If you’re looking for a way to take control of your finances, then personal credit management software might be the solution. These apps offer many useful features like budgeting tools and reminders about upcoming bills or payments. You also get access to data about your spending habits and ways to improve them! So if you want to stay on top of things with minimal effort or hassle from your phone, we highly recommend checking out one of these programs today!
In this post, we review the aspects of Personal Debt Management Software, best free debt payoff app, can personal loans be included in debt management, and best free debt management companies.
Personal Debt Management Software
The reality is that most Americans are in debt. While some of this debt is good (like student loans), a lot of it is bad due to overspending and bad financial habits. Even though you want to get out of debt, you might find it difficult. What if you could get the help and support you need to stay on track? Personal credit software can help! There are many apps on the market today for handling your finances and paying off your debts. In this article, we’ll review the top-rated apps to help you choose the right one.
Learn how to manage your debt better with the right software
Personal debt management software can be a really helpful tool in managing your debt, especially if you’re trying to get out of it. Although there are plenty of apps that claim to help with this, not all of them are created equal.
In order to choose the right personal finance app for your needs, it’s important to consider the following:
- Does it offer an easy-to-use interface? You want something that’s intuitive and lets you make payments quickly so you don’t have to waste time figuring things out. If an app takes too long for simple tasks like entering expenses or making a payment on time, then it probably isn’t worth using.
- Is there support available? Some apps come with workshops or other features designed specifically for people in debt (or those who want help getting out). Others have live chat options so users can ask questions at any time without having to wait days or even weeks before they get an answer from customer service representatives. If these options aren’t available with your chosen application, then move on! There’s no reason why someone shouldn’t feel comfortable using an app regardless of their circumstances—and if this is not true about yours… well…
The reality is that most Americans are in debt. While some of this debt is good (like student loans), a lot of it is bad due to overspending and bad financial habits. Even though you want to get out of debt, you might find it difficult.
You might be wondering why so many Americans are in debt. The reality is that most Americans are in debt. While some of this debt is good (like student loans), a lot of it is bad due to overspending and bad financial habits. Even though you want to get out of debt, you might find it difficult.
To help you out, we’ve put together a list of the best personal finance software solutions on the market today that can help you manage your finances and get out of debt faster than ever before!
What if you could get the help and support you need to stay on track?
If you are looking for ways to get out of debt, then you should try using personal debt management software. It can help with your financial situation in two ways:
- It will help you track your spending and see where your money is going. This allows you to keep close tabs on how much money is being spent on unnecessary items or activities that aren’t helping the bottom line, such as shopping sprees or eating out too often.
- You’ll be able to create a budget and find areas where it’s possible to cut back without sacrificing on necessities such as food or shelter (or anything else).
Personal credit software can help! There are many apps on the market today for handling your finances and paying off your debts. In this article, we’ll review the top-rated apps to help you choose the right one.
Personal credit software can help! There are many apps on the market today for handling your finances and paying off your debts. In this article, we’ll review the top-rated apps to help you choose the right one.
What does each app do? The best personal debt management apps allow you to:
- Track your spending habits in real time; see where your money is going every day as it happens
- Analyze information about your spending habits over time (how much have I spent this month compared with last month?); see trends that may affect future spending decisions
- Create a budget that includes fixed expenses (rent/mortgage payments, utility bills) and variable expenses (groceries)
- Have access to an emergency fund so that if an unexpected bill comes up at an inconvenient time (car repair), it won’t be difficult for you to pay it
Mint
Mint is a free online tool that helps you manage your finances. Mint can help you pay off debt, track your spending and save money.
Mint also has a mobile app that makes it easy to access your accounts on the go. This means that if you’re at work or in line at the grocery store, all of your financial information is just a few taps away!
Minimize
To help you manage your debt, the software will track your spending and visualize what that can do for you in terms of reducing interest payments. It also allows you to create a budget and set aside savings. This means that you can keep track of how much money is going where and when, so there’s no more guessing about where your finances stand at any given point.
Additionally, the software helps maximize credit card rewards while minimizing fees and interest costs by automatically categorizing transactions on your cards so that it knows exactly how much money is being applied toward each type of balance (e.g., credit card debt or savings). This makes it easy to know exactly what percentage of each payment goes toward which purpose—for example, if all cashback rewards are put toward paying off credit cards with low interest rates instead of being used up before they expire later in life.”
