The Best Apps for Debt Repayment
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While inflation may have encouraged Americans to pay down debt and focus on savings, as the economy stabilized and inflation dropped, most of us returned to our credit cards. In fact, in 2023, consumer debt grew to $17.06 trillion, and credit card debt exceeded $1 trillion, according to the Federal Reserve.
If you’re faced with debt, finding a manageable way to repay your balances is a smart first step. The good news is, you don’t have to do this alone. Thanks to technology, there are a plethora of apps available to help make repaying your debt manageable and simple.
Not sure where to get started? I’ll run you through the best apps for debt repayment below so you can decide which is right for your debt-free journey.
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Summary of best apps for debt repayment
Apps | Best For |
Debt Payoff Planner | Best Overall |
Tally | Best alternative debt consolidation line of credit |
Undebt.it | Best free debt planning app |
Debt Payoff Assistant | Best for iPhone users |
Unbury | Best simple debt calculator |
YNAB | Best for type A personalities |
ChangEd | Best for student loans |
One company is working to make it easier for you to stay on top of your credit profile: Credit Sesame.
9/10
Cost
9/10
Ease of Use
9/10
Features
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Add-ons
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Best apps for debt repayment
1. Debt Payoff Planner
Debt Payoff Planner’s app allows you to add different debt accounts with specific levels of detail, such as APR. This app then helps you calculate a payoff plan, helping you determine exactly how much you need to pay each month to erase your debt.
You can test out different debt repayment strategies, such as the popular avalanche method — attacking the debt with the highest interest rate first — and the snowball method — attacking the smallest balance first and slowly moving up. There are different strategies in between. You can adjust your monthly payment by account to see how increasing or decreasing a payment amount will impact your overall debt repayment goal.
It offers charts and graphs to help you better visualize your debt repayment — including payoff progress trackers to help you see how far you’ve come. There’s also access to a library of resources to help you make better decisions about tackling your existing debt with an approach that fits your budget and lifestyle.
There is a free basic version that lets you add all of your debt accounts and plan out strategies, and a paid Pro version ($24 for one year) that offers web access, printable plans, repayment templates, payment reminders, and more. It’s available for both Android and iOS.
2. Tally
If the biggest hurdle you’re facing in your debt repayment journey is managing all the different types of debt you have (including high-interest credit card payments), Tally could be worth considering. Tally functions similarly to a debt consolidation loan — it allows you to apply for a credit line, which can then be used to pay off your existing debt. From there, you’ll repay the debt owed in one single monthly payment — directly to Tally.
This app touts savings of up to $4,300 in seven years, which makes sense if you can consolidate high APR credit card debt in a lower-rate loan. Paying your Tally bill on time allows you to earn healthy member discounts (though exact discounts aren’t advertised).
To acquire a Tally line of credit, the app will first analyze what kind of debt you owe, pull your credit score, and decide if you meet its requirements. From there, you’ll be able to see your new debt line of credit rate. Your APR can range between 7.90% and 29.99%, which may be lower or higher than your current debt. You can check your eligible rate here (but a credit check may be required).
Tally’s rates are pretty competitive. But if you have good credit and want to lock in a lower rate or have different types of debt, a debt consolidation loan might save you more money (rates start around 6% at the time of this writing). Tally also has a $300 annual fee from your credit line. Its maximum credit line is not published.
3. Undebt.it
Paying off debt is just one part of the problem. Figuring out how much to pay and keeping track of all of your debts are other. Undebt.it is a free debt planning app that allows you to hunker down and get strategic about paying off your debt. It's easy to use and, with no monthly fee, a great starter app to test out.
Undebt.it works by allowing you to add and manage an unlimited number of debt accounts. From there, you can choose between nine different debt payoff strategies — including the snowball and avalanche methods — or create your custom payoff plan. It lets you see projected payoff dates and interest paid and lets you export your transaction to Excel.
It's essentially a debt payoff calculator that you can use to find ways to pay off more debt or pay more interest faster. You don’t need to create an account to use the calculator tool (though it’s more helpful if you do).
While the basic version is free, you can pay for multiple enhancements for $12 a year if you want a little more out of this app. These enhancements include savings plan challenges, bill management help, the ability to sync up with other apps like YNAB (You Need a Budget), and more. There are even learning modules and resources. You can also test the premium version for free for 30 days.
Undebt.it is available on the web only. There are no mobile apps currently available.
Learn more about Undebt.it here.
4. Debt Payoff Assistant
The Debt Payoff Assistant app allows you to strategically tackle your loan and credit card balances using the debt snowball method. With this approach, you’ll pay off the minimum payment on all your debt balances (and more if you can afford it) until the smallest account is paid off. You’ll then repeat the process.
