6 Debt Payoff Apps You’ll Want to Download ASAP

Pay off debt is usually much more difficult than accumulating. But too much blame on your name can make it hard to achieve your goals, whether that is buy a house, get married or just keep track of all your other accounts.

Fortunately, there is plenty of technology that can help. All you need is a smartphone and 99 cents (or less) to try out one of these debt-paying apps and finally make some headway.
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1. Changed

  • Availabilty: iPhone, android
  • Cost: Free to download, then $1 per month

The ChangEd app is like acorns For you student loan. After you sync your bank account, the app analyzes your spending and rounds purchases to the next dollar, then deposits the difference — your “change” — into an FDIC-insured account. Once the account reaches $100, ChangEd will apply that as payment for your student loans.

Don’t you think $100 here and there will make a lot of difference? Let’s say you have a $10,000 student loan at 5 percent interest and 10 years to pay it off. Your monthly payment would be $106 and you would pay an additional $2,728 in interest charges. But by making just one additional $100 payment, you would pay off your loan a month faster and lose $65 in interest.

2. Credit card payout


The average American household with credit card debt has a balance of $15,482, according to a analysis by NerdWallet. If that’s you too, this debt repayment app is a great tool to help you make a plan to pay it off.

The Credit Card Payoff app allows you to set a time-based goal for paying off your credit card debt and then see how much you need to pay each month to achieve it.

Would you like to know how much interest you can save by paying off the balance earlier? Wondering how much faster you’ll be debt-free if you add another $50 to your payments? The app has easy-to-read charts that allow you to compare different plans to find out which one works best for you.

3. Debt Free

  • Availabilty: iPhone
  • Cost: $0.99

The Debt Free app focuses on using the debt snowball strategy to pay off your debt. This method involves aggressively paying off the debt with the smallest balance, while paying the rest minimally. Once that debt is paid off, you take the money you applied to the first debt and use it to pay off the second-highest balance, creating a snowball effect. This redemption method is effective for people who are motivated by experiencing instant gains.

However, you can also opt for other methods of repayment, such as starting with the highest interest, highest balance or another order that you create. You can also compare different strategies to see how each affects the total interest paid and the amount of time until the debt is eliminated. Debt Free also offers a few handy calculators, an amortization table detailing the principal, interest, and remaining balance of each payment, as well as payment notifications.

4. Debt Payment Assistant

  • Availabilty: iPhone
  • Cost: Free, or $0.99 for the ad-free Debt Payoff Pro version

The Debt Payoff Assistant app also focuses on the debt snowball method, although you can choose a different strategy if you prefer, such as targeting the highest balances or highest interest rates, or a plan tailored to you. The app also allows you to enter an unlimited number of debts, including credit cards, student loans, car loans, and more.

The Debt Payoff Assistant tracks your payout efforts and shows you a progress bar for each debt. You can drill down into various metrics related to your debts, such as total debt, remaining debts, total interest paid, total interest saved, debt repayment date, and debt repayment time savings, which the app displays in visually appealing charts and reports. It also lets you track additional payments and reminds you when payments are due.

5. Coin


Mint is a surprisingly robust budgeting app as it is free to use. And while there are mobile apps available for both iPhone and Android, the best features are available through the desktop platform.

In addition to providing detailed spend breakdowns and customizable budgets, you can take advantage of the “goals” feature to help you stay on track while paying off your debt.

To get started, choose a goal from the list, such as “Pay off credit card debt” or “Pay off loans.” Mint will ask you to choose which of your accounts to link to your goal; if you haven’t synced your accounts yet, now’s the time to do it.

Mint then calculates how much you need to save each month to reach your goal, this can be a desired end date or a monthly amount. Once you’ve saved your goal, Mint will track your progress. You can take advantage of the budgeting tools to find ways to allocate more money towards your goal.

6. Counting

  • Availabilty: iPhone, android
  • Cost: Free to download, then monthly interest based on creditworthiness

Tally is another credit card payment app, but with a twist. It is designed for those with high credit card debt who struggle to pay off the balances each month and need help figuring out the most efficient way to pay off their debts.

Tally is an automated debtor manager. The app extends you a line of credit, which it then uses to make payments on your highest interest debt while paying the minimums for the rest. You no longer pay directly to your card issuers. Instead, you pay back the Tally credit line, which should have a lower interest rate than your credit card debt. Tally promises that you will never be late on a credit card payment and that you will generally save money on interest.

To qualify for this service, you must have a FICO credit score of at least 660 and meet additional eligibility requirements. The good news is that Tally runs a soft credit check to determine your eligibility, so your credit score won’t be affected by applying for or signing up for the app.

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