Debt Management Apps to Control Your Finances on Android Phone

In this digital world, everything is done online through different apps. You will get an app for booking airline tickets, one for booking a...

In this digital world, everything is done online through different apps. You will get an app for booking airline tickets, one for booking a cab, one or ordering food while another for purchasing clothes and groceries. There are so many apps out there and you will be surprised that there are a few good ones that will help you to manage your finance and even take control of your debts.

Yes, these apps are very useful and effective to prevent your money go down the drain and help you to regain and maintain your financial health. To manage your debt properly, first, you will need to know something about the features of debt.

• Debt, as you may know, is something every person in this modern world has. Few may even carry multiple debts in their names but still are able to manage their finance well and lead a happy life. They do not face collection calls or lose their sleep over debt management just because they use these apps effectively.

• Debt is not a bad thing always, only if you know about the smart ways to manage these to your advantage. The first thing, however, is to know that if you accumulate too much of debt then it will surely become overwhelming sooner or later.

• Debt management starts with finance management. If you do not know how to manage your finance you will find that it is almost next to impossible to pay off your debts.

• You must first know about your financial responsibilities to manage your finance. These include all other expenses such as paying the utility and other monthly bills regularly, saving for a house, and dealing with your day-to-day expenses.

Reducing your monthly credit card payments along with curbing a few of your spending habits will help you to meet with your financial responsibilities with confidence and help you to manage your debts at the same time preventing it from increasing. This will not leave you with a pile of bills to pay every month, scrambling for ways and visiting online resources looking for solutions to deal with it.

The different apps

If you want an instantaneous yet easy way to get out of your debt and keep it under control then there are a few Android debt managing apps that will help you in this regards. These apps will help you to:

• Organize your finance

• Make the right decisions and

• Continue paying off your debts till the end of time, of course of the loan accounts

You will be able to see and manage all your debts in one place and will no more have to fight to scale the mountain of debts. All you have to do is input all the relevant data of your debts into these apps on your phone and manage them from there on. You will only see your fingers doing the climbing and the balance of debts coming down. You can also find a credit union online to assist and help you in debt management.

Debt Book

• This Android app is helpful for both borrowers as well as the lenders

• This will allows you to track your debt and update it in a “Master Book”

• This will show the amount borrowed or lent

• The amount paid or received and the

• Outstanding amount

This app will allow you to view all data in a statistical chart. This will help in a better visual representation of the current debt situation. In addition to that, if required lender and borrower can communicate with each other while sending payments through this app.

Debt Manager and Tracker

This is another Android app that will make it much easier for you to stay on top of your existing debt. This is very much similar to the Debt Book. The features of it include:

• It shows what is owed

• There are visual features such as graphs of debt settlement

• It has tracking abilities

• It helps you to monitor all monthly payments

• You can get updates regularly on the current debt balance

You can have additional features such as messaging capabilities and PIN or fingerprint security if you upgrade it to the Pro version.

My Debts

This Android application focuses primarily on debt organization. In addition to that it also helps in finance management overall as it includes:

• A visual representation of all your expenses and revenue enabling you to make a side by side comparison that will eventually help you to see the situation of your money and debt all the time

• Option for setting alerts to remind you of the deadlines of the pressing debts so that you do not have to worry about a payment being missed and

• It will present a calendar even for your recurring debts such as rent every month which will disappear once you pay it

In short, this app is very efficient and helpful for keeping track of all of your monthly bills and not simply your outstanding debts. That means you will have effective and overall finance management with all of your finances, bills, and debts synchronized in one place.

Pay Off Debt

This is another useful Android application that helps to keep track of your debts. The most unique this in this app is its additional feature that will help you to keep a proper and continual track of your credit score. There are other useful features of it as well such as:

• It shows graphs of the progress of your debts

• It helps to focus on your target loan account to pay it off

• It helps to create a customized pay down plan

• It helps to get alerts and personalized recommendations based on the debt situation and

• It has bank-level encryption technology that ensures the safety of your info when you link it with your bank account

Lastly, you can also use a Debt Tracker on your Android phone to get all of your debt organized and under control. This will visually represent the amount paid and outstanding on the landing page of the app part from the places to track penalties, interest rates, and even savings. You can save all data on the cloud syncing it with Dropbox.