The 4 Best Apps for Slashing Your Debt (iPhone/iPad)
Top 4 Debt Reduction Apps for iPhone and iPad
Need to get your debt under control or get rid of it altogether? While there are some great options for debt reduction software and solid debt reduction spreadsheets, you can also use your iPhone or iPad to manage your debts. All of these apps use the snowball method of reducing debt, where you focus on eliminating one loan or other type of debt while making minimum payments on other debts. Once the first debt is paid off the funds formerly used to make payments on it are used for the next debt that you choose to pay down.
Use one of these great iPhone and iPad apps to organize your debts all in one place, choose a plan for reducing debt, and then track your progress as you whittle down the balance of your debts.
The best iOS debt reduction apps for 2013, are:
Debt Free for iOS
The Debt Free app for iPhone, iPod Touch and iPad helps you to whittle away your debt using the Debt Snowball technique of eliminating bills. This debt reduction strategy calls for focusing on paying off one debt while making minimum payments other debts. Once that one debt is paid off you use the funds that once went toward that debt to pay off your next debt.
Whether you use the iPhone version or the app for iPad, Debt Free is easy to use and the user interface is clean and uncluttered.
You start by entering debts you want to pay off then choose a strategy for eliminating the first debt. Strategies available are Lowest Balance, Highest Interest Rate, Highest Balance or just list the debts to be paid off in any order that you choose. The app shows you how each of these strategies will affect the total amount of debt and interest as well as the debt payoff date. Of course, each time you enter a payment toward your debt the variables (interest amount, remaining balance, etc.) in your strategy are updated.
Handy calculators are included: payoff date calculator, which shows you how making additional payments affect the payoff dates and total interest paid, loan calculator and mortgage calculator. Another helpful feature is the ability to set up payment due date notifications for each debt. Of course, there is an amortization table so you can view principal and interest for the remaining balance associated with each payment for each debt. Other features include:
Debt Free is compatible with iOS 5.0 or later.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Free Lite, which works with 2 debts.
Download the Debt Free app from iTunes, or try Debt Free Lite
More iOS debt reduction apps:
Debt Payoff Pro for iOS
Another app for iPhone, iPod Touch or iPad that uses the debt snowball method of reducing and eliminating debt is Debt Payoff Pro (there's also a Lite version). The app helps you with focusing on making extra payments toward one debt while you pay the minimum due each month on all other debt. Once the first debt is paid off, you apply what you were paying on it to the next debt.
Debt Payoff is nicely designed and easy to use with large calculator buttons.
The currency used depends on your device's region setting. Enter your loans and other debt, then choose from one of four debt payoff strategies: lowest balance first, highest balance first, highest interest first and custom order.
Reports show your total debt amounts, remaining debts, total interest paid, total interest saved, debt payoff date, and debt payoff time savings. A progress bar shows you percentages for remaining debt and you can see how making extra payments affects your debt elimination plan.
Of course, the app includes an amortization table so you can view interest, principal, and remaining balance for remaining payments for each loan. You can set up due date reminders for payments, and four calculators are included:
Debt Payoff Pro and Lite are compatible with iOS 3.2 or later.
If you use the Lite version and decide to buy Debt Payoff Pro, it's easy to transfer your data in the app's settings using the 'Export to Full Version' button.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Payoff Lite, which works with 2 debts.
Download the Debt Payoff app from iTunes, or try Debt Payoff Lite
More iOS debt reduction apps:
This debt reduction app for iPhone, iPod Touch or iPad is compatible with iOS 3.0 or later. Enter your debts, then take a look at how one of three payment strategies for debt elimination will work. You can choose from making just minimum payments (you won't use this one for long if you're serious about reducing debt, pay lowest balances first or pay off the debt with the highest interest rate first.
Use any of these strategies with the debt snowball method, which involves making additional payment on one of your debts while making minimum payments on the others. Once the first debt is paid off, move your focus to paying down the next debt more quickly by using the funds you were using for the first debt. Continue this strategy until all your debts are paid.
