Figuring out how to pay down your debt can be overwhelming, especially if you’re dealing with different types of debt. Fortunately, there are some useful tools available to make the process much easier. Check out these programs that can help you manage your debt and work toward your financial freedom.
Debt Payoff Planner
Available for both iOS and Android, this app simplifies the process of figuring out how long it will take to pay off your debts. It also provides helpful suggestions for how much you should pay on each bill in order to meet your payoff goals. Plus, it’s completely free to use.
To begin, download the app to your smartphone or tablet. Create a free account and input all the information about your debts, including the current balance, the interest rate, and the minimum payment amount. From there, Debt Payoff Planner will give you a step-by-step plan for paying it off that’s customized to your financial situation.
You can follow along to see your progress as you adhere to the debt payoff plan that the app provides. You can also make adjustments, like if you have to reduce a payment one month or have some extra money you’ve decided to put toward your debt. Just enter the payment info and your payoff plan will be updated before your eyes.
Unbury.me is a website that is great for compiling information about different types of debt. If you have trouble keeping all your debts organized, this is the tool you need. It works for student loans, car loans, credit cards, mortgages and more.
This website makes it easy to visualize the impact of various debt repayment strategies. After entering in some basic details about each debt you owe, Unbury.me creates a colorful graph that shows when your debts will be paid off.
Two main payment strategies are offered: the avalanche method (paying off the debts with the highest interest rates first) and the snowball method (paying off the debt with the lowest principle first). By toggling between the two methods and adjusting how much you’re able to pay each month, you easily see how your payoff date is affected.
If you like having a more hands-on approach to your debt, consider using a traditional Excel spreadsheet. You can list all your debt details and create formulas to calculate how long it will take to pay off your debts. In addition, a spreadsheet can be helpful for creating a monthly budget so you can keep close tabs on your finances and set aside extra cash to go toward your debt payments.
When doing a debt settlement plan, it is important to keep track of who you owe and how much, as well as any taxes that you might need to owe. If you’re having tax or debt issues that are too complicated to track on an Excel spreadsheet, contact a professional to help you negotiate your debts.
Managing your debt is much easier when you have the right tools. Use one of these programs to help start your debt repayment journey.