Debts.  Who doesn’t have one? We’ve all struggled with it. It’s a fact of life. If only getting out of debt was as easy as getting into it.  If Harvard-educated people can get into debt, what about us regular Joes?

But now we have fintech. Experts are touting it to be the savior of the financially marginalized. Maybe. If you know how to use technology to get yourself out of debt.

Yes, there are apps that can help people get out of debt. These apps work differently in how they get you to that debt-free happy place.  The first group of apps helps you with budgeting and payment schedules. The second kind gives you a credit line which these apps will use to consolidate and pay your credit card debts. A third group will save your change into an account which will be used to pay off your debts.

Let’s take a closer look at these.

1. Budgeting apps

Some apps are budgeting and scheduling programs. At the very basic, you are given the best path out of debt. You input your credit card numbers such as interest rates, dues dates, and outstanding balance.  You are then given a forecast of when you will be able to fully pay your credit card by following a payment schedule and budget. You are prompted two days before the due date.

This gives people more control and security in how they manage their bills payment. Your details never leave your phone. No worries about a third party getting hold of your data and doing whatever they want with it.

2. Third-party payment

For those who would like a bit of fire-and-forget, there are apps that actually give you a credit line. This third party then consolidates your credit card bills and pays them per schedule. Of course, you then pay this company what you owe them in regularly spaced light installments from two to seven years.

What’s good about this is that you are saved from the hassle of always chasing after due dates from possible multiple credit cards. You also get a clear timeline of when you can retire your credit card instead of getting caught in a vicious cycle of interest rates and amount dues. 

3. Spare change payment

Some apps help you get out of debt with an innovative approach. Each time you make an online payment, the apps will round off your purchase to the nearest dollar. This makes the amount you pay a little bit higher than the amount you are billed. This change is then deposited in your name to an FDIC savings account. When this account reaches a certain amount, like $100 dollars, a  payment is then made to your debtors.

You’d be surprised how much these spare change adds up in such a short amount of time. Just like how your debts piled up while you are not looking, your change in savings will add up more than you expected. Did you know that $62 million are lost each year in pennies according to the US government? That’s just the pennies. Imagine the nickel, dimes, and quarters.    

Here’s our list of apps that should be in your smartphone pronto:   

Apps	Type	Key features	Cost	Installs	Remarks
Tally	3rd party payment	Once you qualify, Tally gives you a line of credit with a low annual percentage rate (APR). Tally then uses the new line of credit to pay your credit cards every month. The low APR helps save you money on interest.Tally lets you manage all your credit cards in one convenient app. Tally keeps track of the balances, interest rates, and due dates for each card. Late fee protection. As long as you’re in good standing with Tally, you’ll never worry about a late fee again. Plus, Tally never charges fees of any kind — no annual fees, no origination fees, no over-limit fees.	Free download.Monthly interest rate based on credit score.	500k+	Tally is only available in certain states. You need a FICO Score of 660 or higher to qualify. Depending on your credit history, your APR will be between 7.9% and 19.9%. 4.4 review rating on Google Playstore
Mint	Budgeting	Your financial and bank accounts all in one place. See your credit balances and transactions with one tap. Mint helps track your transactions, budgets, expenses, and subscriptions. Get alerted when you’re close to going over budget and before you overdraft from an account. Get a smart budget based on your spending on day 1.Bill tracker makes it easy to manage your recurring expenses, Get monthly bill reminders so you can put an end to late fees.Check your IRS Tax refund status and date estimate when you file with TurboTax.See your free credit score & credit report.Apply for a home loan. Mint pre-fills your app so you can easily apply for a new mortgage or refinance. Get money-saving offers from Mint partners like credit cards, investments, loans, & more.	Free	24m+	For Android, iOS & desktop4.4 review rating on Google Playstore
Debt Payoff Assistant	Budgeting	Debt Payoff Assistant will help you to pay off all your debts using the popular Debt-snowball method.Track an unlimited number of debts.Multiple Payoff Strategies like Lowest Balance,  Highest Interest Rate,  Highest Balance,  Custom OrderMake extra principal payments to pay off your debts faster.	Free$0.99 for ad-free version	undisclosedsed	For iPhone & iPad only3.6 review rating in Mac AppStore
Debt free	Budgeting	Displays a summary of your Total Debts with Percentage Progress Bar, Debt Free Date, Interest Savings, and Early Payoff Date.2D Pie Chart ViewsAuto updates balance  Set Payment Due Dates Notifications Calculates Interest and Time Savings with Extra Payment.Multiple Payoff Strategies like Lowest Balance,  Highest Interest Rate,  Highest Balance,  Custom Order	$0.99/mon	undisclosedsed	For iPhone & iPad only4.3 review rating in Mac AppStore
Credit Card Payoff	Budgeting	Calculate new monthly payment, total payment, saving in interest, and reduction in time, given a payoff goal in monthsPayment schedule tables for both new monthly payment and current monthly payment, detailing principal, interest, monthly charges and remaining balance for each payment.Various graphs show the new monthly payment plan vs. the current situation, cumulative interest overpayment, and different payoff scenarios to help you analyze your payoff goal	FreeContains ads & In-app purchase	10k+	4.4 review rating on Google Playstore
ChangEd	Spare change payment	Automatically send payments. Set-it-and-forget-it.Makes transfers to your personal FDIC-insured ChangEd account based on roundups from your everyday purchases. Once your ChangEd balance reaches your set threshold, it  automatically sends a payment to your student loan servicer.Simply link your main spending cards.Covers all student loan servicers. From Navient, Great Lakes, AES, FLS, SoFi, MOHELA, Nelnet, Earnest, and many more. Option to BOOST your savings directly when you have an extra $20 here and there.	$1/mon	10k+	4.5 review rating on Google Play Store
Qoins	Spare change payment	Simply link your bank account. Multiple ways to save such as rounding up purchases, smart savings, payroll deductions, and moreAutomatically sets money aside for payments on your behalf.Industry-standardencryption	$4.99/mon	10k+	For Android, iOS & desktop4.1 review rating on Google Play Store
Debt Payoff Planner	Budgeting	Figures the best payment plan and how long it will take until you will be debt-free.Track payments and update the time frame to become debt-free. Track eight different loan categories like credit cards, student loans, medical, mortgage, etc.Multiple debt payoff strategy: snowball, avalanche, snowflake, custom plan.	FreeContains ads & In-app purchase	100k+	For Android, iOS & desktop4.6 review rating on Google Play Store
Debt Manager	Budgeting	Debt Manager uses the snowball method to quickly pay off your debts.Multiple Payoff Strategies like Lowest Balance,  Highest Interest Rate,  Highest Balance,  Custom OrderExport the debt details via EmailNotification of payments dueTrack an unlimited number of debts	$0.99/mon		For iPhone & iPad only4.6 review rating in Mac App Store

Conclusion

The Federal Reserve says that as of 2021, Americans are burdened with $925 billion in revolving credit card debt. In more personal terms, that’s $8,564 for every American family in the country. The debt burden is a personal and national concern.

Debt reduction apps cannot make your debts disappear on their own. They do help you create a strategy to pay your loans while still enjoying the benefits. This is going to take discipline and commitment from you and your whole family.