Pay off Your Debts With These 10 Mobile Debt Apps

 March 20, 2020
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Debt apps can help you manage your payments, consolidate debt and get a better understanding of how much interest you’ll pay based on different payoff timelines. There are many debt apps that can help you put your high loan balances behind you. Ultimately, the best debt payoff app for you is likely one you’ll consistently use.

These 10 mobile debt apps can help you pay off your debts

1. Tally
2. Debt Payoff Planner
3. ChangEd
4. Qoins
5. Debt Free
6. Debt Manager
7. Debt Payoff Assistant
8. Mint
9. Credit Card Payoff
10. unbury.me

1. Tally

  • Cost: Free to download, but you must sign up for a Tally credit line to use the service
  • Availability: Apple App Store and Google Play Store
  • Best for: Consolidating credit card debt with a lower APR

Tally

Tally lets you consolidate your credit card debt by applying for a credit line from which your monthly credit card bills are automatically paid. To use this debt management app, you submit information about your current credit card accounts. The program analyzes what you owe and the amount of interest you’re paying, then runs a credit check.

If you’re approved, Tally offers a credit line. The app prioritizes higher payments based on APRs and utilization, among other things. The APR you’ll owe Tally ranges from 7.9% to 25.9%.

As debt payoff apps go, Tally works well if you’re primarily concerned with credit card debt. If you’re carrying multiple types of debt, you’ll want a more comprehensive app.

2. Debt Payoff Planner

  • Cost: Free for the basic version; $24 for 2 years of the Pro version (shorter-term payments available at higher per-month costs)
  • Availability: Apple App Store and Google Play Store
  • Best for: Tracking and paying off multiple types of debt

Debt Payoff Planner

Debt Payoff Planner is a debt manager app that enables you to aggregate all your debts, such as credit cards and loans. Once you’ve added your accounts, you can create strategies within the app for how much you’re going to pay each month and how you’re going to lower your balance.

You can organize your debts based on your preferred payoff strategy. For instance, if you favor the debt snowball method — in which you prioritize your smallest debts to get quick wins before attacking your bigger balances — Debt Payoff Planner works as a snowball app. Or, if you prefer the debt avalanche approach, which treats high-interest accounts with more urgency, you can organize your accounts that way.

While the basic version allows you to map out your debts and strategies, you’ll need to upgrade to the Pro version for more detailed planning templates, printable plans, payment reminders and web access if you’re more comfortable working on your budget from a larger screen.

3. ChangEd

ChangEd

The ChangEd app makes it easy to pay down student loans through incremental automated savings. Input your loan information and link up to two financial institutions. Then, the app will round up your purchase amounts. For example, if you buy lunch for $10.25, 75 cents would be earmarked for your ChangEd account. Once you’ve accrued $100 in savings, ChangEd automatically transfers that money as a payment to your student loan.

The additional payments you make through ChangEd lower your balance and decrease the amount of interest you’ll pay over the life of the loan. You can monitor how much money is in your ChangEd account, and you can transfer in bonus deposits whenever you have extra cash. Your ChangEd dashboard will also show you how much interest you’ll save by making additional payments.

If a friend or relative wants to help you with your student debt, they can create a ChangEd account using their name and your loan information.

4. Qoins

Qoins

Qoins also rounds up the dollar amounts on purchases and uses that spare change to help you pay down debt. Unlike ChangEd, you can use Qoins for different types of debt. You can also set different payment parameters. Besides rounding up dollar amounts, you can sign up for the When I Get Paid feature, which enables Qoins to set aside money for debt payments every time you receive a deposit of $100 or more in your funding account. Additionally, you can enable the Smart Savings feature to automatically determine how much to withdraw each month based on your budget and how quickly you want to pay off the debt.

Qoins allows you to add multiple debt accounts to the app, and it automatically transfers payments once a month to those designated accounts. Qoins charges a $1.99 fee per payment transfer, though your first payment is free. You can sign up for Qoins using a checking account with a bank or credit union.

Qoins is a solid app to pay off debt because you can automate savings in more than one way, ensuring that you’re making regular, incremental progress on your balances. However, you should still make your regular monthly payments on time, as Qoins transfers do not replace those.

