Managing debt effectively requires consistent tracking and organization. With the right tools, you can streamline your debt repayment process, stay on top of your finances, and pay off your debt faster. In 2024, many apps and online tools offer comprehensive features to help you keep track of your debts and payments. Here’s a list of the best tools for debt tracking this year.
1. Mint
Mint is one of the most popular all-in-one financial management tools. It allows you to connect all your financial accounts, track spending, and monitor your debts in one place.
Key Features:
- Automatically syncs with bank accounts, credit cards, loans, and investment accounts.
- Provides a complete overview of your financial situation, including debts.
- Tracks your debt repayment progress and suggests ways to save.
Why It’s Great for Debt Tracking:
Mint helps you see the bigger picture by combining your debt with your spending and savings habits, making it easier to allocate funds for debt repayment.
Cost: Free
2. You Need a Budget (YNAB)
YNAB focuses on budgeting but is also a powerful tool for debt tracking. Its method of assigning every dollar a job helps users prioritize debt payments while staying on top of their everyday finances.
Key Features:
- Zero-based budgeting system that helps users allocate every dollar.
- Tracks debt payments and provides insights on how quickly you can pay off debt.
- Syncs with your bank accounts and automatically updates balances.
Why It’s Great for Debt Tracking:
YNAB helps you stay disciplined with your money, making sure that a portion of your income goes directly toward debt repayment.
Cost: $14.99/month or $99/year (34-day free trial)
3. Undebt.it
Undebt.it is a dedicated debt payoff planner that helps you create customized repayment strategies using methods like the debt snowball or debt avalanche.
Key Features:
- Multiple debt repayment strategy options (debt snowball, debt avalanche, etc.).
- Clear, easy-to-understand payment schedule with projected debt-free dates.
- Charts and reports that visualize your debt payoff progress.
Why It’s Great for Debt Tracking:
If your main goal is debt repayment, Undebt.it is perfect for mapping out your strategy and tracking your progress step by step.
Cost: Free (Premium version available for $12/year)
4. Debt Payoff Planner
Debt Payoff Planner is a simple, user-friendly app designed to help you plan and track your debt payments. It’s especially useful for people who prefer a clear, straightforward plan without complicated features.
Key Features:
- Customizable debt repayment plan based on your financial situation.
- Visualizes how making extra payments can shorten your debt payoff time.
- Offers support for both the debt snowball and debt avalanche methods.
Why It’s Great for Debt Tracking:
Debt Payoff Planner’s simplicity makes it perfect for users who want a clear roadmap to debt freedom without overwhelming them with too many extra features.
Cost: Free (Premium version available for $24.99/year)
5. Tally
Tally is an app that helps you manage and consolidate credit card debt. It offers users a line of credit with a lower interest rate, which is used to pay off high-interest credit card balances.
Key Features:
- Provides a line of credit to pay off high-interest credit cards.
- Automatically manages and prioritizes credit card payments.
- Helps save money on interest while simplifying credit card debt management.
Why It’s Great for Debt Tracking:
Tally automates credit card payments, focusing on paying off the highest-interest debt first, so you can save on interest and track your progress.
Cost: Free to download, but you pay interest on Tally’s line of credit (rates vary).
6. Credit Karma
While Credit Karma is best known for free credit score monitoring, it also offers tools for tracking and managing your debts, especially credit card balances.
Key Features:
- Tracks your credit card balances, loans, and overall debt levels.
- Provides insights on how your debt impacts your credit score.
- Sends alerts for potential savings opportunities, such as refinancing options.
Why It’s Great for Debt Tracking:
Credit Karma not only helps you keep an eye on your debt balances, but it also tracks how your debt affects your credit score, giving you a fuller picture of your financial health.
Cost: Free
7. EveryDollar
EveryDollar, created by personal finance expert Dave Ramsey, is a zero-based budgeting tool designed to help users manage their money and pay off debt. It’s a straightforward tool that focuses on budgeting, with debt tracking features.
Key Features:
- Helps you create a zero-based budget where every dollar is allocated, including debt payments.
- Tracks your debt payoff progress and shows how long it will take to become debt-free.
- Syncs with your bank account to automatically update balances.
Why It’s Great for Debt Tracking:
EveryDollar’s focus on budgeting makes it an excellent tool for making sure debt repayment is a priority in your financial plan, ensuring you’re consistently putting money toward your balances.
Cost: Free (Premium version available for $79.99/year)
Conclusion
Managing and tracking your debt doesn’t have to be complicated. With these top debt tracking tools in 2024, you can stay organized, visualize your progress, and take control of your financial future. Whether you prefer an all-in-one tool like Mint, a structured budgeting app like YNAB, or a specialized debt tracker like Undebt.it, there’s a solution to fit your needs. Choose the one that best aligns with your financial goals and start making progress today.
