DEBT can be extremely stressful and January is tight for many of us – but there are apps to help you sort your finances.
The Christmas period is always expensive and paired with the rise in energy bills, money is extremely tight.
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To survive, many of us may be turning to credit cards or even loans to make ends meet, and this can leave us drowning in debt that needs to be paid back.
Sorting out a budget, or how you’ll pay the debt back while also paying for rent, bills and food can be overwhelming.
But there are apps that can help.
We’ve rounded up a list of (mostly) free apps that can help you manage your finances and pay off that debt.
Many debt apps follow a similar pattern of setting you up with a budget and solution to pay off your debts safely, so it’s really a personal choice of which one you think you’ll work with best.
Be mindful that these apps allow you to see your debts in one place but make sure you aren’t consolidating them outside of the apps to get a loan.
This can result in higher charges and mean you pay more in interest.
Debt Payoff Planner and Tracker
This app is designed to help people set up a budget planner so they can pay off debt and manage their money.
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You can set yourself up with a clear plan for paying off any debt, while also continuing with everyday spending.
The app looks easy to use and you can track your “pay off” – how you’re doing with paying off debt – progress clearly.
It’s free to use though you can pay for an upgraded version.
We haven’t tried the upgraded version but customers who reviewed the app said it is worth it.
One wrote that after they upgraded, there were a lot more services provided.
Freeze Debt
Freeze Debt has been highly rated on the Apple app store, with reviewers giving it 4/5 stars overall.
When you download this app, you’ll collate all your debts together, input your budget and the app will come up with a plan for you to pay them off safely.
Users will also have access to professional help, with the option to message experts for guidance.
Debt can be an awkward topic to discuss and so this may be a good alternative for those wanting help but are not sure where to start.
Freeze Debt is 100% free.
Debt Payoff Assistant
This app is similar to the apps mentioned above, and allows users to be able to see all their debts together and form a constructive plan to pay them off.
The app provides multiple pay off strategies for users depending on their circumstances.
For example, it might suggest you focus on the lowest balance first or start with the highest one.
You’ll also be able to track your debt to see how you’re doing and if you’re going to pay it off by the time you’d have hoped.
The app is free to download and use, though there may be an option to buy an upgraded version.
Of all the apps, this one looks quite messy and therefore could be more complicated to use.
Lowell
Lowell will help you come up with a payment plan to settle any debts you owe.
It looks neat and compact, providing users with a simple yet effective way to manage their debt.
You can manage all your accounts from one place and you’ll have a budget calculator which will help you work out how best to pay off the money you owe.
The app also allows you to see your credit score and will provide you with information on how your credit score is being impacted.
The app is free to use but there may be extra charges for an upgraded version.
Money Dashboard
Finally, Money Dashboard app is another great way to get on top of your finances.
This app is geared more towards budgeting in general, but is still a great tool for paying off debt.
In 2020, we reported how a smart saver paid off £24,000 in debt by using the Money Dashboard app.
You can view all of the transactions you’ve made from each bank account in one place.
It also splits the payments into different categories so you can identify where you can make cuts.
You can set up a spending plan through the app, and it’ll tailor how much money to use depending on your circumstances and debts.
It’ll notify you if you’re spending too much.
The app is free to use.
How to get help with debt
If you’re still struggling to make payments or if money worries are keeping you up at night, then the best thing to do is get free personalised advice from a debt charity.
Contact Citizens Advice, Stepchange or National Debtline.
They will come up with a plan to help you sort out your finances.
You can also ask your existing creditors for “breathing space” while you work out a plan.
Firms should allow you to freeze interest, fees and charges on debts and pause enforcement action and contact from creditors
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
