HOW TO GET OUT OF DEBT FAST WITH THE HELP OF AI-POWERED APPS

Keywords: AI, Credit Card, Debt, Debt Payoff, Debt Payoff Planner, Mint, Qapital, Opportun, Tally
Are you struggling with credit card debt and other debts, and are considering paying them off but do not know where to start? Paying off credit card debt can be challenging, but with a well-structured plan and some helpful tools, you can make significant progress; In this video, we provide you a step-by-step guide on how to pay off your debt with the help of AI-powered Apps such as a) Mint, b) Qapital, c) Opportun, d) Debt Payoff Planner, and d) Tally.
Step 1: Assess Your Situation: Know how much debt you have and what interest rate you are paying on each debt; This will help you create a plan to pay off your debt; To do this, you need to: a) List all Debt: Make a comprehensive list of all your credit card and other debts, including balances, interest rates, and minimum payments; b) Analyze Your Finances: Understand your income, expenses, and available funds for debt repayment.
c) Make a budget: Track your income and expenses so you know where your money is going each month; This will help you find areas where you can cut back on spending in order to put more money towards your debt; As part of your budgeting strategy, Spend Less, Earn More and Budget Wisely: Ensure that you 1) Create a budget that allocates more funds toward debt .
repayment; 2) Cut Unnecessary Expenses by Identifying areas where you can reduce spending ( for example, eating out, entertainment, etc); and 3) Increase Income: Explore side gigs, freelance work, or other ways to boost your income.
Mint is one of the best debt payoff AI-powered apps for money management that allows you to track your spending, create a budget, and monitor your credit score.
Step 2: Create a Payoff Plan and Set Clear Goals: Based on your budget created in step 1), Decide how much extra you can afford to put towards your debt each month; Then, create a plan to pay off your debt; That is, You need to create a payment plan and define specific debt payoff goals.
Step 2: Create a Payoff Plan and Set Clear Goals: Based on your budget created in step 1), Decide how much extra you can afford to put towards your debt each month; Then, create a plan to pay off your debt; That is, You need to create a payment plan and define specific debt payoff goals; For example, you need to a) decide to pay off a certain amount by a particular date; and b) break down your goals into smaller milestones to stay motivated.
Qapital is a very good AI-powered automated debt payoff app that offers a range of features that can help you with every aspect of your finances, including a useful round-up tool; You can have Qapital round up your purchases by an amount of your choosing, and it will save that money towards your goal.
Step 3: Choose a Payment Strategy: The payment strategy options from which you may choose to pay off your debt include: a) Pay More Than Minimums: Credit card issuers often require a minimum payment (usually around 2% of the balance); However, paying only the minimum prolongs the debt and increases interest costs.
Oportun (formerly Digit): is one of the best AI-powered debt payoff apps for personalized debt payments; The app analyzes your spending habits and automatically transfers small amounts of money from your checking account to your savings account
b) Debt Snowball: With this payment strategy, you pay off your balances from the smallest debt to the largest debt; Prioritize debts by amount; Start by paying off the smallest balance first, then roll over the payment to the next smallest debt. c) Debt Avalanche: With this payment strategy, you pay off your credit card or debt balances from the highest interest rate to the lowest interest rates.
Debt Payoff Planner is a great overall AI-powered debt Payoff App that can help with the above-mentioned payment strategies; This app lets you add your debts and has several loan categories, including auto loans, personal loans, and credit cards.
d) Debt Consolidation: If you have multiple credit card balances or different types of debt, this strategy enables you to combine them into one installment loan; With a debt consolidation loan, You only have to worry about one payment instead of making several monthly payments on credit cards and other loans; Additionally, you get a fixed interest rate so you will not end up paying more in interest due to economic conditions that can make interest rates go up; Some personal loans come with upfront.
Tally is an example of an AI-powered App that is good for credit card debt consolidation: This app helps you manage your credit card debt by consolidating all your credit card balances into one payment.
Step 4: Negotiate Lower Rates: To negotiate your rate, you must a) Contact your credit card companies and ask for lower interest rates; b) Consider transferring balances to a card with a lower interest rate (balance transfer).