How To Pay Off Debt With The Tally App

It’s pretty common knowledge that just paying the minimum payments on your debt isn’t enough to get it done.  Other methodology has also suggested putting 15% of your income toward debt – not always a realistic option for many as things like rent and other living expenses continue to go up and up.  So what does that leave?  Enter Tally.

How to Get Out of Debt With Undebt.it

debt consolidation It is a challenging question that faces most of us. How to get out of debt? Should I explore debt consolidation? Many of you have probably heard of the debt pay down snowball method made famous by personal finance guru Dave Ramsey. If you haven't, the basic premise is that you make minimum payments on all your debts except for the smallest, and put as much money as you can on that debt. Once that debt is gone, you then take its payment and apply it to the next smallest debt. Rinse and repeat as you go through each one. The more you pay off, the more your freed-up money grows – which is – wait for it – like a snowball rolling down a hill. The additional thinking too is that by starting with the smallest debt, this will add up to quick wins, giving you additional momentum.

Granted, you could do all of this with pen and paper. However, with today's technological advances, what's the fun in that? Enter Undebt.it.What is Undebt.it?  And how can it be better than debt consolidation?

With debt consolidation, a lot of times, you're moving the same amount of debt from one place, to another.  It isn't really going anywhere.

With Undebt.it, you get a free mobile-friendly debt snowball management tool and payment planner. As a bonus, you can also keep track of your monthly bills. The program will generate an easy to follow payment plan to assist in eliminating your debt. You also have flexibility in which method you might want to choose. There is the previously mentioned Debt Snowball – which takes care of your lowest balance first. Then there is the Debt Avalanche which knocks down the highest interest rate debt first. Mathematically it would make more sense to tackle this one first, which you certainly can. Again though, you will feel progress knocking off the smallest ones first, and a better sense of achievement. Or you can even create your own custom plan. Pick which works best for you.

Website Features

  • Multiple debt payoff plans, including custom plans
  • "Debt Snowflake" additional/one-off payment support
  • Add unlimited debt accounts
  • Sortable & exportable payment history per debt account
  • Summary view with projected payoff date & total interest
  • No personal information or links to your banking accounts required
  • Responsive design works on all major web browsers, tablets and phones
  • Localized currency formats
  • SSL encryption (https) protects your information
  • Completely free to start

There is no doubt about the tremendous benefits of getting debt out of our lives both financially and psychologically. That said, I would highly recommend giving this product a try as I know it has helped us get a lot of ours in order. It is great to have the visual representations of your progress as well, on top of the freedom of picking what plan you would like. Certainly let me know if you should have any questions, and all the best on your financial journey!