If only paying off debt was as easy as accumulating it. Thanks to technological resources designed to help you get out of debt, getting right financially is a lot less painful than it used to be.
Whether you dream of buying a house, getting married, or simply not stressing over how you’ll pay the bills each month, you know too much debt makes accomplishing your goals more difficult. According to the credit bureau Experian, the average balance on a credit card is approximately $6,200. Open your calculator app if you dare: the average American has four credit cards to their name. Similarly, student loan debt, auto loan debt, and mortgage debt plague millions of people.
If you feel like you’re drowning, technology is throwing you a lifeline. From debt repayment apps and budgeting tools to customizable letter templates for getting debt lowered or even canceled, these technology-based resources can help you improve your finances faster and with fewer headaches.
Pay Off Your Debt from Your Pocket
When it comes to gaining financial stability, your smartphone is an invaluable ally for waging war against debt. Apps for both iPhone and Android simplify paying off debt and tracking your progress toward becoming debt-free. Seeing the road to becoming debt-free can help you decide if taking out a personal loan to pay off your credit card debt is right for you.
For just $0.99, iPhone users can download the Debt Free app. This particular app uses the debt snowball strategy which involves paying down the debt with the smallest balance first. While you’re aggressively paying down that first debt, you’ll be making minimum payments on the others. Eliminating one debt will give you the momentum to attack the rest.
Not sure if the debt snowball strategy is right for you? Debt Free allows you to compare various payment strategies to see how each will impact the total interest paid and the amount of time until the debt is eliminated. The app also offers handy calculators, an amortization table, and payment notifications.
Android users can check out the Credit Card Payoff app. This free app lets you set a time-based goal for paying off your credit card debt and shows you exactly how much you must pay each month to hit your mark. With Credit Card Payoff’s easy-to-read charts, you can see how much interest you could save by paying the balance off sooner as well as how much faster you’ll be debt-free if you increase the number of your monthly payments.
Like the Debt Free app for iPhone users, the Credit Card Payoff app allows you to compare different plans to decide which one is best-suited to help you achieve the debt-free status you’re dreaming of.
Set Yourself Up for Success
While smartphone apps are extremely helpful, they’re not the only resources available to help you get out of debt. Other tools are essential for setting yourself up for success and ensuring that you’re paying off your debt in the most efficient way possible.
When you’re starting out on your journey to financial freedom, it’s always worth a try to see if you can get debt canceled or lowered before you begin paying it off. However, disputing debt is often frustrating and time-consuming. Rather than spending hours composing letters of your own, utilize dispute letter templates. Customize the templates to fit your needs before sending them off to credit bureaus or debt collectors.
You can keep the templates for disputing the debt in an easy-to-access folder on your desktop right alongside your Mint budgeting app. This free app works best via the desktop platform but is also available for mobile. After plugging in your information, Mint provides detailed spending breakdowns which will show you where your money is going and what would happen if you put the money you spend on your daily Starbucks run toward paying off your debt.
Free apps such as Mint are helpful resources for combating debt, but other financial tools can come at a cost. If you’re interested in debt forgiveness, financial literacy programs, or debt consolidation to improve your credit score, research companies that provide their employees with access to these services. Make a point of utilizing every financial resource available to you and know the benefits that come with a job.
Rethink Your Credit to Avoid Future Debt
Even if being debt-free seems like it’s a long way off, be confident you will get there. The right technological resources can help you get out of debt, and they can help you stay out of debt.
Once you’ve paid off your credit card, download Debititize. This app will help you avoid future debt by immediately withdrawing the money to cover any purchases you make with your credit card. Within a day or two of swiping, Debitize pays the balance off for you so that you end each month with a credit card balance of zero.
From paying off your credit cards to budgeting for your financial goals, technology can help you become (and stay) debt-free. Utilizing resources such as dispute letter templates, smartphone apps, and debt consolidation consulting can make all the difference when it comes to getting out of debt as quickly and painlessly as possible. It all starts with knowing the tools and resources that are available to you, and then, making a plan to use them effectively to reach your financial goals.
