Technology is moving at a phenomenal speed and it is making such quick progress that it becomes really difficult to keep up with its advancing pace. Technological advancements could make your life far more secure and easier. With the active proliferation of payday loans, peer lending, and even crowd-funding sources, today borrowers have a plethora of options for obtaining credit. More and more people are also unable to pay off the debts and as such are neck-deep in overpowering and ever-mounting debts.
As per the recent survey findings, it was revealed that more than 50 percent of the bankers believe that clients are more likely to utilize alternative credit sources. So banks could no longer carry on being complacent. They need to take proactive steps for improving their customer service so that they could be maximizing customer retention especially in terms of collections.
People who do not have the expertise or the aptitude for managing their finances accurately would be finding it difficult to maintain an organized financial life and a robust or healthy bank balance. Financial institutions and banks are introducing financial management and mobile technology tools for helping people to stay on the right track and efficiently manage both debts, and spending. You have plenty of debt payoff planning apps and tools to choose from to lead a financially more secure life.
Free Credit Reports and Scores
Before initiating any debt payoff plan, you would find it useful to actually have a baseline so that from there, you could easily track your progress. The very first proactive step toward managing your finances and debts is to know full balance details of your existing accounts that are actually reported in your credit profile.
The government would be requiring all three of your major credit bureau reports from Experian, Equifax, and even TransUnion. All these credit bureaus would be publishing a credit report for you once every year for free. You could request these credit bureaus for your credit report via AnnualCreditReport.com. Moreover, you could request for any additional credit reports for free via CreditWise and also, credit websites like Credit Sesame and Credit Karma.
You could have access to free credit scores from several of these services. You could obtain your free credit score via several credit card issuers like Barclays and Discover. As you go on eliminating your debts, your credit score most likely would be going up and that gives you the encouragement and motivation to firmly stick to your present debt payoff plan. You may get in touch with reputed firms such as Nationaldebtreliefprograms.com for learning more about debt solutions.
Tally takes repayment efforts to a whole new level of convenience. You fill in your card details on the platform and let it go on autopilot; it will determine the best repayment schedule and make all payments automatically. The basic service of a single monthly payment to cover all cards is offered for free. Additionally, Tally offers a line of credit at 7.9-19.9% interest to qualified users. This line of credit can be used to pay off high-interest rate credit cards, after which the monthly minimum for it is rolled into the monthly statement. It is only available in 28 states in the USA and only users with a credit score of 660 or more are qualified to use it. You must also know that there is a risk involved if you max out their line of credit while also running up a balance on your credit cards.
LoanBuddy is pitched as the perfect repayment solution for student loans to financial professionals. They have a full-fledged federal repayment calculator that can be modified with case-specific data. It will then show all the information from the National Student Loan Data System in an organized manner along with your options and the costs they incur. This service offers a one-month free trial followed by around $60 per month for financial planners to offer their clients. You should check if your advisor has a subscription to the same.
As per research, “Excel-based debt reduction calculators allow you to create your debt reduction plan on your computer using Microsoft Excel. You can choose from a few different calculators depending on your overall goals.” This brilliant Debt Reduction Calculator’s spreadsheet would be effectively creating a debt payoff strategy based on the standard debt snowball technique and also, the Credit Repair Spreadsheet would be focusing on paying off all your debts in such a systematic manner that boosts your credit score while you are paying off one debt after another.
PayForEd is supposed to be a brilliant debt payoff tool meant particularly, for individuals with student loans. The website would be offering effective solutions for those people who are planning to start their college education, those who are already in college and also, graduates who are in the process of paying off their debt. PayForEd is quite a popular tool since it effectively breaks down the entire college education cost into precisely what a student could expect to pay during the years or months that follow post the completion of graduation.
In this context, you must know that students with loans could be tracking their debt, comparing repayment plans and identifying possible refinancing or even debt forgiveness programs. We know that PayForEd would be providing valuable educational videos for assisting families in understanding student loan topics more clearly.
Nothing could beat Unbury.me in terms of simplicity. The website does not promise any frills and offers a streamlined interface. Anybody could avail the services of Unbury.me for creating a robust debt payoff plan. Moreover, you do not require to login or even create an account. This may not be the most powerful tool but it does its best by comparing at least two distinct approaches of paying off your debts. However, it is extremely easy and user-friendly and easily navigable by the users. Unbury. I come free of cost.
You need to have a good FICO credit score if you wish to qualify for some of these services. There are some additional eligibility requirements too in many cases. However, most of these debt payoff apps or tools indulge in a really soft credit check for determining your eligibility.