. You can use it to see whether it’d benefit your credit more to pay extra on a credit card balance or a student debt.
- CreditWise can alert you of new events that affect your score – like a new credit card in your name.
While this is a great tool to keep tabs on your credit score, users shouldn’t rely too much on free credit scores. CreditWise and similar tools often use different scoring methods than lenders do to figure your credit scores. Keep in mind that your free credit score is just an estimate and may not be spot-on.
Find the best debt management app for you
Ready to tackle your debts? Try out these tools and you can find the best debt payoff app for what you want to do. The best debt management app can help you create a get-out-of-debt strategy — and carry it through to a debt-free and financially secure future.
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