Debt repayment tools you should use to get out of debts

If you’re on the mission of debt free/ditching debt, I wish you luck to get the success soon. Your lifestyle may get many changes due to this debt-free mission. Maybe you’re living a frugal life to save some extra bucks or following every suggestion that you learned from the debt management company.

Whatever it is, your effort is appreciable. You’re progressing to your goal every day. However, there’s something more you must learn to make the goal more easy to achieve.

This age of technology offers some debt repayment tools that can help you to erase debts from your life.

Here are some free tools you may consider to ease your debt repayment journey.

  1. The Debt Eliminator

This free tool is designed by Suz Orman. It is an effective tool to take control over credit card debts. You just need to enter your name and click the next button. The tool will show you how much balance you owe on your credit cards. The debt eliminator tool is user-friendly as well as secure. It will not store your information after using. Every time, you need to re-enter the information. So, no need to worry about losing personal information.

This tool helps you to understand the debt snowball method. Debt snowball strategy is an effective way to get rid of debts. In this strategy, you need to pay the minimum balances on all your debts while paying extra toward the smallest debt. You must continue the same process until you’re fully debt free. The Debt Eliminator tool helps to know the minimum payment balance as well.

  1. Debt calculators

These tool help to understand when a debtor will be debt free. You just need to fill out the form with credit card details along with information on other loans based on what debt repayment plan you’ve chosen. You’ll get many answers to your questions like – what will be your minimum payments and fixed monthly payments? Most importantly, this tool will tell you how long it’ll take to become debt free based on what repayment plan you choose.

  1. Debt Payoff Assistant

This free tool is quite helpful to stay motivated on debt repayment journey. This tool is based on debt snowball method and helps you in your debt recovery soon. You need to enter your information including loan balances, interest rates, monthly payment amounts, and due dates. You’ll be provided with an easy to understand amortization table and pie chart. This chart will show how you’re doing with your debt payoff venture. Your account turns green automatically when you make regular payments on the due date. This tool is user-friendly and easy to manage.

  1. Debt Control Free

This app helps you to stay organised so that you can pay off debt quickly. It also helps to record payments, track expenses and view payment reports.

Those who have a mortgage, student loan, or other debt with a larger balance and need a more long-term strategy can consider this app.

  1. ReadyForZero debt calculator app

This easy to manage app will show you total debts you owe and ways to manage them efficiently. You can also check your credit score with the help of this app. You’ll find chart tracker and many other useful features, which help to know how much you’ve saved in interest payments. You’ll also get Email notifications every time after reaching a milestone.

  1. Mint.com Financial Goals

Mint.com app provides a complete financial assistance including saving money for college, planning for retirement, paying off debts and other loans, based on your monthly income. You can review your debt repayment plan and transfer the balance to a credit card with a lower interest rate as well.

This tool will inspire you to make extra payments if you have some extra money. It will also help you to set up a budget plan to control overspending.

Paid debt repayment tools you may like

Some paid tools are also useful to make your debt repayment goal easier. Check out the list:

  • LearnVest Financial Planning Program ($19)
  • Pay Off Debt ($2.99)
  • DebtTracker Pro($1.99)
  • Debt Manager($0.99)
  • Debt Snowball Calculator($7.49)

These tools help to make the calculation easy and stay more organised. Thus, you may not feel overwhelmed while paying off debts on your own. But, you should be careful about the privacy policy before using these tools. Check if you properly signed out after using these apps. Also, change the password time to time; otherwise, you may be a victim of identity theft or may face financial loss as well.

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