PocketGuard
PocketGuard is a personal finance management app that helps you track your spending and stay on budget. It’s able to do this by keeping track of all of your financial transactions, including credit card bills and cash withdrawals, as well as keeping tabs on how much money you have in each account. The app also sends reminders if there are any payments coming up so that you don’t forget about them.
PocketGuard has a very user-friendly interface and is easy to navigate. It’s available for both Android devices and iOS devices (iPhone), so it can be accessed regardless of what type of phone or tablet you use for banking purposes.
The app doesn’t require an internet connection in order to work, which makes the data stored within it secure from hackers who may try gaining access while connected online through public Wi-Fi networks at coffee shops or other locations where people gather frequently throughout their day-to-day lives
Take control of your finances by using personal credit management software
Personal credit management software can help you take control of your finances. Best of all, it’s easy to use and completely free!
- To stay on track: The first thing to do is get a clear picture of where you stand financially. This way, you know what steps to take next and how far off track you actually are.
- To get out of debt: If it seems like money is constantly disappearing from your account without ever making an appearance again, chances are good that your debt is spiraling out of control. Personal credit management software will allow you to set goals for yourself (like paying down certain debts), track progress over time, and see which payments need more attention than others in order to get back on track.
- To manage finances better: Even if everything seems fine on paper—you have no outstanding debts or late payments—it’s still important to set up a budget and stick with it so that money isn’t wasted unnecessarily every month due mistakes made without any plan at all!
best free debt payoff app
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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
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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can personal loans be included in debt management
Debt management programs are designed primarily to assist consumers with high-interest credit card debt, but also could include any form of unsecured debt.
The list of accounts that qualify to be in a debt management program include:
Consumers should be aware that the creditor for each of those cards has a choice on whether to participate in the debt management program. They may choose not to. It is their call.
Other debts that could be part of a debt management program:
Again, the creditor in each of these possibilities has the right to decline to participate. There are no laws that force them to agree.
Debt Management Plans and Collection Accounts
Some debt collection agencies will agree to participate in debt management programs, but it is rare.
Paying a reduced interest rate is the primary benefit of being in a debt management program, but collection agency accounts don’t include interest so there isn’t much gain to the consumer by inviting debt collectors in.
If you want to include bills from a collection agency so that you can eliminate all debts, the nonprofit credit counseling agency will call them and see if they agree to participate.
Do I Have to Include All Debts in a Debt Management Plan?
Consumers should include all unsecured debts in a debt management program, though there is no rule that says every debt owed must be included.
Consumers can select the debts they want in the program, and may choose not to include some of their credit cards. However, creditors insist that all credit cards be closed. Some creditors will allow the consumer one credit card account, but only for use in emergency situations.
In addition, there are some types of debt – home loans, car loans, student loans – that can’t be included in a debt management program.
The goal of a Debt Management Program is to help you pay down your debt in the quickest and most efficient way possible. To do that, InCharge credit counselors recommend that you include all unsecured accounts. This is a requirement of your creditors, who will monitor the activity on your credit report while you are on the program.
If you use any credit cards or department store cards, your creditors may disqualify you from the program and you will lose the benefits they have provided to you.
Not using your credit cards is a great way to get in the habit of using cash for purchases and sticking to the budget that you have worked out with your InCharge certified credit counselor.
Is There a Limit to How Many Debt Accounts I Can Include?
There is no limit to the amount of unsecured (credit card) accounts that may be placed on the InCharge Debt Management Program. Creditors from card companies are very willing to extend benefits when they know a consumer is earnestly trying to repay their debt.
Placing all credit cards on the program demonstrates an earnest commitment to repaying one’s debts. If a consumer only places select cards on the program, then debt management is not complete.
Successful graduates of the InCharge program include all their unsecured debts. It is a great way to eliminate any temptation to use credit cards and get in the habit of sticking to a realistic budget.
Debt Management Plan to Repay Your Debts
If you are serious about eliminating high-interest credit card debt then it is worth your time to call InCharge Debt Solutions and go through a counseling session.
The certified counselors you speak with will let you know immediately if a debt management program is the best solution for your troubles.