This app lets you enter your different debt accounts, APR or interest rate, monthly payment amounts, and each payment due date. It shows you how much debt remains as you progress and choose whether or not to “snowball” your debt using the previously mentioned method.
You can set a goal payoff date, wherein the app will calibrate how much you need to pay for each account and recalibrate as interest rates change or debts are paid off.
While simpler than other debt payoff apps on this list, this debt management tool is free. It’s available for iOS users and not offered on Android at this time.
Learn more about Debt Payoff Assistant here.
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5. Unbury.me
For a free debt calculator that saves your information, Unbury.me is worth looking into. Unbury.me is a web-based debt calculator that allows you to enter your credit card, loan, and other debt account information to get a better picture of how long it might take to pay off your debt — while seeing how much interest you’ll pay.
Unbury.me allows you to implement different debt repayment strategies to determine how much to repay each month for different debt accounts. It’s relatively simple to use, but unlike other money management apps, its only real feature is in calculating a repayment schedule. It won’t allow you to repay debt right from the tool and doesn’t sync up with your bank accounts.
If you’re looking for a tool that will help you see if you’re headed in the right direction with your debt repayment or simply want to compare debt payment strategies, unbury.me is a free option that could help.
6. YNAB
Are you ready to find out where every penny of your money goes? You Need a Budget's (YNAB) app is perfect for analyzing spending and savings trends. While you can’t pay bills or debts directly within the app, you can incorporate multiple financial accounts (including credit cards) to understand your debt repayment journey better.
YNAB allows you to set goals for spending, savings, debt repayment, and much more. It offers detailed reporting, including progress and debt trackers, spending by category (similar to Mint), and account growth data. It offers a distinct approach to budgeting and saving and can take some time to learn.
You can try this app out for free for 34 days, after which you’ll be charged $8.25 per month or $99. It’s a steep price, especially compared to other options (including free apps), but if you want the most aggressive tools, it could be worth exploring a free trial. It's also available on both Android and iOS.
7. ChangEd
If you’re not facing credit card debt but instead looking for a way to save even more for student loan payments, ChangEd is a savings app that can help you repay school loans even faster. While this app is only available for student loans, there is a waitlist for other loan types.
ChangEd rounds up your spare change and puts it into a ChangEd account to go towards your next student loan payment. Your account is FDIC insured, and at least $5 will be transferred from your checking account. Once your ChangEd balance reaches $50, it’s automatically sent to your student loan account.
You can earn money for recommending friends and family, change your savings speed, and pause the app if rounding up becomes too much on your budget. It costs $4 monthly, a relatively low price for an app that will autopay on your behalf.
Learn more about ChangEd here.
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FAQs
What are different methods for repaying debt?
There are many different methods for repaying debt — but in every case, you’ll want to try to at least make the minimum required payment each month. This will keep you from being charged penalties, such as late fees, and help keep you ahead of interest, in most cases.
Some popular methods include the snowball method — where you pay the minimum on all accounts, but tackle your smallest debt first and work your way up — and the avalanche method — where you attack your highest interest rate debt first and work your way down.
Others could include focusing on credit card payments first, looking for ways to save more money, or cutting back on your budget to pay down debt sooner.
Are there any free debt repayment apps?
Yes, there are free debt management apps you can use. Mint offers budgeting and debt management services, while Undebt.it provides free debt planning services. Unbury.me also offers a free debt calculator tool.
You can also use your mobile banking app, in many cases, to analyze your spending and put more money towards debt payments.
I can’t make my minimum debt payment. What are my options?
It’s important to at least pay your minimum payment due by the designated date. If you can’t afford to, you have some options. First, call the creditor and let them know about your financial situation. They could waive a late fee or offer you other repayment options.
Next, take a look at your spending and budget. Could you cut back on subscriptions or other monthly expenses? Looking to increase your income through side hustles could also help.
Lastly, consider a debt consolidation loan or a 0% intro APR balance transfer credit card — but be sure you can meet the new repayment terms.
Should I pay for a debt repayment app?
Whether you pay for a debt repayment app or opt for a free solution depends on your budget, financial needs, and debt goals. Having paid options that automatically make payments on your behalf could be worthwhile for some. Access to tools, learning modules, and the ability to view all accounts at once might also make the price tag worth it.
However, you don’t need to pay for debt management apps to decrease your debt. Mint is a great all-in-one solution and even a Google Sheet can be a valuable tool in helping you analyze your debt and measuring progress.
The bottom line
Paying down debt isn’t fun, but using an app can make the process easier. Different apps are available, with different functionalities, features, and payment terms, depending on your needs and type of debt accounts.
If you’re torn between two apps, many offer free trials, so you can test before you buy.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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