Did you know that 44% of Indians carry credit card debt and that household debt has risen by 10-12% per year? Managing all this can feel like a heavy burden, but with the right tools and options like Debt Consolidation Loans, it doesn’t have to be overwhelming.
For instance, if you have ₹50,000 in credit card debt at 3% interest, you will pay an extra ₹15,000 in interest if you only pay the minimum. But with the right apps to track and manage your debt, you can make smarter choices and start seeing real progress. Let’s look at some of the best tools that can help you take control of your finances.
Mint: A Holistic Financial Tracker
Mint is a free budgeting app that also helps you track your debt. It gathers all your financial data, from credit cards to loans, and gives you a clear picture of where you stand. Mint helps you set up a budget, track spending, and pay off debt more efficiently.
- Debt Tracker: Mint lets you track all your debts from a single place.
- Alerts: Reminder for due payments, so no late fees will be applicable.
| Feature | Description | Benefit |
| Debt Tracking | Track credit cards, loans, etc. | See all your debts in one place |
| Payment Reminders | Alerts for due payments | Avoid late fees and interest |
| Credit Score Tracker | Monitor your credit score | Keep an eye on your credit health. |
As per NerdWallet’s report, Mint users can save an average of ₹37,000 a year by improving their budgeting and reducing unnecessary spending.
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YNAB (You Need A Budget): Debt-Centric Budgeting
YNAB is the ultimate budgeting tool, and though it’s much deeper than that, it restructures your entire money approach. It makes use of something called “4 Rules,” which make sure your debt gets paid while keeping in control of all your expenditures day by day. Paying attention to your actual goals, YNAB assists you in setting cash for debt.
- The debt snowball method is where YNAB assists you in paying off your smallest debt first.
- Goal Setting: Setting up specific goals to repay particular debts.
| Feature | Description | Benefit |
| Debt Snowball Method | Pay off smaller debts first | Gain momentum in paying down debt |
| Goal Setting | Set goals for specific debts | Stay focused on repaying debts |
| Debt Reduction Tips | Tips based on your situation | Personalised advice to manage debt |
Debt Payoff Planner: Create a Transparent Plan
The Debt Payoff Planner application allows you to create a comprehensive debt repayment plan using the Debt Snowball or Debt Avalanche method. You can use it to set your priorities by paying off your credit card first or focusing on loans with higher interest.
A Financial Literacy Survey by PwC found that only 42% of Indians are confident about managing their debt. Using tools like Debt Payoff Planner can significantly boost financial confidence and get you back on track.
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- Debt Payoff Calculator: See exactly how long it will take to pay off each debt.
- Customise your payment plans as your monthly budget changes.
| Feature | Description | Benefit |
| Payment Calculator | Visualize your payoff timeline | Stay motivated with progress |
| Customisable Plan | Adjust payments as needed | Flexibility to accommodate life changes |
| Debt Snowball/Avalanche | Choose your repayment method | Personalised your strategy for quicker results |
Start Today for a Debt-Free Tomorrow
From being used for complete financial review purposes with Mint to managing a budget with YNAB and making a personalised repayment plan through the Debt Payoff Planner, these applications are meant to make dealing with debt easy and efficient. Start using one or more of them today and take charge of your future finances!
Frequently Asked Questions
1. How do debt tracking apps help me pay off my debt faster?
They keep you organized and on track with payments.
2. Are there free apps to manage debt?
Yes, there are free tracking features available through apps like Mint and PocketGuard.
3. Can these tools improve my credit score?
Yes, because they help you manage payments and reduce debt.