In 2019, InCharge clients paid off more than $118 million dollars of debt.
Call InCharge Debt Solutions to speak to a certified credit counselor and see if the debt management program works for you.
Debt Management Menu
Joey Johnston has more than 30 years of experience as a journalist with the Tampa Tribune and St. Petersburg Times. He has won a dozen national writing awards and his work has appeared in the New York Times, Washington Post, Sports Illustrated and People Magazine. He started writing for InCharge Debt Solutions in 2016.
best free debt management companies
Debt management is a safe, effective solution for consumers struggling with credit card debt. Find out which nonprofit credit counseling agencies offer the best options for eliminating debt.
Choose Your Debt Amount
Credit card debt is quietly – too quietly! – inching its way back into the financial news headlines and if you haven’t noticed, well, take a look at your bill!
Credit card debt has increased 33% over the last five years and the average American household has a balance of $8,284. Economists say that is only about $172 – or one outing in a clothing store – from being unsustainable.
So, what’s a free-spending consumer supposed to do?
Have you considered a debt management program?
Debt management is a way to eliminate unsecured debt without taking out a loan or risking collateral like your home or car. These programs are ideal for handling credit card debt, but you can include other unsecured debt.
Still, the real selling point of debt management programs is reducing the rate on high-interest loans like credit cards and lowering the monthly payment.
Credit counseling agencies run most debt management programs, often cutting interest rates of 20%-30% down to around 8%, sometimes less. That lowers the monthly payment to an affordable number and eliminates debt in 3-5 years if the consumer sticks with it.
So, where do you find a good debt management program?
How to Choose a Debt Management Company
Start by looking at nonprofit credit counseling agencies certified by the National Foundation for Credit Counseling (NFCC).
A big part of retaining nonprofit status is demonstrating that you care more about your clients than your bottom line. That is where the NFCC comes in. They are the largest and longest serving nonprofit financial counseling agency in the U.S. They certify counselors at 57 agencies. Each must complete a comprehensive training program that guarantees the counselor is qualified to educate and assist consumers with financial advice.
Most companies in the industry are certified, and there isn’t a massive difference in the service cost, so the best gauge might be customer reviews, preferably those with customer reviews from independent sites like TrustPilot.com. People who take the time to write reviews for those sites generally are more honest and trustworthy about how a company operates.
Look for a company that solves your immediate headache and that offers advice, guidance, and recommendations on how to eliminate debt problems and manage money, so there is no trouble in the future.
If the agency you’re considering can’t offer both, move on!
Who Are the Best Debt Management Companies?
Ranking anything – whether it’s best football teams, restaurants, or debt management programs – is a subjective exercise. What is most appealing to us, may be second or third on your list and vice-versa.
Almost every company in this industry is a nonprofit agency accredited by national organizations and regulated by states, imposing fees and restrictions. So cost isn’t always the decisive factor in choosing a company.
These debt management programs offer the greatest value in cost, customer service, education, and industry expertise.
What to like: The best thing about InCharge is their credit counselors and website. Counselors are knowledgeable, compassionate and focused on budgeting, which is essential in driving down debt. The website is easy to navigate and full of informative, sometimes entertaining topics. You’ll see debt management discussed from all angles, and the progress bar measuring debt paid off is visible any time you view your account.
What to question: They focus almost exclusively on helping with credit card debt. If your problem is with other unsecured debt or so severe that debt settlement or bankruptcy is a better solution, they will say so, but then pass you along to a partner agency.
Customer Reviews: Online reviews are extremely positive. Customers were satisfied with InCharge’s ability to lower the interest rate on credit card debt to manageable levels, often from over 20%-30% down to 9% or lower. However, InCharge’s program requires enough income to cover the monthly payments, and not everyone will qualify.
Summary: InCharge’s counselors are a difference maker. They work hard to get clients on an affordable budget that includes a monthly debt payment. They even direct clients in crisis situations to relief agencies for food, utilities and rent. If you’re embarrassed talking about finances, this is an excellent place to start. As one TrustPilot review said: “No judgment, just help.”
What to like: MMI has been at it since 1958 and is the largest company in the industry. The variety of choices available on the homepage of their website makes it easy to get right at your problem and find solutions. They offer specialized services on subjects as diverse as home buying, understanding a credit report, and bankruptcy. Webinars and online classes are free. Service is available 24-7, and the website has an option for Spanish.
