Using Apps to Manage Consumer Debt

If you are currently struggling with debt and are looking for innovative ways to manage your finances, or if you recently received a bankruptcy discharge and want to ensure that you stay on track financially, could smartphone apps help? In general, managing finances can be difficult, especially if you are living beyond your means in any capacity. While it may be nearly impossible to catch up on debt you owe without filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in certain cases, there are ways in which technology can help you to stay within your means and to get your bills paid on time.
A recent article in The Balance discusses the best personal finance apps that are currently on the market, which can help consumers with recent bankruptcy discharges to begin their fresh financial starts on strong footing. We want to say more about these apps and how they may be able to help consumers to manage debt.
Mint: The “Best Overall” Personal Finance App by Intuit
The article in the Balance rates this personal finance app as the “best overall” product for managing personal finances. It is made by Intuit, and it is “one of the most well-known personal finance apps that provides your complete financial picture in one place.” Consumers can link their credit card accounts and debit card accounts to the app, and it keeps track of how the consumer is spending his or her money. In addition to this kind of tracking, the app also allows consumers to retain information about bills and their due dates, as well as a weekly or monthly budget. The app also allows consumers to send utility payments, to track their credit scores, and to get email reminders about any bills that need to be paid manually.
In addition, unlike other apps, Mint is available both on a consumer’s smartphone as well as on his or her computer.
You Need a Budget (YNAB): The Best Personal Finance App for Budgeting Your Money
This app is designed for consumers how need help to “gain control of [their] spending.” It allows consumers to make different budget categories, to see specific places where they spend their money, and to balance their budgets. In addition to keeping track of budgets, the app also is designed to help consumers “spot places that you can improve your spending.”
This app boasts that new users save as much as $600 in the first two months of use, and as much as $6,000 over the course of a year. In addition to YNAB, the article also recommends the app EveryDollar, which also tracks each and every dollar—hence the name of the app—that you spend.
Prism: The Best App for Managing Your Bill Payments
Do you have trouble keeping track of the bills you owe and making on-time payments? Prism is an app that “shows all your bills and financial accounts in a single app, giving you a complete picture of your finances.” The app tracks your bills for you and sends you reminders about due dates. Another benefit of the app is that the user can pay all of his or her bills directly through the app.
Seek Advice from a Bankruptcy Lawyer in Oak Park
If you are struggling with debt or have concerns about dealing with debt, an experienced Oak Park bankruptcy attorney can answer your questions. Contact the Emerson Law Firm to learn more about consumer bankruptcy or options for dealing with harmful debt collection practices.
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