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Top Personal Debt Management Apps
Many American citizens heavily rely on credit cards in their day to day life, so much so that by the end of 2021 they had approximately $807 billion in revolving credit card debt. On average, each American household carried an average of $6,270 in credit card debt.
According to a 2021 report by Mastercard, 9 out of 10 consumers in the U.S. use online and mobile financial applications to manage their money. People mainly use these apps for banking and paying bills.
When it comes to debt reduction, mobile apps can really assist in debt payments. Obviously, they don't just make debt disappear, but they help you create a debt payoff plan that helps you monitor and track your results.
Among the biggest sources of debt for Americans include mortgages, credit card debt, auto loans, and student loans.
What Is a Budgeting App?
Creating a budget is easy. Sticking to that budget is where the challenge usually comes in. To help with this, many budgeting apps have been developed and released into the market for use by consumers.
An important question though is, what is a budgeting app and of what importance is it? A budgeting app is one that is designed to enable users to put all their financial commitments in one place in order to help them optimize their spending and save more money. Generally, budgeting apps give users a clear picture of their financial habits and helps them when it comes to making debt payments.
Most apps enable you to track your cash flow across multiple financial accounts and they can even sync with your bank accounts and credit cards in order to provide you with an all round view of your finances.
If you're looking to manage your finances better or get started paying off debt in order to become debt free, here are some of the best debt pay off apps for you.
Sora Finance
Sora Finance brings debt optimization to everyone. The product continuously scans and monitors U.S. lenders in the background to find better rates for your new or existing liabilities (home, auto, student). Sora selects the ideal loan option and helps to seamlessly execute the loan. With its “set it and forget it” capability, Sora automatically optimizes your interest rates, freeing up more capital to invest in yourself and your family. Sora has raised $2.5M in pre-seed funding and is set to launch the beta version of its product in Q2 2022.
CreditWise
CreditWise is a debt management app that helps you keep track of your credit score, your debt and the interest rates. It also provides tips to help you manage your finances. Credit Wise can be used on both iOS and Android.
Overall, it helps users manage their debt.
Debt Free - Pay Off your Debt
Debt Free is a revolutionary app that makes it easy for you to track your credit card, loan, and other debts. It also provides you with helpful tools such as a budget planner and debt repayment calculator.
This app is easy to use and is effective in debt management.
Debt Payoff Planner
The Debt Payoff Planner is an app that helps you manage your debt repayment. The app provides a simple and easy to use interface, where you can input the amount of money you owe, how much interest per month, how long it will take you to repay the debt and then calculate your monthly budget. This app is especially helpful for those who are struggling with their finances and need a little help managing their debt.
Digit
Digit is a debt management app that helps you to keep track of your finances and make the right choices for your debt. With Digit, you can set up budgets, create financial goals, and connect with other users who are on the same path.
The app also provides you with personalized tips on how to save money.
Mint
Mint is a debt management app that helps people manage their personal finances and track their spending. Mint is a free app that tracks your spending, allows you to set goals for saving, and has an easy-to-use interface.
It also offers budgeting tools to help you plan for your future and create an emergency fund.
Qoins
Qoins is a debt management app that helps you track and manage your spending. With Qoins, you can create a budget, set up reminders to track your purchases, and even connect with friends to share goals.
Quicken
Quicken is an app that helps you manage your personal finances. It's easy to use and has a lot of features such as; the ability to view your credit score, create budgets, track spending and income, and much more.
Quicken is available for both Android and iOS devices.
Undebt.it
Undebt.it is a free, mobile-friendly debt snowball calculator that helps people manage their debt and budget to get out of debt faster. The app can be used on the web or through an iOS or Android phone application.
The app provides users with tools for managing their money as well as credit scores and monthly budgets so they can see where they stand financially, what areas need improvement, and how much progress they have made towards becoming debt free.
Unbury Me
This is a debt management app that helps users to manage their debt in order to become debt free. It includes tools such as budgeting, savings, and a loan calculator.
Unbury Me is an app for managing your money and getting out of debt. This app includes tools such as budgeting, savings, and a loan calculator to help you manage your finances.
You Need A Budget
This is a debt management app that helps you budget your money and pay off your debt. It's a personal finance app that helps you budget, save, and invest
You Need A Budget is a free budgeting app that helps you save money and live your best life. In just a few minutes, You Need A Budget can help you create a budget with the following features:
- Automatic savings goals
- Financial reports to see where your money goes and how much you have left
- Keep track of your bills, expenses, income and more
- Create budgets for different categories such as spending, saving and debt management
You might ask, are debt management apps for me?
Debt management apps are now more popular than ever before because they provide users with tools to help them track their spending and find ways to save money in order for them to get out of debt faster.
If you're on a journey to becoming debt free, it would be wise to get an app that will help you with budgeting, paying off debt and saving money.
Bay Street Capital Holdings
Bay Street Capital Holdings is an independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. They manage portfolios with the goal of maintaining and increasing total assets and income with a high priority on managing total risk and volatility. Although many advisors may focus on maximizing returns, they place a higher priority on managing total risk and volatility.
Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition. In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).
If you need help with your finances, especially with investing, then get in touch with the financial experts at Bay Street today to kickstart your journey!
Sources
https://www.forbes.com/advisor/banking/best-budgeting-apps/
https://www.fool.com/the-ascent/personal-finance/best-debt-payoff-apps/
https://www.investopedia.com/best-debt-reduction-software-4844305
https://www.thebalance.com/best-debt-reduction-software-4171941
https://www.mybanktracker.com/blog/utilize-my-options/best-debt-apps-273366
