Debt is very common nowadays. One can just easily accrue debt with the use of their credit cards and any other easy methods. While debt can sometimes be helpful to us, it is undeniable that, most often than not, debt puts people in a big financial mess.

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Many people drown in their debts simply because they do not know how to handle all of the debts they accrued. Fortunately, there are debt management companies that offer their service to help people manage their debt well. Do you want to know how to get rid of your debt in the most convenient manner? Keep reading this entire article and you will surely be amazed on how a debt consolidation company and how iOS applications can help you solve your financial problems.

The Wonder of Debt Consolidation

Debt consolidation is a common service offered by different companies these days. This is the process of joining all your debt together to make it much easier to repay. This is the most effective way to deal with your debts simply because it avoids you to have late payments, which can absolutely drastically increase the interest rate you need to pay to the company that lent you their money.

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While it cannot be argued that there are many financial institutions out there that offer debt consolidation services, it is best for you not to settle to just any debt consolidation company. Always choose the best to get the lowest interest rate and the best payment scheme. When looking for the best debt consolidation services, always consider the most important factors: cost, features, credit counseling and customer service. You can check the top ten reviews  to see what companies are the best when we talk about debt consolidation services.

iOS Applications: A Tool for Managing Debt

While it is true that the debt consolidation service is the top choice of most people when managing debt, there are still other tools and ways out there that one can use to deal with their debt. The modern technology has also contributed a lot to the financial industry. One of its contributions is that the modern technology has led us to iOS applications that can be used in organizing and managing all your debts.

Since many of us own an iPhone or an iPad, why not use these gadgets for the betterment of our lives? Why not use these technology products to help us deal with our problem? These gadgets can be the most effective tool that we can use in order to help us handle all our finances. Know the top five applications for iOS that are especially designed for debt management.

The Snowball Method: An Effective Debt Management Method

One thing that you should know about the iOS applications used for debt management is that most of these, if not all, are using the snowball method for the purpose of reducing debt in the most effective and most efficient way. The snowball method is the method that suggests you to focus on a single loan or any kind of debt while just making the required minimum payments on the person’s remaining debts. After the person finally completed paying the first debt, the amount of money allocated to pay for it will be directed to pay the second debt.

The Top Five iOS Applications for Dealing With Your Debt

If you have an iPhone or iPad, there is no doubt that you can download debt management application and use it to guide you in paying your debts. This kind of application might not be as popular as Nguyen’s Flappy Bird, but there is no doubt that this has so much more relevance than any other applications being offered these days. Here are the top five iOS applications for dealing with your debt:

1.)    Debt Free for iOS

Debt Free is one of the easiest applications for handling debt. This application can be used with an iPhone, iTouch or an iPad. Whatever kind of Apple product you choose to use, you can never doubt the user-friendliness of this application. This application uses the snowball method in terms of paying all your current debts.

To start using this application, you enter all the debts that you want to pay. After that, you have to pick what kind of strategy you want to use to eliminate all of your debts. The strategies that you can choose are the Highest Balance, Lowest Balance, Highest Interest Rate or just list the debts according to your will. This application will show you how each of the strategies stated will have an impact on your debt and interest.

2.)    Debt Free for iOS

Debt Free is one of the easiest applications for handling debt. This application can be used with an iPhone, iTouch or an iPad. Whatever kind of Apple product you choose to use, you can never doubt the user-friendliness of this application. This application uses the snowball method in terms of paying all your current debts.

To start using this application, you enter all the debts that you want to pay. After that, you have to pick what kind of strategy you want to use to eliminate all of your debts. The strategies that you can choose are the Highest Balance, Lowest Balance, Highest Interest Rate or just list the debts according to your will. This application will show you how each of the strategies stated will have an impact on your debt and interest.

3.)    Debt Strategy for iOS

This application is only compatible with iOS 3.0 or later. Any iOS that comes before the iOS 3.0 cannot install and use this application. The Debt Strategy is well-known for its “what if” analyses. This provides the user some professional-looking graphical reports that show how your debt is broken down by their remaining balance or by category.

This application permits the user to set up reminders so there won’t be any delayed payments. Remember that a delayed payment always result to an additional interest rate, which can put you in a much messier financial situation. This also allows you to override the currency if your home country if you need to.

4.)    Debt Strategy for iOS

This application is only compatible with iOS 3.0 or later. Any iOS that comes before the iOS 3.0 cannot install and use this application. The Debt Strategy is well-known for its “what if” analyses. This provides the user some professional-looking graphical reports that show how your debt is broken down by their remaining balance or by category.

This application permits the user to set up reminders so there won’t be any delayed payments. Remember that a delayed payment always result to an additional interest rate, which can put you in a much messier financial situation. This also allows you to override the currency if your home country if you need to.

5.)    Debt Strategy for iOS

This application is only compatible with iOS 3.0 or later. Any iOS that comes before the iOS 3.0 cannot install and use this application. The Debt Strategy is well-known for its “what if” analyses. This provides the user some professional-looking graphical reports that show how your debt is broken down by their remaining balance or by category.

This application permits the user to set up reminders so there won’t be any delayed payments. Remember that a delayed payment always result to an additional interest rate, which can put you in a much messier financial situation. This also allows you to override the currency if your home country if you need to.

There are still a lot of iOS applications available these days. You can also choose those applications that are not mentioned above. However, always remember that these applications are only designed to guide you in paying off your debts. Your finances won’t still get better if you keep on using these applications, but is not following the financial tips and financial methods offered by these applications. Always remember to have self-control when it comes to spending your money and paying off your debt. One false move and you can get your financial situation at a much worse situation.

Author Bio: This is a guest post by Kyle Greene. She is a blogger at TopTenReviews.com. A specialist writer in Technology related articles.