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Tech Tools That You Can Use In 2019 to Manage Debt and Improve Your Credit Score

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Typically, most people try to pay only the minimum balances to keep the debt collectors at bay, however, sooner or later, the debt burden becomes so huge that you may end up missing a payment or two, then let things slide further beyond control and not unsurprisingly, you may be facing bankruptcy. Getting back on track by changing your lifestyle, saving more, undertaking debt consolidation or settlement requires loads of discipline and commitment but it can be done. However, according to https://www.thebalance.com, what you will be left with for quite some time is a ruined credit score that will make access to credit in the future far more difficult and expensive unless you take concrete steps to improve it and rebuild trust. Obtaining a secured credit card, paying bills on schedule, repaying debts aggressively, and keeping your debt utilization ratio low to improve your credit score is par for the course, however, you can make the job easier with some smartphone apps and computer tools. A look at some of the top tech tools available for repairing your credit score:

Self Lender

If your track record in managing debt is so bad that it is impossible for you to qualify for a new credit card or a personal loan and you need to rebuild your credit right from scratch, it may be worthwhile to consider taking on a credit builder loan from Self Lender. As the name suggests, it is a loan that you take for the express purpose of repairing your credit and not for the money. The borrowed amount is held in the form of a Certificate of Deposit and you can’t withdraw it for any reason till the end of the period, typically 12-24 months. You need to make the monthly repayments on time just as if you had actually received the money and your loan repayments are reported to all the three credit bureaus, Experian, TransUnion, and Equifax. If you don’t default on the monthly payments, your credit score automatically receives a boost and on the completion of the period, you get the money in your hands so in effect it works as if it were a locked in savings account. You need to pay interest on the loan amount in addition to a nominal administrative fee. Typically, for a loan of $1000 for 12 months, your monthly repayment is $89. The interest expense comes to $68, which, when added to the $12 fee amounts to a total cost of $80.

Credit Karma

When you are pretty sure that you have dented your credit score by failing to repay your debts and want to undo the damage, you need to first know what your current credit score is.Read up on debt consolidation reviews to know how exactly your credit score gets negatively impacted. You can, of course, apply for a free credit report annually from each of the three bureaus, however, remembering to do it can be a pain and you can spend a lot of money subscribing to the services. Alternatively, you can sign up for free on Credit Karma that allows you to check your credit score whenever you desire, and additionally have the convenience of seeing all your debts listed in one place and be able to monitor each and every hard inquiry on your credit report. Credit Karma also makes available the reasons why your credit score has decreased or improved and also tips on how to fix problems that have a negative impact on your credit score. Very usefully, you can subscribe to an alert that warns you if a new account has been opened in your name so that you are aware of instances of identity theft that are increasingly becoming common.


It is a well-known fact that credit cards are so popular simply because they are very easily accessible and easy to use for just about any need that you may have. The fact that you don’t need to have cash in the bank to support your credit card expenses and that you are allowed to pay just a small fraction of the dues every month are temptations that are very hard to resist. Even after knowing the dangers of credit card use, people keep on using them freely is because of the addiction to free spending. If you are aware of the problem that credit cards present, yet would not like to carry around large amounts of cash, Debitize is just the app for you. The app is linked to your bank account and every time you run up an expense on your credit card, the amount gets debited from your account and held in a separate account. The accumulated funds are used to pay off the credit card statement on the due date. This arrangement ensures that your debt does not mount while giving you the facility to earn reward points with the credit card. By ensuring that your credit utilization ratio is kept to zero, you can significantly improve your credit score in due course. That the service is free is yet another reason for signing up.


YNAB (You Need a Budget) is a very handy budgeting app that you can use to reduce your debt, build wealth, and also improve your credit score. You get wide-ranging budgeting software as well as a host of monitoring tools with which, you can stay on top of your bills and manage your expenses better. With proper use, you can be more selective about your spending and make more savings with which to accelerate your debt repayments. With the debt being reduced, your credit score will invariably witness an improvement. You get a free trial for 34 days after which the monthly charges of $6.99 will apply.


Managing debt and undoing the damage on your credit score is not an easy task by any means. You will need to consider ways of increasing your income while cutting down drastically on your lifestyle expenses so that you can generate larger savings with which to repay the accumulated debt. Using the tech tools can make the task easier and less frustrating because you will be constantly updated on your debt position and your improving credit score.


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