What to question: In 2011, MMI paid $6.5 million to settle a class-action lawsuit that claimed they were not honest with customers about their close relationship with financial institutions.
Customer Reviews: Most customers are largely satisfied with MMI’s service. Agents are touted as highly organized, professional, and supportive. They provide thoughtful solutions, accounting for your unique situation and finances. Some negative reviews complained of transparency and account setup issues and lamented the process as time-consuming.
Summary: MMI seems equally focused on helping clients get out of debt, while educating them on the subject so they don’t return. That’s a huge benefit to clients. So is the 24-7 customer service availability and service in Spanish. If you’ve got debt-relief problems, this is a good place to find answers.
What to like: Plenty of educational material available online, including free webinars, budget tips and online chats. Counselors have won awards for their treatment of clients. The Greenpath University section on the website is a great resource, offering up-to-date articles on relatable financial topics. Greenpath has 60 branch offices in 16 states if you prefer in-person counseling.
What to question: Company’s website could do a better job defining debt management programs. The monthly service fee of $36 is above average, and some clients get charged for credit reports.
Customer Reviews: Customers were major fans of the simple enrollment process and direct, monthly payments. However, some complained of difficult customer service reps who could be hard to reach.
Summary: GreenPath has a noble goal – “guiding clients toward achieving financial dreams” – and GreenPath University can go a long way in getting them there. Credit counselors are solid and empathetic, and online resources (podcasts, webinars, calculators) are plentiful. Higher than average fees are GreenPaths greatest downside.
Average monthly fee: Based on budget, $40 average, $70 maximum
What to like: The company’s website says they typically reduce the interest rate on debt to somewhere between 0% and 11%. Credit counselors offer advice not just on credit cards but on housing and other personal finance topics. The website lists free seminars by date and time, making it easy to schedule a learning experience.
What to question: Consolidated Credit’s monthly fees are higher than the industry average. If the price is too high, you can still take advantage of its free, financial education center. This is an online resource that includes webinars, workshops, infographics, and credit building guides.
Customer Reviews: Positives include helpful customer service reps who stay on top of accounts and send timely reminders when payments are due. The staff shows empathy and understanding regarding your financial issues. However, some customers were unhappy with their payment schedules and felt Consolidated Credit had not been upfront regarding costs.
Summary: Consolidated Credit offers legitimate debt management services and has aided millions of consumers in escaping debt. Online resources are in-depth and engaging, but monthly fees are higher than average. Many borrowers will find equal or better service elsewhere at lower costs.
What to like: Counselors average 14 years of employment with Cambridge, which is phenomenal in this industry. Cambridge’s website says to expect interest rate reductions on credit card debt from 22% down to 8%, which they say will save you $150 a month. There is an abundance of articles, guidebooks and newsletters that educate clients on a wide range of topics.
What to question: Customer support is only open Monday-Friday and closes at 8 p.m. four of those days. Their articles have no dates, making it hard to tell how relevant they are.
Customer Reviews: Easy to reach, transparent, and polite were how customers described the engaging staff and simple enrollment process. On the contrary, others found the process confusing, citing a lack of insight regarding payment schedule and credit score impact.
Summary: Their educational services are thorough and free. Though debt management is their primary focus, they also have housing and student loan departments. Review sites give Cambridge customer service high marks, which is good because they aren’t there on weekends or late at night. Still, a great choice for debt management.
What Is a Debt Management Program?
Debt management programs (or DMPs) are one of three popular solutions for financial problems – debt consolidation loans and debt settlement are the others – and easily the least understood.
A debt management program consolidates all credit card debt into one monthly payment. It attempts to reduce the interest paid on that debt to around 8%, sometimes lower. The monthly payment is sent to a nonprofit credit counseling agency, distributing an agreed-upon amount to each card company.
The goal of debt management programs is to be the go-between for consumers trying to find a way to eliminate debt and credit card companies who want to get paid what they are owed.
DMP companies, mostly nonprofit credit counseling agencies, work with credit card companies to develop a monthly payment plan that the consumer can afford. That usually involves a significant concession on interest rates by the card companies in return for the promise that the consumer will pay off the debt in a 3-5 year period.