Debt Management on Mobile - An Overview

If you are neck-deep in consumer debt, rest assured you are not the only one. As per the data from U.S. Federal Reserve, American households carried $1.07 trillion in terms of total credit card debts and $8,402 per household as in May 2019. Furthermore, the total Outstanding Consumer Debt in the United States is $3.9 trillion and the total U.S. revolving debt amounts to $1.03 trillion. Medical debt seems to be a growing issue in the United States with numerous Americans going through incredible financial instability, distress, and even bankruptcy. We understand that overall, Americans spend almost $3.5 trillion specifically on health care every year. Moreover, the U.S. average student debt is $32,731,while the total student loans amount to $1.52 trillion.

As per , you certainly are not someone crazy if you are grappling with debt. However, this is not an excuse to sit back and ignore your debts. You need to work hard, arrange funds to effectively manage your debts. Once you start living on a month to month basis and go on owing others money, the money that comes in every month as your income would no longer be yours. You would be forever enslaved to your existing debt. This, in the long run, would be adversely impacting your relationships, career choices, and mental health, etc. When you
are constantly under the stress of ever-mounting debts, you are never able to make any wealth and you lead a tedious and stressful life.

Remember your spiraling debts along with usual financial responsibilities could lead to a mountain of outstanding bills. You could start managing your debts effectively by considerably lowering all your monthly expenses including credit card payments. You must start curbing your spending habits to effectively manage your debts. Moreover, experts recommend an instantaneous and easy way of controlling your debts effectively: cutting-edge debt management apps. You may seek professional assistance and advice by getting in touch with .

Debt Book

Debt Book is supposed to be an effective app just right for lenders and borrowers too. It helps you in tracking and updating all your debts in an organized way in a so-called ‘Master Book’ that would be displaying your lend or borrowed amount, the sum that has been collected or paid and the remaining balance. This highly-competent app helps you to view all this important information in a wonderful statistical chart to enable better visual demonstration of your present debt scenario. The best feature of Debt Book is that the lender and borrower could be sending payments and communicating via this app provided both the lender and the borrower are on this app.

ReadyForZero: Android

ReadyForZero has been designed to enable users to effectively track their debts. Moreover,there is an amazing feature that helps you in constantly keeping track of your current credit score. This app comes with pretty effective graphs that are an accurate representation of specifically your debt progress and it assists you in focusing your attention to your ‘target account’ or your most urgent debt that needs to be paid off as soon as possible. You have the opportunity to chalk out an individualized debt pay off plan for getting your debt organized and you could have a firm grip on your outstanding debts. Moreover, you could receive customized alerts and recommendations depending on your current debt scenario. ReadyForZero provides the same encryption technology as banks to
ensure privacy, security, and safety of all your data and information as you
have the choice to link your bank account with this efficient app.

Debt Manager and Tracker: Android

Debt Manager and Tracker seems similar to Debt Book and demonstrates either the amount you owe or the amount owed to you. This highly-efficient app include certain amazing visual features like graphs showing your present debt settlement. Moreover, the app helps you to constantly keep track of all your payments. Thanks to the constant monitoring feature, you could receive alerts and updates on your present debt balance. You may pay a subscription of just $0.99 if you
wish to upgrade to the Debt Manager and Tracker’s Pro version. The upgraded version would be including messaging capabilities, and fingerprint /PIN security.Moreover, the pro version promises no ads.

My Debts – Android

My Debts is supposed to be an advanced application that lays emphasis primarily on debt organization and it takes care of your overall financial and money management. My Debts provides an effective visual representation of all your monthly expenses and revenues. Thanks to the side by side comparative analysis, you could monitor your current financial scenario at all times. Now you no longer need to worry about faltering or missing a deadline or debt repayment with the help of this superb app. You are free to set alerts in advance on the app for reminding you of urgent deadlines and debts. You could consider setting up some of your recurring debts like paying rent, hence, a calendar event would be reappearing every once. Once the payment is done, this would disappear on its own. This is a fabulous way of keeping constant track of your outstanding bills and debts. This is a great application for synchronizing all your debts, bills, and finances in just a single place.

Debts Monitor – iOS

Debts Monitor focuses primarily on the Debt Snowball Method. The app is brilliant and helps you by giving you a perfect overview of your current debt situation, helping you to constantly track all your payment transactions. The app would be notifying you of all upcoming due dates. The app provides the services of three amazing calculators including Mortgage, Loan, and Payoff Date. The application is effective in breaking down each of your debt precisely into the specific month of payment, the precise rate of interest and the outstanding balance after the payment is done each time. It further demonstrates a specific debt-free date,
as well as, the total sum you need to pay as an interest for all your existing
debts. Ultimately, you could assess how much you could save once the debts are paid off early.

Conclusion

All these debt management apps come with many options and so you could choose an app as per your preference. You must examine the apps and their features and find out what would work perfectly for your unique requirements. You may customize an app to suit you perfectly. Remember to get a free regular credit check to make sure that you are monitoring exactly how your credit is improving with effective debt management.