5. Debt Free

  • Cost: 99 cents
  • Availability: Apple App Store
  • Best for: Tracking multiple types of debt

Apple App Store

Debt Free — another debt snowball app — allows you to order your debts from smallest to largest, giving you the momentum you may need. However, you can organize your debts by interest rate as well, allowing you to take the debt avalanche approach.

Debt Free allows you to add as many debts as you have so you gain a comprehensive view of what you owe. The app also shows early payoff dates. While working out your payoff schedule, you can use in-app features to see how making extra payments will affect your timeline.

This debt tracker app is only available for iOS, but it will sync across your iPhone and iPad if you use multiple devices to manage your finances.

6. Debt Manager

  • Cost: 99 cents
  • Availability: Apple App Store
  • Best for: Visualizing all your debts and creating payoff strategies

Apple App Store

This debt management app provides visualizations of your debt and allows you to see how different strategies will affect your payoff timeline. It is also a debt snowball app.

Like other debt apps on this list — namely Debt Free and Debt Payoff Planner — you can arrange your debts based on your preference: snowball, avalanche, highest balance or a custom order you choose yourself. You can add all your debts to the app and run analyses on each of them.

Perhaps the most attractive feature of Debt Manager is how hands-on you can be in creating a debt payoff plan that works for you. The option to compare debts side by side, along with in-app calculators for determining how extra payments will affect your timeline and whether refinancing is worth it, enable you to understand your debts. That can be a great motivator for getting more aggressive about your repayment strategy.

7. Debt Payoff Assistant

  • Cost: Free
  • Availability: Apple App Store
  • Best for: Tracking your debts and organizing your payoff strategy

Apple App Store

Debt Payoff Assistant supports the snowball method, but you can order and tackle your debts however you see fit. You’re also able to visualize your debts via graphs and charts, view the amortization table (principal, interest and remaining balance) on all your accounts and input data in international currencies, depending on your location setting.

Debt Payoff Assistant has ads, but you can upgrade to the paid version — Debt Payoff Pro — for 99 cents. However, switching to the paid version may mean trading ads for worse usability. Debt Payoff Pro’s App Store rating is 2.9 stars out of 5 (56 reviews), while Debt Payoff Assistant’s is 3.5 stars out of 5 (88 ratings).

8. Mint

Mint

Mint is a full-featured money management platform, which means that you can manage your debts alongside your budget and financial goals. Available for both iOS and Android, as well as via a website dashboard, Mint lets you connect a broad range of financial accounts, bringing all your transactions into one place.

You can monitor your spending, receive bill-pay notifications and credit score updates, and set debt payoff goals. The nice thing about using Mint to monitor your debts is that once those accounts are paid off, you can set new goals and continue using the app for budgeting and planning.

Though, if you want an app that allows you to be hyperfocused on your debt and payoff strategies, Mint will likely be too broad for you.

9. Credit Card Payoff

  • Cost: Free
  • Availability: Google Play Store
  • Best for: Creating payoff plans for credit card debt

Google Play Store

Credit Card Payoff is a credit card-centric debt calculator. It allows you to estimate your payoff date based on factors such as your monthly payment amount and monthly charges. You’ll also need your current balance and interest rate.

Once you’ve input your information, you can view a schedule showing how much of each payment will go to the principal and to interest over time, along with a graph of that data. Seeing the numbers broken down in that way can help you understand how much you’re paying on high balances and may help you reframe how you use credit cards in the future.

Credit Card Payoff is free to download, but it costs 99 cents for the ad-free experience.

10. unbury.me

  • Cost: Free
  • Availability: Web only
  • Best for: Calculating your loans and best payoff options

Unbury

Unbury.me is the simplest and most straightforward platform on this list, though it’s only available on the web. While unbury.me doesn’t have an app for iOS or Android, it’s a convenient way to calculate your current debts and play around with different repayment timelines and strategies.

Visit the website and input loan details such as the principal owed, interest rate and minimum monthly payments. A loan calculator instantly creates a graph showing your current payoff date and how much interest you’ll pay if you remain on your current timeline. To save loan information, you’ll need to create an account using your Google or Facebook credentials. You can add multiple loans to your profile.

Because you don’t need to link your loan accounts, you can quickly put in your data and get a visualization and payment chart from the site. You don’t have to create an account unless you want to save your information.

Rates & Fees in this article are accurate as of March 10, 2020.

Christy Rakoczy contributed to this report.