Finding an American adult with no personal debt is practically like finding a unicorn. More and more people are caught in a cycle of borrowing just to keep their heads above water. In fact, the average debt of Americans has hit $38,000—and that’s not including mortgage deb!
Whether your financial worries come from student loans, medical debt, or credit cards, it can be really tough to find a way out of it all on your own. Especially when you’re unable to significantly raise your income to help you out. Luckily, many programs and apps to help individuals manage their debts—and find a way to start paying them off have come onto the market in recent years. We’ve rounded up a few of the best that anyone struggling with their personal debt should consider turning to for help.
1 – Debt Payoff Planner
If you want to payoff debt, it’s a good idea to see what exactly a payoff would look like. That’s where an app like Debt Payoff Planner becomes invaluable. It allows you to input your loans and other debt along with the interest rates and minimum payments and can help you develop a strategy to start whittling away at your high balances in a way that makes the most sense for you and your family’s financial situation.
2 – Albert
Part of paying off debt is of course going to mean keeping yourself on a budget. Enter a budget app like Albert which can help you keep track of income, bank and debt accounts, and bills. Albert also has some built-in debt management features and can also help you build up your savings which is a great way to help avoid future debt problems by giving you a safety net to deal with unexpected expenses.
3 – ChangEd
If student loans are your biggest debt headache, but you’re not sure how to begin tackling what can often be dauntingly large balances, consider an app like ChangEd. ChangEd is a “round up” type app that rounds up the dollar amount on any of your purchases, but instead of putting your spare change toward savings, ChangEd puts the remaining change toward your student debt. While it may take a long time to pay off your debt this way, it’s a great way to begin making small inroads on your debt when you’re not sure where you should begin to pay down really big dollar amounts like student debt.
4 – Credit Card Payoff
You guessed it, Credit Card Payoff is here to specifically help you payoff your credit card debt. This app will help you determine a strategy that will allow you to pay off your credit cards within certain parameters—like a particular timeframe. It also has robust features that can help you understand how much you will pay in interest over lengths of time with your credit card accounts which can help you determine which debts to prioritize.