3 Apps that Will Help You Pay Off Debt Faster

So debt sucks. You know it, I know it. And as much as I would love to throw tons of money at my debt each month to get it paid off fast, it’s not always possible.  However, as long as I hit my $200 Magic Number I can feel like I’m making progress.

A lot of small amounts can add up pretty quickly. The thing is, small amounts are usually from surveys and frankly, I don’t like to take the effort to pull out my laptop when I’m chilling out on the couch.

However, I almost always have my phone nearby and look at it during commercial breaks. Which is why I love these apps. They are easy to use, some just require you to set it up and then let it do its thing. The others can just take a few minutes whenever you feel like it.

After a while all the little amounts, add up to a big amount which can have a big impact on your debt. These apps fall into two categories. The first will help you pay off debt directly. The second group will help you to earn or find extra money easily to pay off your debt.

1. Chime

If you want to build up some money and your credit score, you should take a look at Chime. To make a big payment towards your debt, you can use Chime to save and set aside that money for you. Chime works by starting a spending account (takes 5 minutes) and opting into the automatic savings plan. (Learn More About Getting Started with Chime)

Every time you use the Chime Debit Card it rounds up your purchase to the nearest dollar and puts in in savings. Right now they also offer a double roundup bonus on those savings for your first two months. All those small amounts add up over time. Chime is free to use, with no monthly fees. With Chime, you end up saving money without having to think about it.

And by using the Chime Credit Builder Card and making monthly payments on time, you help build your credit score by both paying off debt and using the card. It’s a double win.

Cost: Free

In just a couple weeks of using Chime for my “fun money” account, I’ve saved nearly $10. It may not seem like much, but making an extra $20 payment each month adds up to $240 a year, without thinking about it.

2. Gigwalk

Gigwalk is a free app that shows you gigs that are available in your area and how much each gig is worth. Once you complete the gig you get paid. It’s typically something quick and will earn you a couple of dollars. The more gigs you complete the better chance you’ll have of seeing higher paying gigs.

While Gigwalk may not be something you do all the time, if you show up somewhere early (like I do) and have some time to kill, it’s worth checking to see if you can squeeze in a nearby gig. A quick look at the gigs near me shows the lowest paying one at $3 and the highest at $6. The more you earn, the more you can put towards your debt.

4. Surveys on the Go/Survey Junkie

For when you are killing time in line or during a commercial break (because you know you have your phone on you). This app is exactly what it sounds like, it’s a survey site. You complete surveys and they pay you. Easy peasy. No having to open your email or pull out your laptop, just take two seconds to check the app on your phone for any new surveys available to you.

When you first download the app you will have two survey options available to you, both are for them to learn more about you. Yup, you’ll get paid just to tell them about yourself. They can then use the information you provided to see what surveys would work best for you. Unlike a lot of other survey sites, Surveys on the Go pays you in cold hard cash (via PayPal), not points, or gift cards. You’ll be able to cash out once you hit $10.

If you want to go the extra mile you could set up a PayPal account just for your survey and Gigwalk money to have it all go towards your debt.

Apps Help You Make More than The Minimum Payment

Where these apps really shine is by helping you to increase the payments you make to your credit card debt each month. Even just a few extra dollars can go a long way.

Let’s say you have a credit card with a balance of $1,000, an APR of 18%, and a minimum payment of $50. If you only make the minimum monthly payment of $50, it would take you 2 years to pay off and cost you almost $200 in interest.

If you pay just $9 more a month (for a total of $59), you’ll pay off the debt 3 months sooner and save 15% of the interest (about $35).

Keep in mind this math assumes you aren’t adding to the balance of the credit card (which can happen sometimes – life happens).

Bottom Line

These apps are just the tip of the iceberg. With technology evolving every day there are always new apps and tools being released to help you with your debt.

Whether it is directed towards paying off debt, finding money to save and throw at debt, or just apps to help you earn more money, you are sure to find one that will help you pay off your debt faster.

Frequently Asked Questions

Still have questions about paying off debt with the help of apps? We’ve answered the most common questions below.

What program helps someone payoff debt faster?

There are lots of debt payoff strategies, the most common being the debt snowball method and the debt avalanche. our recommended is the debt nor’easter. You start with the debt avalanche approach and make adjustments based on personal feelings about certain debts. Learn more about the debt nor’easter method here.

How debt payoff apps can help you?

Apps can help you manage your finances by tracking spending habits, helping you budget, and even giving you tips on saving money.

What are some other ways to pay off debt faster? 

 If you’re looking to payoff your debt even faster you can look at consolidating into a personal loan with a lower interest rate (more likely with credit card debt).

You could also see about a 0% balance transfer credit card to save on interest. However, make sure you read the fine print, with many balance transfer deals if you don’t pay off the balance during the promotional rate you’ll be charged interest on the original amount transferred to the card.