With the advent of mobile apps and the concept of the Internet of Things, you can expect a wide array of benefits that you can enjoy on a day-to-day basis. The simplest form of tools that can offer respite to you in different areas is the app, more rightly the mobile app that you can download and start using promptly.
Wide application of mobile apps
You will find there are many areas in which these apps can actually offer respite, like healthcare, money matters, shopping, pharmacy, online payment, ordering food online and the list can just go on, not to miss out the educational apps that have found a wide application for kids and older children alike.
However, in this article, let us find out how these apps or you can also call them ‘get-out-of-debt” tools help you to become debt free. As such, the write-up will deal with the topic under the following sub-heads-
- Debt calculator – the simplest tool for becoming debt free
- Features of debt-free apps – How they differ
- How reliable are they
- Do you become debt free?
Let us take one sub-topic at a time for better understanding of the topic.
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Debt calculator – the simplest tool for becoming debt free
A debt calculator is perhaps one of the oldest and the most traditional methods of calculating your debt, long before the apps hit the stores, regardless of whether it is on Android or iOS operating systems.
A debt calculator is simple to use, and you do not have to be tech-savvy to understand how you must operate, given the ease with which you can use it.
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Features of debt-free apps – How they differ
Not all of these apps may be compatible with the two operating systems. While some work well with Android, others may be compatible with iOS. However, at the end of the day, what matters is how you can become debt free. Let us quickly go through a few features that you can expect when you use these debt-free apps on your mobile phone. Check them out.
- Few apps will facilitate paying off debt in the so-called debt reduction method. It helps you in working out a strategy. In this you start paying off the debt, starting from the smallest debt account to the largest.
As you continue doing so, the outstanding balance will be visible in your app. This enables you to plan out your next debt payment.
- Some apps will show you information related to debt in details. This includes all your debt accounts, the outstanding balance, rate of interest each debt account attracts, how much you require to pay off every month, and the date within which you have to pay off the balance.
Aside from the above, you will also be able to know the progression of debt payment with the help of a graph that many apps offer. You can go through a number of debt settlement reviews related to the effectiveness of these apps, most of the reviews offer a positive outlook, especially when many have come out of debt by using these tools.
- You will come across many debt-free apps that will help you to adopt the Snowball Method of paying off debt. There are graphical diagrams in the form of pie-charts that enable you to get an overview of how your debt payment is progressing.
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How reliable are they
Most of these online apps are reliable and can be safely downloaded in your smartphone. The best part about these tools is that you can make the payment even if you are traveling or away from home.
It does not require you to stay glued to your debit account file or communicate with your lender frequently. However, given the fact that there are so many available in the market, the main cause of concern is that you have to decide which one will be suitable for you.
Once you have zeroed in on the right app, you can download it after going through few reviews and either pay for it if it is in the app-purchase category or get it for free if it is a free tool.
The best way is to seek the assistance of the ones that have already used these tools on their smartphones. You get a first-hand opinion about the apps.
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Do you become debt free?
If you have chosen the right app, one that will suit your get-out-of-debt requirement, and you follow every step carefully, you are sure to get out of debt. Many have made the optimum use of the apps. Just make sure that you make your payments religiously.
Falling behind on monthly debt payments will not help you no matter how many apps you use. Regardless of the type of app, you are using, and the detailed information you are viewing on a day-to-day basis and reviewing the progression of the outstanding debt balance, if you are not good with payments, no app can bail you out of debt.
To wrap it up
In a nutshell, adopting better strategies related to your debt, especially your finances can make a lot of difference.
It is not just that, in order to shed that debt faster, you must make changes in your lifestyle like reducing the usage of plastic cards, restraining from taking new credit cards when you already have debts piled up on your existing ones, shedding the frills and fancies, eating out less, not buying expensive household items.
You can become financially responsible, which will also be reflected in your credit report, which is referred to as your financial report. A good credit score will ensure that lenders are willing to deal with you in the future.
As such, keep that avenue open so that you can enjoy better terms and conditions on any loan that you want to avail once your current debts are paid off.