By Jasmine Browley· Updated January 17, 2023
Paying down debt can be daunting and arduous.
It’s no wonder people are finding themselves in over their head as more and consumers are now leaning on credit cards to pay for daily costs. This behavior has helped drive total credit card debt to about $930 billion as of last year, according to CNBC.
“With prices more than 8% higher than they were a year ago, it is perhaps unsurprising that balances are increasing,” the Fed researchers wrote in a blog post as reported by CNBC.“The real test, of course, will be to follow whether these borrowers will be able to continue to make the payments on their credit cards.”
But fortunately, there are tools out there that do the heavy lifting of debt repayment for you.There are tons of apps that take the guesswork out of financial wellness, and we’ve rounded the best of them up for you.
This app offers nine different options (debt snowball, debt avalanche, highest monthly payment, highest credit utilization, highest monthly interest amount among others).
The app keeps note of your payments and tracks progress over time. It’s free to use and also offers a premium package for $12 per year, which includes text payment reminders, reporting, and projections.
QOINSQoins lets you set up a specific automated repayment strategy that determines the best plan for you based on your income, debt level and spending habits. The app offers payday withdrawals, and also rounds up transactions on a linked account to the nearest dollar to help put toward your debt.
It costs about $4.99 per month or $49.99 per year.
PAYOFF PLANNERThis app helps you visualize a plan to help encourage and track progress. It offer tools to help see see how long it’ll take you to pay down outstanding debt and offers tips along the way.
The apps costs $10 for two months, $18 for six months or $24 for 24 months.
TALLY Tally is perhaps the strongest of the bunch, as it not only offers tools to help pay off debt, but also a line of credit to consolidate expensive credit card debt.
After a soft credit check (minimum required score is 580).
The membership costs $4.99 per month.
The post These Are The Best Apps To Help Pay Down Debt With Little To No Effort appeared first on Essence.
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