Debt Payoff Tools and Apps

The right tools can make debt payoff easier to track, plan, and execute. Here’s a guide to the best resources available.

Debt Tracking Apps

Debt Payoff Planner

Platform: iOS, Android

Features:

• Add multiple debts
• Snowball and avalanche calculators
• Visual payoff timeline
• Payment reminders
• Progress tracking

Cost: Free with in-app purchases

Best for: Simple, visual debt tracking

Undebt.it

Platform: Web-based

Features:

• Multiple payoff strategies
• Debt-free date calculator
• Payment history tracking
• “What if” scenarios
• Export data
• Account sync (paid)

Cost: Free basic, paid premium

Best for: Detailed planning and multiple strategies

Debt Free

Platform: iOS, Android

Features:

• Simple debt entry
• Payoff strategy comparison
• Progress visualization
• Payment scheduling
• Motivational milestones

Cost: Free with premium options

Best for: Straightforward tracking

ChangEd

Platform: iOS, Android (US-focused, limited India availability)

Features:

• Rounds up purchases
• Applies round-ups to debt
• Links to bank accounts
• Automatic payments

Cost: Monthly fee

Best for: Automated micro-payments

Budgeting Apps with Debt Features

YNAB (You Need A Budget)

Platform: Web, iOS, Android

Features:

• Zero-based budgeting
• Debt payoff tracking
• Goal setting
• Bank sync
• Educational resources

Cost: ₹6,500/year (approx.)

Best for: Comprehensive budgeting with debt focus

Goodbudget

Platform: Web, iOS, Android

Features:

• Envelope budgeting
• Debt tracking
• Sync across devices
• Reports and analysis

Cost: Free basic, ₹5,500/year premium

Best for: Envelope budget method users

Walnut (India-specific)

Platform: iOS, Android

Features:

• Automatic expense tracking
• SMS parsing for transactions
• Budget categories
• Bill reminders
• Bank balance tracking

Cost: Free

Best for: Indian users wanting automatic tracking

ET Money (India-specific)

Platform: iOS, Android

Features:

• Expense tracking
• Investment tracking
• Loan management
• Insurance tracking
• Tax planning

Cost: Free

Best for: All-in-one Indian finance app

Spreadsheet Templates

Why Spreadsheets Work

• Complete control
• Customizable
• No subscription fees
• Works offline
• Privacy (data stays with you)

Google Sheets Debt Tracker

Free template approach:

Formulas to include:

• PMT function for payoff calculation
• Sum of total debt
• Sum of monthly payments
• Progress percentage

Excel Templates

Microsoft offers free templates:

• Search “debt payoff” in Excel template gallery
• Includes amortization schedules
• Snowball/avalanche calculators

Custom Template Elements

Create your own with:

1. Debt list with details
2. Monthly payment tracker
3. Visual progress chart
4. Interest calculator
5. Debt-free countdown

Calculators

Online Debt Calculators

Bankrate Debt Payoff Calculator:

• Multiple debts
• Strategy comparison
• Extra payment scenarios
• Detailed amortization

Calculator.net:

• Loan payoff calculator
• Credit card payoff
• Debt consolidation calculator

NerdWallet Debt Calculator:

• Snowball vs avalanche
• Payoff timeline
• Interest savings

India-Specific Calculators

BankBazaar:

• EMI calculator
• Loan prepayment calculator
• Balance transfer savings

Economic Times:

• EMI calculators
• Loan comparison tools

Bank websites:

• HDFC, ICICI, SBI all have EMI calculators
• Prepayment calculators
• Loan comparison tools

What to Calculate

Automation Tools

Automatic Payments

Set up through:

• Bank auto-pay
• Creditor website
• Standing instructions

Benefits:

• Never miss payment
• Protects credit score
• Often gets interest rate discount
• One less thing to remember

Caution:

• Ensure sufficient balance
• Still monitor accounts
• Watch for errors

Round-Up Apps

Concept: Round up purchases to nearest ₹10 or ₹100, put difference toward debt.

