Debt sound scary to all of us but debt is not necessarily bad if you know some clever ways of using debt to your greatest advantage. However, you must keep in mind that accumulating excessive debt could prove to be a hugely risky and overwhelming situation. Repaying your debts could be plain impossible if you are not adept at managing your finances. You do have many other expenses and financial issues to worry about. Paying monthly bills on a regular basis, saving to build your own home, or simply tackling everyday expenses could prove to be pretty challenging. All these financial duties and responsibilities along with your ever-mounting debts could leave you mentally stressed and with a whole lot of outstanding bills and debts, waiting for your attention and appropriate solutions.
You may consider reducing your credit card payments every month or focus on curbing your spending patterns and habits so that you could manage your debts efficiently. However, experts have discovered an instantaneous and easy way of staying on top of your debts: debt management apps. Here are some of the top iOS, and Android apps that could assist you in organizing and managing efficiently your outstanding bills and debts in just one single place. You simply need to enter all your important debt information into your phone and accordingly manage them properly from there.
Those individuals who are unable to efficiently manage their finances and debts would be having trouble in maintaining a robust bank balance or a well-organized financial existence. Financial institutions and traditional banks are implementing mobile technology and advocating people to use financial management or debt management tools for helping people to stay on the right track and manage efficiently both debts and spending. You may browse debt consolidation reviews online for perfect debt solutions.
As per https://www.information-age.com, “Many of these tools have a primary focus as a budgeting aid, which allows space and facilities to create a plan of what you will spend, and when you will spend it. By utilizing the same security system as banks, it also allows for the collection of credit card and debit card information.” This implies that you would be having a specific place where all important data and finance-associated information would be available for direct viewing. read about Mobile App Development
Debt Book: Android
Debt Book is an amazing app that works great wonders for both lenders and borrowers. It lets you go about tracking and updating your existing debts in Master Book which would be displaying the amount you had borrowed or the amount owed to you, the exact amount that has been paid back or the precise amount collected and also, the remaining balance. The app provides you with the wonderful opportunity to examine this important information in an apt statistical chart for an accurate visual representation of your present debt scenario. The best feature of Debt Book is simply that if both the lender and the borrower are present on the app, they have the liberty to communicate with each other and send the necessary payments via the app. Debt Book is instrumental in making things easier and smoother for them to stay very much in contact and manage all your current debts.
Debt Manager and Tracker: Android
Debt Manager and Tracker seems to be quite similar to Debt Book since it always displays the exact amount you owe or the amount that is actually owed to you. It has certain attractive visual features such as graphs showing your present debt settlement and it also boasts of exceptional tracking capabilities for monitoring all the payments made by you. You could also, get easy updates on your present debt balance. You have the option of upgrading to its Pro version for just $0.99. In this context, you must understand that the upgraded version does not include any ads. It is known for its PIN/fingerprint security and messaging capabilities.
My Debts: Android
My Debts is a brilliant application that is known to focus on Finance Management and Debt Organization. The app provides effective visual representing of expenses and revenues. There is a side by side comparative analysis that assists you in getting a clear picture of your financial scenario all the time. Moreover, you could set alerts on My Debts for reminding you about urgent debts and pressing deadlines so that you never again have any chance of missing a payment. You have the option of setting up recurring debts like paying rent as such a calendar event would reappear every month and would be vanishing once the payment is done every month. This surely is an effective way of keeping track of both your outstanding debts and your bills every month. In general, My Debts is the best app for synchronizing all your bills, debts, and finances.
Debts Monitor: iOS
Debts Monitor is known to focus on the popular Snowball Method. The app would be presenting a clear picture of your total debt status and helps you in tracking all the payment transactions. The app is competent enough to notify you regarding all the upcoming due dates. The app offers three brilliant calculators for you to use: Loan, Payoff Date, & Mortgage. Each debt would be broken down by the app into certain categories including the principal, the month of every payment, the interest, and also, the remaining balance after each payment. The app also demonstrates a debt-free date and tells you about the total amount of money you have paid towards interest across all your debts. Moreover, the app tells you the exact amount you could save provided you pay off all your existing debts early.
Debt Free-Pay off Your Debt: iOS
Debt Free-Pay off Your Debt would be efficiently providing a debt summary and that may include the total debt remaining, your payoff strategy, your debt-free date, all your interest savings, and also, an early payoff date. Your progress in the entire debt payment process could be visualized in the form of pie charts. The app is known to feature the popular Snowball Method; however, you may choose or may not choose to utilize this method. Moreover, there is an effective passcode lock that makes sure that your data and information is 100% secure even when someone is having your device. The enabled backup characteristics would be keeping the entire information safe in the app.
Conclusion
You have a plethora of app options to choose from for managing your debts efficiently. We recommend taking a close look at the apps, their features, and functionalities to determine which apps would work best for you and you could further customize an application to suit your requirements.
