:max_bytes(150000):strip_icc()/man-doing-finances-on-phone-4734445c3b31476b8c4e9db6f87db336.jpeg "How Much Do Debt Payoff Apps Cost?")
Some debt payoff apps are free, while others offer more advanced features and charge monthly or annual fees ranging from a few bucks a month to several hundred dollars per year.
Learn more about how much debt payoff apps cost, their functions, and other options for getting out of debt.
Key Takeaways
- Debt payoff apps vary in cost and functionality, so comparing options is important if you’re seeking financial assistance.
- Many free options provide access to budgeting tools and educational content, although they may have in-app ads.
- Other debt relief options include DIY debt prioritization, credit counseling, debt settlement, and bankruptcy.
There’s an overwhelming number of debt reduction tools to choose from. Skip the hard work and take a look at our top debt payoff app recommendations, some of which are completely free.
How Much Do Debt Payoff Apps Cost?
Debt payoff app costs vary depending on the tool you choose. Some apps are free and not-for-profit, with no ads. Others rely on in-app ads to generate revenue. Still others have a free trial, a nominal monthly subscription fee, a one-time membership fee, or additional costs associated with services like subscription management or bill negotiation. Some tools include debt consolidation/refinance loans or credit lines, which come with their own interest fees and origination fees.
For instance, the simple debt calculator unbury.me is available at no cost and has no ads, but you’ll pay up to $14.99 per month for a full-featured app like YNAB (You Need a Budget) after its 34-day free trial ends (or $99 annually, coming to $8.25 per month).
As you compare different options, consider any costs relative to the potential savings you could get from using the app consistently. If a certain app could help you repay debts you’ve struggled with for years, it could be worth paying a small fee in exchange for that relief and peace of mind.
Here’s a look at the costs of some popular debt payoff apps.
If you aren’t struggling to manage your debts but would like to better understand your spending and save more, read more about the best budgeting apps to help you achieve your goals.
Costs of Different Types of Debt Payoff Apps
There are several types of debt payoff apps and services, each providing a different method to achieve the same goal: getting you out of debt. Some are mobile apps or desktop apps, some are web-based, and some are downloadable spreadsheets.
Bill Organizers/Budget Planner Apps
If you have several types of debt and are struggling to prioritize monthly payments, a bill organizer or budget planner could be a useful solution. These apps help you organize your debts and guide you on which to pay off first. Often, they employ strategies like the debt snowball or debt avalanche methods to help you prioritize.
One example of this type of app is Undebt.it, which has a free version and a premium version (Undebt.it+), which costs just $12 annually. The free version includes the ability to add unlimited debt accounts, support for promotional interest rates (such as introductory APR credit cards), debt payoff method comparisons, and a downloadable payoff plan. The premium version includes features like account tracking and reporting, bill management, customized debt payoff plans, and more.
Debt Reduction Spreadsheets
A simple spreadsheet to organize bills or create a budget may suffice for those with few debts or household expenses. If you’re skilled with spreadsheets, you could build your own customized spreadsheet using Google Sheets or Microsoft Excel.
But other options, like Vertex42’s Debt Snowball Calculator, let you work from an existing template. This approach could be easier if you don’t have the time for or interest in creating your own debt reduction spreadsheet. The basic version of the Vertex42 Debt Snowball Calculator is free, and there’s an upgraded version for $9.95.
If you’d like to create your own debt reduction spreadsheet, you can explore the free trials of Vertex42 and other tools to get ideas.
Debt Consolidation/Refinance Apps
High-rate debt can be difficult to repay, as interest charges add up quickly. People struggling to keep up with multiple unsecured debts or high interest rates could benefit from a debt consolidation app. These apps typically have two components: a low-rate loan or credit line that lets you consolidate and refinance existing high-rate debt, and tools or guidance that help you better understand and manage debt.
If you’re able to refinance at a lower rate, you may save money compared to your previous debt accounts (just watch out for origination and other fees). If you consolidate multiple debts into a single loan or credit line, you can simplify your payment schedule. And, if you wind up with a longer payment timeline, you may have lower monthly payments—but you’d also end up paying more for the debt over time.
Tally is a typical example of a debt consolidation app. The basic, free version doesn’t come with any consolidation tools, but the premium version offers a low-interest credit line to eligible users. The premium version of Tally is $300 annually; the company claims that most users save more than that by using the app.
When it comes to debt consolidation or debt refinance loans, it pays to shop around for the lowest interest rate. That may be through an app like Tally, but don’t forget to check rates on your own. See our picks for the best debt consolidation loans to explore your options.
Automated Bill Payment Apps
An automated bill payment app can help if you’re having trouble keeping track of your monthly bills. These apps automatically pay your bills on their due dates, providing you with the assurance that your bills like credit cards and loans will be paid on time.
Bright Money is one option for automating your monthly bills. It lets you easily track and manage all your credit card and loan accounts under one umbrella, automating payments but also alerting you when a payment is due. You can choose from a few membership plans, depending on how long you want to use the service:
- Annual plan: $89 ($7.42/month)
- 6-month plan: $53.94 ($8.99/month)
- 3-month plan: $30 ($10.00/month)
- Monthly plan: $9.99/month
Best Debt Payoff Apps
| App/Service | Price | Money-Back Guarantee | Platform |
|---|---|---|---|
| Quicken | $3.99–$9.99/month (promos sometimes available) | 30 days | Android, iOS, web app |
| ZilchWorks | Free trial, or $39.95 (one-time payment) | 30 days | Microsoft Windows desktop app |
| Tally | Free version, or $25/month | No | Android, iOS, web app |
| Unbury.me | Free | N/A | Web app |
| Qube Money | Free version, or up to $19/month | No | Android, iOS |
| Undebt.it | Free, or $12/year | No | Web app |
It can take some time to find the right debt management tool. Learn more about our picks for the best debt payoff apps to get started.
Who Should Use a Debt Payoff App?
A debt payoff app could be a good solution for many people, including those with just a few debts, those with many debts, or those seeking assistance with managing their finances in general. Here are some pros and cons of using debt payoff apps.
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Could provide financial relief if guidance is followed
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Free and low-cost options exist
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May help you achieve savings goals
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Could help improve your credit if guidance is followed
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Fees may apply
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Comparing options can be time-consuming
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Not all apps offer similar functionality
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Certain options may have a learning curve
How Much Do Other Debt Relief Options Cost?
Debt payoff apps can also be used alongside other debt relief options, including the following. Note that some are more expensive than others and could affect your credit.
- DIY budgeting and debt prioritization: This involves taking a deep dive into your finances and prioritizing your debts independently. While this may cost nothing, it can be time-consuming, as you’ll need to learn about different debt payoff strategies and build your own system for tracking your debts.
- Debt consolidation or refinance loans: A debt consolidation or refinance loan lets you pay off your high-interest debts with a new, lower-interest loan. Debt consolidation loans may include origination fees of up to 10% or more of the total loan amount, along with late payment fees, so include those costs as you’re deciding.
- Credit counseling: Credit counselors can help you better understand your debt and create a budget and repayment plan. They may be able to negotiate lower interest rates on your debt through a debt management plan. These services generally cost money, but fees are relatively low. The CFPB offers these helpful sources to find a reputable credit counselor: the Financial Counseling Association of America, the National Foundation for Credit Counseling, and the U.S. Department of Justice’s approved credit counselors.
- Debt settlement: Working with a debt settlement company is an option if you’re faced with overwhelming debt, though it can be expensive and risky. Debt settlement also negatively impacts your credit, which is important to consider if you’re planning to apply for new credit shortly.
- Bankruptcy: Filing for bankruptcy may allow you to discharge some or all of your debts, but it comes at a high cost. Fees and filing costs could amount to thousands of dollars, and depending on whether you file Chapter 7 or 13 bankruptcy, it could damage your credit for up to 10 years.
It’s essential to do your due diligence to avoid falling victim to debt relief scams. Vet companies carefully, avoid high upfront fees, and seek out nonprofit credit counseling programs for advice and assistance.
The Bottom Line
You don’t need to solve your debt problem alone—the right debt payoff app will make the process much simpler and give you a timeline to track your progress, which can be encouraging. And with the wide variety of apps available, you should be able to find one to suit your unique financial needs.
You can combine a debt payoff app with other debt relief methods as well, like refinance loans or credit counseling.
Are Debt Payoff Apps Free?
Certain debt payoff apps—like unbury.me— are completely free, but others come with a monthly or annual cost. It may be worthwhile to pay for an app that helps you make significant progress toward being debt-free. Comparing different apps can help you find one that best aligns with your budget.
How Can Debt Payoff Apps Help With Debt?
Debt payoff apps can help with debt in several ways. Most will organize your debts and payments, and provide debt payoff timelines. Others help you automate your payments, prioritize your debts, or come up with a repayment strategy that works well for your situation. Some even allow you to consolidate high-rate debt with a lower-rate loan or credit line.
Are Debt Apps Safe?
Many debt payoff apps that require a login or sync to your financial accounts come with security features like encryption, multi-factor authentication, and more. This isn’t as much of an issue for some tools, like simple web-based calculators and downloadable spreadsheets. Do your due diligence as you research potential apps, and ensure the company you’re considering is reputable and trustworthy.
What Is a Debt Payoff Planner?
Debt payoff planners vary in structure, but they’re generally designed to organize your debt accounts and help you formulate a step-by-step plan to conquer your debt. There’s also a specific program called Debt Payoff Planner, which is a dedicated, highly rated debt payoff app available for Apple and Android devices.
Is There an App That Consolidates All Your Debt?
While it’s unlikely one app will allow you to consolidate all types of debt, some apps allow you to consolidate certain types of debt, such as any unsecured debt or credit card debt. Tally and Bright Money are two options to consider if you’re interested in a debt consolidation app, but it’s worth exploring debt consolidation personal loans outside of apps, as well.