Debt Strategy will perform what if analyses and has some great-looking graphical reports that break down debt by category or remaining balance. You can set up payment reminders so you pay your bills on time, override your home currency if you need to, email reports and your private financial data is password protected. This app doesn't have additional financial calculators like the other apps in this series (listed below) do.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Strategy Lite for free with 2 debts before you buy the app.
Download the Debt Strategy app from iTunes, or try Debt Strategy Lite
More iOS debt reduction apps:
I first wrote about Debt HD as a pick for top iPhone app in December, 2012. Taking another look at this app, I see that it has had a nicely-done "face lift" resulting in a brighter user interface. I could only find a free version of Debt HD and there was no mention of the app handling a limited number of debts. If this is the case, it's the only free debt reduction app out of my picks for this category that supports more than two debts.
On the developer's web page for Debt HD, I found several references to an app called Debt End. My guess is that Debt HD used to be called Debt End.
Debt HD uses the snow ball method of debt reduction like the other apps in this series (listed below). Four payoff strategies are highest interest rate paid first, lowest balance first, highest balance and custom order. Debt HD includes an amortization table and four loan calculators: fixed and ARM interest rate, monthly and daily interest accrual, minimum payments in dollars and percents, and term in years and months. The app shows the pay off date under each debt and you can set up notifications for making payments on time.
Debt HD offers some good options for reports, including a 3D pie chart for analyzing debt from different perspectives like principle, interest, savings and monthly payment. A summary overview widget is included. Debt HD supports iCloud sync for your iPhone and iPad, export data to email and a pass code is needed to open the app for security purposes.
Debt HD requires iOS 5.0 or later and runs on iPhone, iPad and iPod Touch.
Cost: Free
Download Debt HD for iOS from iTunes
More iOS debt reduction apps:
Need to get your debt under control or get rid of it altogether? While there are some great options for debt reduction software and solid debt reduction spreadsheets, you can also use your iPhone or iPad to manage your debts. All of these apps use the snowball method of reducing debt, where you focus on eliminating one loan or other type of debt while making minimum payments on other debts. Once the first debt is paid off the funds formerly used to make payments on it are used for the next debt that you choose to pay down.
Use one of these great iPhone and iPad apps to organize your debts all in one place, choose a plan for reducing debt, and then track your progress as you whittle down the balance of your debts.
The best iOS debt reduction apps for 2013, are:
Debt Free for iOS
The Debt Free app for iPhone, iPod Touch and iPad helps you to whittle away your debt using the Debt Snowball technique of eliminating bills. This debt reduction strategy calls for focusing on paying off one debt while making minimum payments other debts. Once that one debt is paid off you use the funds that once went toward that debt to pay off your next debt.
Whether you use the iPhone version or the app for iPad, Debt Free is easy to use and the user interface is clean and uncluttered.
You start by entering debts you want to pay off then choose a strategy for eliminating the first debt. Strategies available are Lowest Balance, Highest Interest Rate, Highest Balance or just list the debts to be paid off in any order that you choose. The app shows you how each of these strategies will affect the total amount of debt and interest as well as the debt payoff date. Of course, each time you enter a payment toward your debt the variables (interest amount, remaining balance, etc.) in your strategy are updated.
Handy calculators are included: payoff date calculator, which shows you how making additional payments affect the payoff dates and total interest paid, loan calculator and mortgage calculator. Another helpful feature is the ability to set up payment due date notifications for each debt. Of course, there is an amortization table so you can view principal and interest for the remaining balance associated with each payment for each debt. Other features include:
- Quick Summary of all debts with Percentage Progress Bar, Debt Free Date, Interest Savings and Early Payoff Date.
- Pie Chart View of debts by category and remaining debt.
- You must enter a passcode to keep your personal financial information private.
- Export reports in HTML format which you can then e-mail to yourself for viewing outside of the app.
- Optimized for Retina Display
- Debt Free uses the region setting on your iOS device, so the currency for the debt reduction configurations will all be done in your regional currency.
Debt Free is compatible with iOS 5.0 or later.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Free Lite, which works with 2 debts.
