The Best Debt Payoff Apps of 2022

Payoff Planner

How it works: Payoff Planner guides you through the steps of assessing your current situation and developing a strategy for debt payoff. It also provides several visualization tools to help you track and evaluate your progress, revisit the details of your debt and more. You'll also be able to see how long it'll take you to pay off your debt based on your current plan and any adjustments you make.

However, you can't connect any of your financial accounts to the app, which means the process is entirely manual. This may not be appealing to some people.

How much it costs: Payoff Planner is free to use if you're fine with ads and mobile access. If not, you can upgrade to the Pro version and get an ad-free experience with browser access, along with more features, for $10 for two months, $18 for six months or $24 for 24 months.

Qoins

How it works: The app works by connecting to your financial accounts and setting up a debt payoff or savings goal. You'll then set up a specific automated strategy based on how you want to tackle your debt. This may include weekly withdrawals, payday withdrawals or rounding up transactions on a linked account to the nearest dollar and applying the difference to your debt. You can also open a Qoins prepaid debit card and earn cash back that you can apply toward your debt.

This automated approach can make your debt payoff plan more convenient. Qoins also offers various reports to help you track your progress, and you can use the software on your mobile device or browser.

That said, the app only allows you to pay off up to five debt accounts, so it might not be a good fit for more complicated debt situations.

How much it costs: The Qoins app is a paid debt payoff service, costing $4.99 per month or $49.99 per year.

Tally

How it works: Tally is a unique debt payoff app in that it not only provides you with tools to help pay off your debt, but also offers a line of credit that you can use to consolidate expensive credit card debt. The app isn't designed for other types of debt.

When you first download the app, you'll be able to link your credit card accounts. Tally performs a soft credit check to determine whether you're eligible for the credit line—the minimum credit score is 580. If you qualify and accept the terms, Tally will pay off your credit cards for you and you then make monthly payments to Tally.

How much it costs: As of August 2022, the credit line's variable APR can range from 7.99% to 29.99%, based on your creditworthiness. You can sign up for a Tally+ membership and get access to a higher credit line and money back with every on-time payment—but you'll pay up to $300 per year for the membership.

Even if you don't qualify for a line of credit, iOS users can use the app to see all their cards in one place and even make payments from the app with their connected checking account. You can also employ a specific debt payoff strategy, such as the debt snowball or avalanche approach, or focus on the card with the highest utilization rate. This membership costs $4.99 per month.

All in all, Tally can be a good solution if you're looking to consolidate your debt. Even if you don't use the credit line, there are enough features to make the monthly fee worth it, but you're out of luck if you have an Android device.

Undebt.it

How it works: When you first open an account, you'll add your debt information and then determine the best payoff plan for you. The app offers nine different options, including debt snowball, debt avalanche, highest monthly payment, highest credit utilization, highest monthly interest amount and more. You can even develop your own custom plan.

Over time, you'll be able to track your payments, which you'll enter manually and see different charts to track your progress.

This versatile debt payoff app is inexpensive and offers a lot of flexibility with your approach, but it doesn't provide automation.

How much it costs: This debt payoff app is browser-based but mobile-friendly. It's free to use most of the app's features, but you can upgrade to the premium version for $12 per year, which includes text payment reminders, integration with You Need a Budget budgeting software, and account tracking, reporting and projections.

More Ways to Pay Off Debt

Whether or not you're thinking about using a debt payoff app, here are some approaches you can take to paying down your debt balances:

• Debt consolidation: If your credit is in good shape, you may be able to consolidate your debt using a personal loan or a balance transfer credit card and save some money.
• Debt snowball or avalanche method: With the debt snowball or avalanche approach, you could accelerate your debt payoff and shave months or even years off your plan.
• Debt management plan: If you don't qualify for debt consolidation and you're struggling with payments, a debt management plan through a credit counseling agency could help you secure lower interest rates and payments, making a payoff plan a little easier.
• Debt settlement: If you're behind on payments already, you may be able to settle for less than what you owe. You may be able to do this on your own or with the help of a debt settlement company or debt attorney for a fee. However, you'll typically need to make a lump-sum payment. Aside from bankruptcy, this strategy should be a last resort since it can seriously damage your credit.
• Bankruptcy: If your financial situation is dire, bankruptcy may be the only option. Because this option can significantly damage your credit score, consult with a bankruptcy attorney before considering it.