There is an app for everything – even for paying off debt. The average smartphone user has downloaded 25 apps. Instead of downloading the hottest new game for your smartphone, download an app that will help you get out of debt faster.
Here are five apps that will help you pay off your debt:
Mint is an online website and app that tracks your income and expenses. The key to paying off debt is to understand where your money is being spent then creating a budget to pay more towards the money that you owe. Mint tracks everything that you spend your money on, giving you an unbiased review of your spending habits. Set budgets and track goals with this app to easily get a snapshot of your financial position.
2. Ready for Zero
Like Mint, Ready for Zero allows you to connect your credit cards and loan accounts to get a clear understanding of your debt-to-income ratio. Ready for Zero encourages you to pay off the debt with the highest interest rate first which will end up saving you money in the long run. Plus, it even rewards you with trophies when you pay off a particular credit card or loan.
CreditKarma provides an up-to-date credit score to help keep you on track of any derogatory marks on your credit rating. These negative reports and delinquencies can increase your interest rates on credit cards and mortgages that will lead to paying more in the long run than someone with a high credit score. Additionally, CreditKarma provides recommendations and tips to improving your credit score.
Don’t like giving an app access to your account information? You’re not alone. Balance is an app that keeps track of your finances like Mint; however, there is no need to grant access into your personal accounts. Financially information needs to be updated manually, but it’s a great way to keep track of your spending habits without linking into your accounts.
Adding extra income makes getting out of debt easier. Even increasing the amount you pay by five dollars every month can drastically reduce the amount that you will pay in interest charges over the life of your debt. Gigwalk is an app that helps you find local contract work from thousands of businesses. Download the app today and start earning extra money in your spare time.
Bonus App: Uber or Lyft
Much like Gigwalk, Uber and Lyft are designed to help you make more money in your spare time. Uber and Lyft are popular ridesharing apps, and they are constantly looking for new drivers in select cities around the US. If you have a clean driving record and a reliable card, then you could earn an extra $500 or more per month driving in your spare time.
Give yourself small rewards when you hit milestones. When you do earn extra income from side jobs, apply it directly to your debt to resist the urge to splurge. Make a commitment to paying off your debt and keep track. Before you know it, you’ll be debt-free.