The best smartphone apps to help individuals or families relieve debt. For many people, debt is one of the hardest things in life to overcome. In fact, according to alarming statistics, American consumers owed some $11.38 trillion in 2015. And although this is a decrease of 2.9% from the previous year, there is still much work to be done. Many working individuals and families are drowning in debt, with particular few solutions to help them overcome the problem in the short term.
Cue modern technology. In this day and age technology makes it easier to some things, from quickly accessing movies and TV shows to finding aggregated restaurant reviews on a moment’s notice. So why shouldn’t technology help relieve debt as well? In point of fact, it can, and the best place for those on the go to find help with their debt situation is in the world of mobile apps.Mint – free, iOS/Android This is one of the best free apps for those looking to get out of debt through the financial organization and budgeting.
Based on the popular financial planning website of the same name, Mint has an earned reputation for delivering an easy to use the financial planner. And their app functions like a dream, with a single interface that can display all of the user’s pertinent accounts, from checking and savings to credit cards and PayPal. This gives the user a concrete overview of exactly how much money they have and where exactly it is.
The app also allows the user to set up detailed budgets and provides bill alerts as well. Credit Card Debt Payoff – free, iOS this app is geared towards helping those who are under a mountain of credit card debt to get out from under it. The app offers a comprehensive calculator that not only shows the user exactly how long it will take to pay off their credit cards but it even calculates exact interest as well. All the user needs to do is input his or her balance, and current interest rate into the interface and the app then tells the user how much they should be paying to achieve their goal.
Spend Free – free, iOS another good free option for those looking to set detailed budgets. Spend free keeps track of the user’s money through an easy-to-use tracker that can be fully customized to keep tabs on accounts on a daily, weekly or monthly basis. The app also has a convenient offline capability, which allows the user to enter purchases into their budget template the moment they make them regardless of Internet access. Pay Off Debt — $2.99, Android Yes, in the app world three dollars is nothing to sneeze at, but if any app is worth money it’s one that will help the user relieve his or her debt.
And this app is certainly worth the download price. It utilizes a system called the “snowball strategy” that involves paying off debts one at a time, lowest to highest. The app also offers detailed timelines and payment reminders. By installing a couple of the above apps, smartphone users who are struggling with their debt situation should be able to formulate a plan to ease the burden. Perhaps one of these options will even prove to be the key that gets them out of debt entirely.
Aaron Mills is a tech blogger who writes on behalf of companies such as Protectyourbubble.com smartphone insurer, a popular company that insures gadgets people can’t live without.