3 apps that can help you pay off your debts quicker

Getting out of debt can be challenging especially if you don’t have a clear picture of your financial status. Luckily, there are several apps that can not only help you make sense of your debt situation but also help you pay off the debt in the most efficient way possible.

1. Debt Calculator

The Debt Calculator is a free online tool by CNN Money that helps you to figure out when you will be debt-free. The psychological effect of seeing an end to your debt is a powerful motivator for sticking to your repayment plan. The calculator uses the amount of debt, interest and minimum monthly payments to figure out when you will have paid off all your debts. The tool can also help you figure out how much to pay monthly if you want to be debt free by a certain date. Having an end in sight will help make getting out of debt seem more achievable and sets you on the path towards a brighter financial future.

2. Unbury Me

Unbury Me is a free web-based application that helps you make sense of your finances. It does this by having you input all your debts, remaining balance on each debt, the interest rate on each debt and, finally, the minimum payment on each. Once this is done, it shows you which debt repayment method is better for you, between the avalanche or snowball method, and then shows you a visual representation of when you will finally be debt-free and even goes a step further by showing you how to pay monthly to get out debt quicker.

3. Debt Payoff Assistant

The Debt Payoff Assistant uses the snowball method to help you pay off your debt. It helps you make payments on the right dates and gives you a visual representation of your progress, which acts as a motivator. You can input an unlimited number of debts and different payoff strategies for different debts. The Debt Payoff Assistant is simple, easy-to-use and free.