How it works:

• Spend ₹83 → Rounds to ₹90
• ₹7 goes to debt payment
• Accumulates over time

Options:

• Some banks offer this feature
• Third-party apps (check availability)

Savings Automation

Even while paying debt:

• Auto-transfer small amount to savings
• Builds emergency fund slowly
• Prevents using debt for emergencies

Organization Tools

Document Storage

Store debt-related documents:

• Loan agreements
• Payment confirmations
• Communication with creditors
• Statements

Options:

• Google Drive
• Dropbox
• Dedicated folder on computer
• Physical file

Communication Tracking

Keep records of:

• Calls to creditors (date, person, outcome)
• Emails sent and received
• Payment arrangements
• Settlement offers

Why: Proof if disputes arise

Password Management

For all financial accounts:

• LastPass
• 1Password
• Bitwarden
• Built-in browser managers

Secure access to:

• Bank accounts
• Creditor portals
• Budgeting apps
• Investment accounts

Motivational Tools

Visual Progress Trackers

Printable options:

• Debt thermometer
• Coloring pages
• Milestone charts
• Countdown calendars

Where to find:

• Pinterest
• Financial blogs
• Create your own

Debt-Free Community

Reddit:

• r/personalfinance
• r/DaveRamsey
• r/povertyfinance
• r/debtfree

Facebook groups:

• Debt-free community
• Personal finance India
• Budgeting groups

Podcasts

Financial motivation:

• The Ramsey Show
• ChooseFI
• Paisa Vaisa (India)
• Money Peach

YouTube Channels

Debt payoff journeys:

• Graham Stephan
• Dave Ramsey
• Indian personal finance channels
• Debt-free transformation videos

India-Specific Tools

Credit Score Monitoring

Free CIBIL score:

• CIBIL website (once per year)
• BankBazaar
• Paytm
• Various bank apps

Why monitor:

• Track improvement
• Catch errors
• Detect fraud

Loan Comparison Sites

Compare rates:

• BankBazaar
• Paisabazaar
• MyLoanCare
• Deal4loans

Use for:

• Refinancing research
• Balance transfer options
• New loan comparison

Bank Apps

Most banks offer:

• EMI calculators
• Prepayment options
• Account management
• Statement downloads

Popular bank apps:

• YONO (SBI)
• iMobile (ICICI)
• PayZapp (HDFC)
• PhoneBanking apps

UPI Payment Apps

Use for:

• Easy debt payments
• Automatic scheduled payments
• Payment tracking
• Cashback on bill payments

Apps:

• Google Pay
• PhonePe
• Paytm
• BHIM

Building Your Toolkit

Essential Setup

Minimum tools needed:

1. One debt tracking method (app or spreadsheet)
2. Budget tracking (app or manual)
3. Calculator (for planning)
4. Automation (auto-pay where possible)

Optional Additions

• Visual tracker (motivation)
• Community (support)
• Document organization (records)
• Credit monitoring (progress)

Avoid Tool Overload

Common mistake: Downloading every app.

Better approach:

1. Try one tool
2. Use consistently for 2-4 weeks
3. Evaluate if it works for you
4. Adjust or try another
5. Stick with what works

Tool Comparison by Situation

Best for Simplicity

Best for Detail-Oriented

Best for Busy People

Best for Visual Learners

Getting Started

This Week

1. Choose one tracking method (app or spreadsheet)
2. Enter all debts with balances, rates, minimums
3. Run payoff calculation (snowball and avalanche)
4. Set up one automation (at least one auto-payment)

First Month

1. Track consistently — enter all payments
2. Review weekly — check progress
3. Adjust if needed — change tools if not working
4. Add motivation tool — visual tracker or community

Ongoing

1. Monthly review — update balances, celebrate progress
2. Quarterly evaluation — is this working?
3. Annual assessment — recalculate payoff date, adjust goals

Key Takeaways

1. Tools help but don’t replace action — the work is still yours
2. Simple often beats complex — use what you’ll actually use
3. Consistency matters most — regular tracking beats perfect systems
4. Automation prevents mistakes — set up auto-payments
5. Free tools work fine — don’t pay for what free offers
6. India-specific tools exist — use what’s designed for your context
7. Spreadsheets are powerful — complete control, no cost
8. Community provides motivation — connect with others
9. Start with one tool — avoid overwhelm
10. Adjust as needed — no tool is permanent

Next: Loan Refinancing Strategies — Getting better rates on existing debt.