Apps That Can Help Reduce And Eliminate Debt

Written by Carly Simon-Gersuk

Paying off your debt can feel like a never ending task. Fortunately financial technology is booming and there are various debt management apps you can use to get organized and manage all your debts in one place. These software programs enable you to input all your information, calculate monthly payments and track interests. You can also choose between different payoff methods depending on your needs and saving goals. 

The time is now to take charge and get yourself back on firm financial footing. Here are some apps that can help you reduce and eliminate your debt.


Tally is a free debt management app that helps you reduce your debt faster by automating your credit card payments. Founded to answer the question of why credit card interest rates are so high, Tally saves you time and money by monitoring your balances, interest rates and due dates for you. If you qualify for a Tally line of credit, which means they extend you a line of credit at a lower interest rate that can help you consolidate your debt to one lower interest rate, you can utilize the app’s benefits. The software offers two payment methods. One allows you to continue paying your bills yourself, as the app will automatically send you reminders of when and how much to pay. The other option is to opt into “Tally Pays” which allows you to make a single payment to Tally who would distribute to your creditors for you.

Debt Book

Debt Book is another free debt management app that makes it fast and easy to check, remind and manage your debts. The app creates a “Master Book” for you, enabling real time updates showing you how much you borrowed, how much has been paid and how much remains. One of its top features allows you to communicate with and pay your lender directly if they are on the app too. Additionally, you can sync your data through multiple devices through Google. This will reduce the stress of losing your debt data or having to update multiple devices. 

Debt Manager

Debt Manager is an interactive app that gives you tips based on your debt situation. It cost $0.99 to download. The app allows you to choose a debt snowball and debt avalanche method. The debt snowball method has you pay down the smallest debt first and then work your way up regardless of the interest rate. The debt avalanche method makes the minimum payments on all debts but allocates remaining funds to pay off the debt with the highest interest rate. Through the app you can compare the scenarios to see how quickly you would be able to pay off your debt. Regardless of the method you choose, once you have paid off one of your loans the app will automatically reallocate your payments to the next loan. Note that whatever strategy you choose applies to all of your debts that you have on the app - this means you cannot choose debt avalanche for one time of debt (example: student loans) and debt snowball for another (example: credit card). 


ChangEd is a round up app that takes your spare-change to pay down student loans. This app cost $1.00 per month. How it works is by taking the difference from your purchases up to the nearest full dollar amount. Then it adds together your change and when you have saved $100 in your account, it submits a payment on your loans. This payment is on top of your monthly payments you are already paying. This app specifically helps pay student loans off faster and helps to avoid some higher interest rates. Collectively, ChangEd members have saved millions in interests and reduced decades off of their repayments.


Written by Carly Simon-Gersuk