Debt can be overwhelming, and, in some cases, debilitating. The key to managing this stress is getting a handle on your debt – it is crucial to your financial health to know exactly what you owe, even if you really do not want to know. I have been using three apps for some time now that help me to manage my debt. These apps help to alleviate some of the stress of being in debt and guide me toward financial freedom. Oh, and one of these apps even helps me save money by investing and rewards me for paying down my debt – mind blown! Below you will find my review of these apps. I have graded each on its ease of use, multifunctionality, and cost.

Disclaimer: I use an Android mobile device, I am not a licensed financial planner and I am not affiliated with any of the companies that develop these apps.

1. MoneyLion

Ease of use: A
Multifunctionality: A
Cost: A+

MoneyLion is one-of-a-kind: It is like NerdWallet and other personal finance apps combined, with great ease of use and a fantastic multifunctionality superpower. This app is free; however, there is an option to enroll as a member of MoneyLion Plus, which activates a guided investing feature and access to small, low-interest loans. This app provides a snapshot of your financial health which includes your assets, debts, and credit score. The app also offers daily personalized financial tips to help you improve the status of your financial health. I chose to enroll in the membership to help me save money for the future. Bonus: As a member, $1 is deposited into my MoneyLion Plus account each day that I log into the app. Double Bonus: Keeping your finances in good health earns you points that can be exchanged for gift cards from Amazon.com, Kohl’s, Domino’s, AMC Theatres, and more.

When searching for tools to help you manage your debt, remember that if it seems too good to be true, it probably is. Do your research before adding personal data and financial account information to any application. And finally, with apps that house personal data and connect to financial accounts, take extra precautions to protect yourself by enabling fingerprint login for added security.

2. NerdWallet

Ease of use: B
Multifunctionality: C+
Cost: A+

NerdWallet is a free app that tracks your spending, helps you monitor and build your credit score, and shows you how to better save your money. Spending is automatically categorized for you, but you are able to revise the category to more accurately represent how your money is being spent. Based on your financial status, NerdWallet shows you tips and offers that may help you further improve the status of your financial health. The app also allows you to set a variety of financial goals and monitors your progress of each goal.

3. Debt Payoff Planner

Ease of use: C
Multifunctionality: D-
Cost: A+

Debt Payoff Planner is a free app. There is an option to upgrade to PRO, but I do not think it is necessary. The app is basic and looks a bit dated, but it will help to give you a good idea of the status of your financial health. It takes a little leg work to enter in your debts (e.g., amount, interest rate, due date, etc.), but once you do, the app will suggest a debt payoff strategy and provide a payment plan that is optimized for your budget.