Download the Debt Free app from iTunes, or try Debt Free Lite
More iOS debt reduction apps:
Debt Payoff Pro for iOS
Another app for iPhone, iPod Touch or iPad that uses the debt snowball method of reducing and eliminating debt is Debt Payoff Pro (there's also a Lite version). The app helps you with focusing on making extra payments toward one debt while you pay the minimum due each month on all other debt. Once the first debt is paid off, you apply what you were paying on it to the next debt.
Debt Payoff is nicely designed and easy to use with large calculator buttons.
The currency used depends on your device's region setting. Enter your loans and other debt, then choose from one of four debt payoff strategies: lowest balance first, highest balance first, highest interest first and custom order.
Reports show your total debt amounts, remaining debts, total interest paid, total interest saved, debt payoff date, and debt payoff time savings. A progress bar shows you percentages for remaining debt and you can see how making extra payments affects your debt elimination plan.
Of course, the app includes an amortization table so you can view interest, principal, and remaining balance for remaining payments for each loan. You can set up due date reminders for payments, and four calculators are included:
- Payoff Date Calculator
- Mortgage Calculator
- Loan Calculator
- Payoff Date Calculator (shows how the monthly payment amount for a debt will affect payoff date and total interest paid)
Debt Payoff Pro and Lite are compatible with iOS 3.2 or later.
If you use the Lite version and decide to buy Debt Payoff Pro, it's easy to transfer your data in the app's settings using the 'Export to Full Version' button.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Payoff Lite, which works with 2 debts.
Download the Debt Payoff app from iTunes, or try Debt Payoff Lite
More iOS debt reduction apps:
This debt reduction app for iPhone, iPod Touch or iPad is compatible with iOS 3.0 or later. Enter your debts, then take a look at how one of three payment strategies for debt elimination will work. You can choose from making just minimum payments (you won't use this one for long if you're serious about reducing debt, pay lowest balances first or pay off the debt with the highest interest rate first.
Use any of these strategies with the debt snowball method, which involves making additional payment on one of your debts while making minimum payments on the others. Once the first debt is paid off, move your focus to paying down the next debt more quickly by using the funds you were using for the first debt. Continue this strategy until all your debts are paid.
Debt Strategy will perform what if analyses and has some great-looking graphical reports that break down debt by category or remaining balance. You can set up payment reminders so you pay your bills on time, override your home currency if you need to, email reports and your private financial data is password protected. This app doesn't have additional financial calculators like the other apps in this series (listed below) do.
Cost: .99 USD to work with an unlimited number of debts / Try Debt Strategy Lite for free with 2 debts before you buy the app.
Download the Debt Strategy app from iTunes, or try Debt Strategy Lite
More iOS debt reduction apps:
I first wrote about Debt HD as a pick for top iPhone app in December, 2012. Taking another look at this app, I see that it has had a nicely-done "face lift" resulting in a brighter user interface. I could only find a free version of Debt HD and there was no mention of the app handling a limited number of debts. If this is the case, it's the only free debt reduction app out of my picks for this category that supports more than two debts.
On the developer's web page for Debt HD, I found several references to an app called Debt End. My guess is that Debt HD used to be called Debt End.
Debt HD uses the snow ball method of debt reduction like the other apps in this series (listed below). Four payoff strategies are highest interest rate paid first, lowest balance first, highest balance and custom order. Debt HD includes an amortization table and four loan calculators: fixed and ARM interest rate, monthly and daily interest accrual, minimum payments in dollars and percents, and term in years and months. The app shows the pay off date under each debt and you can set up notifications for making payments on time.
Debt HD offers some good options for reports, including a 3D pie chart for analyzing debt from different perspectives like principle, interest, savings and monthly payment. A summary overview widget is included. Debt HD supports iCloud sync for your iPhone and iPad, export data to email and a pass code is needed to open the app for security purposes.
Debt HD requires iOS 5.0 or later and runs on iPhone, iPad and iPod Touch.
Cost: Free
Download Debt HD for iOS from iTunes
More iOS debt reduction apps: