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Best Debt Payment Apps
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When it comes to paying off high interest credit card debt, there are many options and strategies to consider. Some say you should ditch credit cards and get a low-interest personal loan that allows you to consolidate all your debts, while others swear by a 0% APR credit card that allows you to save money on purchases or balance transfers for a limited time. Some people choose to consolidate debt using financial products such as a home equity loan or a home equity line of credit (HELOC), both of which offer a lower APR because your loan is secured by the value of your home.
Then there’s Tally, a new financial app that aims to help customers pay off their high-interest credit card debt in a whole new way. When you download the app and take the steps to apply, Tally takes the time to analyze your credit cards and various loans to help you reduce costs and maximize your payments each month.
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Tally can also extend you a line of credit at a lower interest rate than you’d be charged elsewhere, and the app lets you make a single payment each month, as Tally pays off your loan. Either way reduces your interest costs to lenders.
If you want to get out of debt and feel like you need outside help, Thelma is worth exploring. Continue reading to learn more about how this app works and how it compares to other debt consolidation options.
Once you sign up for an account and link your credit cards, Tally monitors your balance, credit card interest rates, and due dates on your behalf. In the interim, Tallyalso extends you a line of credit that helps you consolidate your loan at a lower interest rate.
If you choose the “Tally Pays” option, Tally takes care of your credit cards and bills, ensuring you never miss a payment. It also calculates the best way to help you save money on interest on all your credit cards and your line of credit. If you want to continue paying your credit card bills, Tally allows that option too, though they will send you reminders when your payments are due and how much you owe on each of your cards.
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Tally is a free mobile app, which means you don’t have to pay anything to get started. Having said that, you need to apply for Tally and Tally Credits to start getting the benefits.
Lines of credit come with an APR between 7.9% and 25.9% APR, although this rate is variable and based on the prime rate, like credit card interest rates. Also note that Tally comes with no annual fees, activation fees, balance transfer fees, late fees, and prepayment fees. The app also generates an average lifetime savings of $5,300 for its customers so far.
You may be wondering how telly makes money. Basically, it makes money from the interest charges on the line of credit it extends to you to consolidate some of your debt. At the user end, you will save money when Tally is able to offer you a lower interest rate than you would get with a credit card. Tally also uses an algorithm to ensure that every dollar of your monthly payment is allocated intelligently to maximize interest savings.
If you’re ready to get out of debt and you want to save money on interest along the way, you might want to consider an alternative like a mortgage. However, a mortgage is not just “another loan” that can help you accumulate more debt over time. Instead, Tally extends a line of credit to consolidate some of your high-interest loans. And, at the end of the day, Tally makes money when it saves you money at low interest rates.
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Still, there are definitely some pros and cons to keep in mind. Consider these pros and cons before you download the Tally app and go ahead with your loan repayment plan.
In many ways, Tally works similarly to both personal loans and balance transfer cards. The goal of a total line of credit is to offer lower interest rates like balance transfer cards, but a partial line of credit allows you to consolidate some of your debt like you would with a personal loan.
That said, it’s possible that a debt consolidation loan or 0% APR balance transfer credit card might work better for your needs. This chart explains more about how each option works and who should consider each option.
Tally lets you manage your credit cards and loans, but this app can help you strategically pay off your balance. If you choose, Tally will allow you to make a single payment, which will be allocated across all your bills on your behalf.
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Tally is free to use and it only makes money by offering you a lower interest rate that you are now paying on the minimum portion of your loan. With that being said, it is possible that a personal loan or balance transfer card may work best for you depending on your situation. Be sure to consider Tally, but compare other options before making a decision.
Holly Johnson is a credit card expert, award-winning author, and mom of two who loves budgeting, budgeting, and travel. In addition to serving as a contributing editor for Simple Dollar and writing for publications such as Bankruptcy, US News & World Report Travel, and Travel Plus, Johnson is the owner of Club Thriftand’s “Zero Down Your Debt: Your Earn Back.” the author Create the life you want.”
Editorial Note: The opinions, analyses, reviews or recommendations expressed in this article are solely those of the author, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: Although the above offers are correct at the time of publication, they may change and change at any time, or may no longer be available. When it comes to my finances, I’m old school. I love paper. There is something about writing things down and holding something physical in my hands.
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But when you’re looking at a mountain of debt, paper and pencil can’t make it go away. This is where the technology comes in.
I know what it’s like to feel overwhelmed, to feel like things are so bad you’re at a loss where to start to pay it all off. When I started my debt paying journey, I only had a list of debts. that is No plan, no strategy, and no clue how to start paying.
One day, I started reading about the different ways you can pay off debt, and that’s when I discovered debt settlement apps.
There were great apps that showed me a lot of things, like giving me a debt free date and how much interest I could save using different methods.
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Debt settlement apps have the power to help turn your debt mess into a simple list of numbers that anyone can solve. For me, I needed a tool to help me create a debt repayment plan that I could successfully execute. Something to make things easier.
Plan to pay off your debt if you need to. If you need something to motivate you. If you need something that will show you the bottom line, the best debt management app can make a big difference.
One of the things I love about Debt Payment Planner is that it allows you to review each method – the debt snowball