If you are struggling to repay your debts, you may be looking for ways to reduce the amount of money you owe.
In this blog post, we will discuss how technology can help you recover your debts and get back on track financially. We will cover a range of topics, including credit reporting, tools to automate payments and apps that can help you keep track of your spending.
So, if you’re looking for a comprehensive guide to resolving your debts using technology, read on!
Use Personal Finance Sites
When it comes to debt, credit and money, knowledge is power, so use online resources to improve your financial literacy.
If you want to learn how to get out of debt and make better financial decisions, you can learn more here.
Review Your Credit Report
If you’re looking to reduce your debt, the first step is understanding how serious your debts are. Are they in good standing, or are they delinquent?
To get an overall snapshot of your financial situation, you will want to access your credit report.
Your credit report lets you see all the debts you owe and how they affect your credit. You can also determine if you have missed payments, debts in collections, or judgements against you.
Use your credit report to work out what you need to do to resolve your debts and improve your credit score (included in your report). Your credit score will increase when you make payments on time and reduce your balances.
Use a Budgeting App
Budgeting apps are sophisticated, easy-to-use tools that help budget your money and offer tips on how you can lower your monthly spending. Simply link your bank account and credit cards to understand your finances better.
Some popular examples include:
- Mint – a popular free personal finance app.
- You Need A Budget (YNAB) – a simple budgeting app.
- Cleo – an AI chatbot that monitors your spending and helps you save money.
By doing so, you can save money, which can be put towards paying your debts.
Use a Roundup App
You may not have heard of a roundup app, but it can help save money as you spend.
It’s a tool that will round up transactions to the nearest dollar and automatically send the spare change to your savings account.
Many banks now offer this feature directly from your banking app.
Pay Your Bills Online
If you have a busy lifestyle, you may be able to use technology to make the process easier. Many creditors now offer access to your account online. This means you can log into your account and make a payment without picking up the phone or visiting a branch.
Making payments online can be a great way to stay on top of your repayments.
Set Up Automatic Payments
You can usually set up automatic payments, so you don’t have to remember to make a payment each month. And if you’re ever in a position where you can’t make a payment, you can usually arrange a payment plan online too.
Take Advantage of Real-Time Alerts
You can now use banking alerts to see money going in and out of your account or when your balance drops below a certain amount. This way, you can always be sure that you are on track with your debt repayments.
Alerts make it easier to stay on top of your finances and ensure you pay off your debt on time.
Utilizing technology can help you manage your debts. You can make the process easier and more efficient by automating tasks, using online tools, and taking advantage of money apps.
And if you decide to use a debt recovery program, explore all your options to ensure it’s right for you.