Top Online Tools and Apps for Getting on Top of Debt and Regaining Control over Your Finances

  • By Sujain Thomas
  • 02-05-2019
  • Technology
debt consolidation
Considering that the total consumer debt in America has now crossed $4 trillion, as reported by, financial freedom may seem like a mirage to millions of Americans under the crushing burden of debt. However, the only way to regain financial freedom, as hard as it may be, is to take realistic stock of the situation and then aggressively start paying off the debt. While this is easier said than done, there is a lot of technology available that can make it easier to set and achieve your financial goals. A quick look at some of the best online tools and apps for paying off debt quickly so that you stay motivated to reach your financial objectives:
This free online tool makes available a simple and easy to operate tool for calculating the amount that you need to set aside every month to achieve a stated financial goal. The tool takes into account that different people have different approaches to repaying debt, primarily due to the different financial circumstances and motivations. Accordingly, it offers users two options of making the debt repayment, the debt snowball method, and the avalanche method. After entering all the important financial data, you can use the tool to give you a quick comparison of the two methods so that you can decide which one is more suited to your situation and requirements. You can play around with the monthly repayment amount depending on your cash flow and the tool will automatically update itself to give you the revised schedule of principal due, the amount of interest, and the time it will take to become debt-free.
Debt Eliminator
Available free of cost, Debt Eliminator is extremely simple to use requiring you to input your name, the details of the credit card dues and other outstanding loans and your maximum repayment capacity every month. The tool generates separate rows for each of the debts included thus providing you a total picture of your debt. You will then be prompted to enter the amount of any extra cash you can use to repay the debts over and above the minimum amount dues. Generally, the tool will suggest that you use the “snowball” method for repaying the debts. The method involves making the minimum due payments of all the debts and then using any surplus to eliminating one debt. After the debt is eliminated, you need to use the extra cash to pay off the next debt on the list. The process needs to be continued until you eliminate all your debts.
CNN Debt Reduction Tool
The people making available this simple debt calculator is CNN, a household name in financial matters. Listing your credit card and other loan dues and your choice of a repayment plan, you will be offered a plan that factors in the minimum payments, fixed payments every month, and the date by which, you can achieve freedom from debt. Alternatively, you can set the date by which you want to attain freedom from debt, and the package will perform the calculations accordingly to give you the required monthly payments. In a similar calculation, you can enter the maximum amount that you can repay every month and the tool will automatically update to give you the date on which you would become debt-free.
This is a free app that you can install on your smartphone taking the convenience of managing debt a lot further. Using the app, you need to scan your credit cards following which, Tally opens a line of credit if it finds you eligible. It automatically pays off the minimum due amounts on all the cards and also makes additional payments over and above that to the cards in order of the rate of interest. The arrangement that requires no additional involvement by you is akin to debt consolidation management by a leading private online lender like You just need to make a single monthly payment to Tally, which charges no fees for the services rendered. However, Tally charges interest on the transaction you make using the line of credit. The applicable interest rate depends on your credit score. Apart from simplifying the monthly payments, unlike balance transfers, there are no transfer fees or promotion periods for which you need to look out.
The ReadyForZero app is not only free for use on mobile phones but also it integrates seamlessly with their online platform without restricting any of the features. After you enter all the debt information, the app generates a smart looking chart showing your overall financial overview, which provides a lot of information, including the time taken to wipe off all the debt. The greatest advantage that users will enjoy is that the app lets you track your progress as you keep making the repayments; every time you reach a milestone, you get an email alert. You can also keep track of your credit score on the app.
Debt Payoff Assistant
The name of the app pretty much explain the main function of the free app, which uses the proven debt snowball method for repaying consumer and credit card debt. To start the process, you need to enter all relevant information such as card and loan balances, the rate of interest applicable, the due dates every month, and the minimum amounts due. The app immediately generates an amortization schedule that shows your debt pay-off dates as well as a pie chart reflecting your progress every time you make a payment. Every time you make a payment on time, the record turns green and reflects a paid status. It also allows you to add any extra cash that you may have to your repayment amount. The versatile app incorporates multiple calculators, permits the design of numerous payment strategies, and can track any number of debts.
Unmanageable debt can take all the fun out of life. While using any of the top-rated tools and apps will help you to get on top of your debt if you are disciplined, the key to enduring financial freedom lies is prudent spending and a radical change of lifestyle habits.

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Sujain Thomas

Sujain Thomas is an experienced blogger who has written articles for several renowned blogs and websites about various uses of social media to engineer more business traffic on business websites.