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Leveraging Technology to Manage Your Debt

Posted September 11th, 2012
by Site Administrator (no comments)

With more than 70 percent of 25 to 34 year olds using a smartphone, there is always room for new and useful apps. And what do many 25 to 34 years old need help with? Their debt problems. Fortunately, when it comes to money management apps there are a number of solutions, both new old, that offer structure and advice to those who need some extra organization. In fact, most tech websites offer a variety of “financial app” lists, with new contenders showing up every day. Here is a list of the apps that actually work, with real benefits to help manage debt on the go.

Money Bill

Spend and save wisely to pay off your debt.

1. Mint.com Personal Finance – Apple, Android
Price: Free, but requires free subscription to Mint.com
Reviews: 4+ stars

Not only did this app win recommendations in both 2011 and 2012, it is connected to a wider array of financial management services that Mint provides. Set budgets, see overviews, and create alerts for bills and other key payments.

2. BillTracker – Apple, Blackberry
Price: $2.99
Reviews: 4+ stars

While general finance apps are nice, what people really like is a simple app that makes sure they are paying their debts on time, for the correct amount, every bill cycle. BillTracker lets you create recurring trackers for bills with reminders, information about bills, and links to bank accounts for swift payment.

3. Pageonce – Apple, Android, Blackberry, Windows
Price: Free
Reviews: 4+ stars

The great thing about Pageonce is its availability on all systems: The other great thing is its price. With this app you can track all your payments, monitor bank account balances, and pay bills. This app has been a favorite since late 2010, and is worth a look even if you are already using a debt management app. The links between providers and the app make instant payments just a tap away.

4. Debtbuster – Apple, Android, Blackberry, Windows
Price: $0.99
Reviews: 4+ stars

Debtbuster is especially designed to deal with long-term loans like mortgages, making it unique among most debt apps. It also has a very, very pretty interface, another feature that many of the best financial apps simply lack. See your credit card, car loan, mortgage, and store credit all at a glance, then enter categories and pay bills.

5. Billski – Android
Price: $1.00
Reviews: 4.1 stars

Billski gets points because it is simple to use. If you base your budget by the month and simply want a monthly tracker that helps make sure you are paying all those bills, use this app. It may not be much use if you operate on a two-week schedule instead.

6. Debt HD – Apple iPad
Price: $1.99
Reviews: 4+ stars

Despite the limited applicability of this app (you need an iPad), it is one of the best apps around for managing debt once you are having problems. The application assumes you need detailed guidance regarding your amortization schedule, loan consolidation, debt prioritization, and other key financial management points.

7. Mortgage Calculator FREE – Apple, Android, Blackberry, Windows
Price: Free
Reviews: 4+ stars

This extra-simple app lets you plan for a mortgage by showing homebuyers how much they can afford based on their current finances. Shopping for a first mortgage can be very tricky – this app makes the process more simple and familiar. Spend some time learning how to use it before going house shopping…or loan comparing.

8. Ask Dave Ramsey – Apple, Android
Price: Free
Reviews: 4.4 stars

Dave Ramsey, financial guru, has an opinion on everything. Fortunately, his opinions contain much well-respected advice on getting out of debt and managing debt properly. The conversational and topic-oriented structure of this app may provide much-needed relief in the mathematical finance world, especially when you have a question that a budget planner cannot answer.

Apps to Avoid:

These may look attractive at first glance, but be sure to browse on past apps like:

iSpend: With little debt management help and a very high price tag, you can do better without even trying.

The Wall Street Journal iPhone App: While the iPad app is lauded, the phone version has very low ratings. You may be tempted to buy it for access to current financial news and advice, but avoid it. You don’t need it, subscriptions are required for full content, and the interface is clunky.

Sites for Those Without Smartphones

Not everyone has a smartphone. For those that still want a digital method of managing debt and paying loans, there are still many options available, including:

CreditSoft: You need to use Windows technology, but this software still provides excellent management resources for multiple kinds of debt.

Debt Consolidation Care: This business offers help for those stuck in debt and has won acclaim from many organizations for its free services.

When you have a financial management app, you have a constant schedule, reminder, bill payer, and planner in your pocket just waiting to be used. This can be invaluable in keeping to your budget…as long as you remember to tack on any extra charges your phone plan might add for accessing apps regularly.

*Prices current at publication date.  

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