Top 4 Debt Payoff Planners in 2020
The road to becoming debt-free is a hectic one. And with the difficulties you’ll experience along the way, it is essential that you have a couple of tools that can help you plan and make the process easier. One category of tools that have proven to be effective in managing debt is the budget and debt payoff planner. You have the option to choose between multiple mobile applications.
You may be comparing debt payoff planning to debt settlement and debt management. Debt settlement is where a company like Freedom Debt Relief or National Debt Relief negotiates the amount of debt that you owe (for more information, check out National Debt Relief reddit). Debt management is where a company negotiates the interest rates of your debt while debt payoff planning is where you try to plan out your debt payments. If you are comparing bankruptcy and debt settlement, you may find some resources at Ascend finance.
Here are the four most popular debt payoff planners that you can find on the internet. We will take our time to discuss each app.
1. Savvy Debt Payoff Planner (Android, iOS)
In our opinion, the Savvy Debt Payoff Planner is probably the most efficient debt planner that is available on the internet. The app is available for both iOS users and Android users.
This Debt Payoff Planner is created to help you repay all your debt in the shortest time possible; it is also useful for someone who is trying to stay out of debt. The app has the ability to calculate the best way for you to make payments for your debt.
The most awesome feature of this app is that it is a user-friendly app. The app uses a unique debt payoff method that combines the debt avalanche method and the debt snowball method—both are the two most effective debt payoff methods. The average user of this app saves over $2000 dollars during their debt payment cycle.
The app allows you to connect with your bank account and check out the past transactions you made, thus, helping you to have adequate knowledge of your expenditure.
While you’re using this app, ensure that you put in your aggregate income from all sources to find your net income. It is also essential that you correctly calculate your monthly expenses and how much you can put into debt repayment. This app is also useful in determining which debt you should settle first.
2) Debt Payoff Planner (Android)
Although this app shares the same name with number 2 above, it is a different app as this one is own by Swiftmatic LLC. The version of the app that you can use is determined by your type of device.
This app should be your choice app if you want answers to questions such as; what is the simple strategy to be debt-free? Or, how long will it take to be debt-free?
Another advantage that comes with using this app is that it will give you a month-wise snapshot view that can help you understand how you’re performing in your effort to be debt-free. Debt Payoff Planner is also a great choice if you’re trying to manage your mortgages as it takes the prepayment options and promotional rates into account.
This app gives you have an idea of when you will be debt-free, which can further be a source of motivation to you.
3) Debt Payoff Planner (Android and iOS)
The Debt Payoff Planner app is available to both Android and iOS users—this app is a debt payoff planner that is designed and fully own by OXbowSoft LLC. The app does not make it compulsory for you to log in before you use it; you can download it and start using it immediately. However, to use the app ad-free requires that you subscribe to the paid version.
The app allows you to add all your debt, and determine how long you will pay your debt when you use either the avalanche or snowball method of paying off debt. One common testimony with those who used this app is that it is very easy to calculate your debt payment and determine the debt payment strategy that works best for you. If you have new payments while paying off the debt with this app, you can edit your input to include the new payment.
4) Nimbl by Nationwide (Android and iOS)
Apart from the fact that this app helps you plan a budget, it can also help you create a personalized debt repayment plan. As such, it can’t be considered as an average budget tracking tool which it is popularly known for.
The app reviews your spending pattern and your transactions to come up with a suitable plan that suits your lifestyle. To use the app, you simply need to connect it to your accounts, and then choose which of the options available is the best for you. The app will track your progress level every month, which can assist you in choosing the most suitable plan for you.
The app will give you some notifications and tips that will help you make any adjustments. You can use this app to settle payday loan debts, credit card payment, and manage other debts. This app is free to use, but your device must be running on an operating system that is not older than Android 5.0