7 Tools for Managing Excess Debt

You need to understand that debt is not always going to be bad and there are numerous ways of using your loans towards your advantage. In case you have accumulated a lot of debt, it can become overwhelming. Your debt can look impossible if you do not have ideal knowledge about managing finances in the best manner. Apart from managing your debt, you also have to take care of other expenses, like clearing the monthly bills and dealing with all the expenses. All these important financial responsibilities can end up increasing the debt, leaving you with huge bills, and you might even end up scrambling to get a solution for getting rid of debt. According to www.cnbc.com, an average American has debts worth $38,000.

Lowering the payments on your credit card every month or working on taking care of your spending habits can help in managing debt. Apart from that, several tools are present in the market that can help in organizing as well as managing your finances in such a manner that you do not face a critical situation. Given below is a list of the tools that you can consider using.

Debt Book

This is one of the best tools that can be used by both the borrowers and the lenders. The tool helps in tracking and updating all the existing debt that you have within a master book. It will show the total amount that has been paid or collected and the amount that remains. This app is also going to provide options for viewing the data within a chart, which provides a visual representation of the current financial situation that you are going through.

You are going to benefit from the tool especially if your lender is also using this app. They have the option of communicating as well as sending payments through the application. This has made it easier to stay in touch and remain on the top of the debt amounts that you have.

Debt Manager and Tracker

This tool has a lot of similarities with the previous two and it is responsible for showing the money that you owe or the money that is owed to you. Several visual features include graphs of the current settlement of debt along with the tracking abilities to monitor the payment as well as receiving updates on the current balance of the debt. You also have the freedom of upgrading to the professional version and you are not going to get any advertisements. Apart from that, you will receive messaging capabilities and fingerprint security.

My Debts

This tool concentrates on the organization of debt along with the management of finances. This tool is the visual representation of both revenues as well as expenses. The comparison helps in understanding the money situation. You have the option of setting alerts so that you can easily be reminded of the pressing debts as well as deadlines so that you do not need to worry regarding missing payments. You also have the freedom of setting up recurring debts, which include paying your rent. This means that a calendar event is going to appear every month and it is going to disappear as soon as you clear the bill. This is undoubtedly one of the most efficient ways of tracking the bills. You can also synchronize your finances, bills, as well as debts in a single place.

ReadyForZero

The purpose of the tool is to help users to track the existing debt amounts. An interesting feature associated with this tool is that you have the option of tracking the credit score. The tool will be responsible for showing the graph of the progress of your debt. It helps you to concentrate on the target account, which is necessary when you have to clear any urgent debt. You also have the option of creating personalized plans so that you can bring your debt under control. You are also going to receive personalized recommendations as well as alerts, which are completely based on the debt situation that you are in. You are also going to get upcoming alerts for payment so that you do not miss any debt.

Debt Tracker

This tool concentrates on tracking the debts and the debts that are owed to you. The landing page of the tool is responsible for having a visual representation of your current situation along with the amount that you have already cleared. In case if you are a lender, it is going to highlight the amount that the borrower has already cleared. You will not get the place for tracking all payments, penalties, rates of interest, and there is also a section, which will help in tracking the savings. This is going to be convenient if you are someone who likes to keep track of the car fund, vacation money, as well as numerous other things. You can also visit the reputed website of https://libertylending.com to view the debt relief options that are available.

Debts Break

This tool is responsible for using the famous snowball method so that you can clear your debts. This is an appropriate strategy for managing multiple debts. The idea of this method is that you start clearing the debts in the ascending order, which means that you will clear the small debts first and then move on to the larger debt amounts. The tool is responsible for updating the balance automatically and you do not have to stress about inputting the latest data after making payments. You also have the option of setting alerts to get the notification of debts.

Debt Free Calculator

This tool will help in showing all the debt amounts, the entire amount, the payoff amount, and most importantly, the date of paying off debt. It includes an ideal schedule of debt, providing an idea of the entire debt balance, the interest rate, and the amount that has to be repaid. You are going to get a graph of all the relevant information when you use this tool.

Conclusion

Managing your debt can indeed be truly hectic and you might be struggling to clear them. However, if you are using the appropriate tools like the ones that are mentioned above, you are not going to find the situation tricky. Therefore, it is suggested that you consider using the tools that have been mentioned above to take your debt situation under control.