Dealing with debt

Sorting out long-term debt is easier than you may think

Debt is considered by some to be the scourge of society, and for many it is an issue that can feel impossible to resolve. It may feel overwhelming, but it is easier to deal with than you may think – all it needs is an app alongside some perseverance and willpower to achieve your goal of being debt free. In this case a little bit of knowledge, which many apps offer, will help you understand the negative aspects of your debt and the positive reasons to resolve the situation.

1 The debt detail

In an app such as Debt Manager you will need to enter each individual debt very precisely, so take your time.

2 A useful summary

Once the detail has been added you will see a summary. Pay attention to the pay off date. You can change this if needed.

3 Your current strategy

Tap ‘Strategy’ to see how your current repayment method is working. This is calculated using the minimum payment.

4 The snowball method

Tap ‘Snowball’ then input a monthly repayment amount. The pay off date and overall interest will instantly reduce.

5 Turn and view

Turn your iphone to landscape and you will see a full breakdown of how your future payments will affect the debt.

6 Extra advice

Advice is included throughout the app to help you understand how your debt builds up and how it can easily be reduced.