Personal Finance iPhone Apps To Avoid Debt Problems

The increase in the use of credit cards in the 1970s has made being able to buy products and services without having the cash to pay for them the norm.

However, the dramatic increase in interest rates after the 2008 credit crunch has left many people struggling with debt.

Using an app on your iPhone to keep track of bills and income and outgoings can really help you face up to managing debt – and make a start of controlling those debts.

Here are some of the best iPhone apps to keep debt at bay.

Mint.com

Mint is one of the most popular providers of personal finance services and its iPhone app is widely used by Smartphone owners to help them keep track of their money. The app lets you connect securely to your current account and you can also enter manually payments due to go out or being processed, giving you more control over how your manage your account. Once you have allocated budgets for various areas of your finances (eg utilities, food, etc), you can check and see how much you have spent and how your budgeting is going.

Debt Minder

If you are already in debt and struggling to pay credit cards, keeping track of payments is crucial in order to avoid late payment fees and being in arrears. The Debt Minder iPhone app can log how well you are doing with paying back major purchases like a car or house, for example – and you can also use the graphics to compile charts and graphs to give you an overall view of the pattern of your debt management.

Expensify

If you are on the road or have to spend time calculating business expenses and collating receipts, Expensify will do all the hard work for you. The app collates info about your bank accounts and credit cards – and also offers handy features like compiling expenses and purchases into a PDF, or being able to send receipts as an image file using the iPhone digital camera.

iTrade

The stock market has meant the ruin of many a pension fund in recent years, so if your finances depend on the market, download the free iTrade app – which is actually a virtual game – and learn how to play the market yourself. The app functions exactly like the real Stock Market but without the risk – and you can build a virtual portfolio and practise trading. The app only works during Stock Market trading hours – best not ring a bell in the office every afternoon when you have done trading for the day, though.

PayPal

If you have a habit of frittering away cash using a whole range of credit cards, download the PayPal app and confine your online spending to using PayPal. There are fees for using PayPal, but your financial details are kept safe online if you fund your purchases by credit cards. All your online payments will also be logged in one place with PayPal, so you can see exactly where you are spending your hard-earned money.

EasyBooks

EasyBooks is a free app which is suitable for anyone who has to draw up income and outgoings accounts or balance sheets. The apps suits SMEs, workers who are mobile or work in the field, sole traders like tradesmen SOHO businesses or anyone who is self employed. The app is less complex than Sage and you can update your accounts and expenses on the move with this basic package to make sure you do not overspend or forget to log an expense.

Business Debt Recovery Solicitors can help you get the money that is owed to you. 

Photo By Tony Buser On Flickr License By  http://creativecommons.org/licenses/by-sa/2.0/deed.en