Best Debt Repayment Apps for New Zealanders - The Definitive Guide
Our guide lists trusted and effective debt repayment apps for New Zealanders, including Payoff Planner, Debt Eliminator, Undebt.it and Debt Free to help get debts repaid.
Updated 22 October 2023
Introduction - Why We've Published This Guide:
Know This First: Given the amount of consumer debt globally, we're disappointed that few debt repayment apps are available. We believe Debt Payoff Planner is, arguably, the best of a limited selection given the ease-of-use, features and intuitive feel.
- Debt - it's a word many of us dread, yet it remains an undeniable reality for countless New Zealanders stuck with big balances. It's depressing and we want to help anyone escape this financial drag.
- Personal debt is easy to get into and difficult to repay. And, given the interest rates and cost of living, managing debt can feel overwhelming and often fall to the last priority, making repayments harder to achieve.
- However, there is hope - many New Zealanders successfully repay their consumer debts by committing to an action plan and making repayment after repayment.
- To help make the process easier, debt repayment apps empower you to reclaim your financial freedom. They focus on understanding your debts and structuring repayments.
- Such apps provide a detailed roadmap for managing debt. It takes minimal setup time - you'll just enter in essential information like the owed amount, interest rates, and monthly repayments and the app does its work devising repayment plans.
- Whether you're looking for tailored repayment plans, reminders, or strategies tailored to your debts, our guide lists debt repayment apps that cater to every need. Best of all, most of the apps are free.
- We list trusted debt repayment apps suitable for Kiwis, along with their features, pricing and links to download them on Google and Apple.
Know This First: Given the amount of consumer debt globally, we're disappointed that few debt repayment apps are available. We believe Debt Payoff Planner is, arguably, the best of a limited selection given the ease-of-use, features and intuitive feel.
Our Trusted Debt Repayment Apps for Everyday New Zealanders
Our best apps include:
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Debt Payoff Planner
How it works:
Pros:
Cons:
Our view:
Cost:
Website: Debt Payoff Planner (available on the Apple App Store or Google Play) |
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Undebt.it
How it works:
Pros:
Cons:
Our view:
Cost:
Website: undebt.it |
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unbury.me
How it works:
Pros:
Cons:
Our view: unbury.me is a valuable tool for those aiming to demystify their debt. The act of manual entry, while seen as a limitation by some, can instil a sense of accountability and purpose, leading to a more intentional repayment journey. Cost:
Website: unbury.me (Accessible using web browsers only) |
Frequently Asked Questions
Are debt repayment apps usually free?
Yes, but some offer premium features that come with a cost. The premium apps typically charge a monthly subscription fee, with most being reasonably priced around NZ$5 or less per month.
How can debt repayment apps assist in managing their debts?
While the apps are developed in America, they cater to New Zealanders in various ways. Primarily, they facilitate organising and visualising debt. This helps identify the total debt amount, determine which debt to prioritise and create an efficient repayment plan. They offer an update-as-you-go experience which encourages you to get debt-free, payment after payment.
Why are debt repayment apps becoming popular in New Zealand?
The apps have gained traction in New Zealand due to the increasing need to manage personal finances more efficiently. With rising costs and many juggling multiple debts alongside a higher OCR and an average economy, debt repayment apps are single-focus and provide a straightforward way to visualise, strategise, and tackle debts head-on.
Can debt repayment apps help save on interest?
Yes - many debt repayment apps feature calculators and strategies, such as the avalanche or snowball method, that can help users minimise interest payments. Anyone following the app's recommended payment strategy can save thousands in interest over time.
Is there any local support for these apps in New Zealand?
No - the apps listed here are foreign-based. Only some budgeting apps have local support.
Debt Repayment Apps for the Neurodivergent
A MoneyHub user got in touch and asked for help:
"Can you further expand within the debt repayment apps review to encompass apps suitable for the neurodivergent who have trouble managing money. Impulsive gratification, compensatory shame, etc, in terms of ADHD, or inability with numbers, such as those with dyscalculia, are real issues. As such, a small portion of the population may have cognitive dysfunction issues affecting money management".
Our take:
Our response:
We take a closer look at how debt repayment apps can cater to the neurodivergent:
Grief and Financial Decision Making - What You Need to Know:
Our conclusion: We believe Debt Payoff Planner, the leading debt repayment app, is the most suitable for various user types given the features, support and wide user base. However, every user's needs is unique and it may not be for everyone. Overall, we take the view that the debt repayment app market is underserviced - while many budgeting apps are available, getting an app dedicated to a single focus - debt repayment - remains limited outside the apps we've outlined in this guide.
"Can you further expand within the debt repayment apps review to encompass apps suitable for the neurodivergent who have trouble managing money. Impulsive gratification, compensatory shame, etc, in terms of ADHD, or inability with numbers, such as those with dyscalculia, are real issues. As such, a small portion of the population may have cognitive dysfunction issues affecting money management".
Our take:
- Consumerism is a national issue, often explained by access to too much debt (e.g. credit cards). However, that's the only reason. With international estimates suggesting around 15% to 20% of the population are neurodivergent, there may be more at play than a desire to 'have it now' and 'pay for it later'.
Our response:
- Financial management can be a challenge for many, but for those who are neurodivergent, unique obstacles can make the journey even more complex.
- Conditions such as ADHD and dyscalculia can affect one's ability to manage money, plan for the future, and maintain consistent financial habits.
- For this reason, it's crucial for the tools we use to manage debt repayment to be inclusive and understanding of these needs.
We take a closer look at how debt repayment apps can cater to the neurodivergent:
- User-Friendly Interface: This is a key aspect for individuals who might struggle with complex layouts or overwhelming information. Simple, intuitive designs can make all the difference.
- Visual Progress Trackers: For those who find numbers challenging or overwhelming, visual aids like graphs, progress bars, or even animations can make the process more engaging and less daunting. A visual representation of debt reduction can offer the same dopamine hit as spending for some, turning the tide on impulse purchases.
- Motivational Feedback Loop: Implementing rewards, like the joy of adding payments and seeing the debt reduce, can offer a motivational boost. This can be particularly beneficial for individuals with ADHD, replacing the impulsive gratification from spending with a reward system for saving or paying off debt.
- Flexible Planning: Apps should allow users to play with numbers easily. For instance, seeing the impact of paying an extra $10 a week can be illuminating and motivating. This sort of flexible planning helps users understand the long-term impact of small decisions.
- Educational Resources: Including simple, bite-sized educational content tailored for those who might struggle with traditional financial literature can be a game-changer. Animated videos, infographics, or quizzes can make learning more engaging and accessible.
- Customisable Alerts and Reminders: To aid those with memory or attention challenges, apps should offer customisable reminders. Gentle nudges about upcoming bills, payment due dates, or even regular check-ins can ensure consistent financial habits.
- Supportive Community: Creating a space where users can share their experiences, challenges, and victories can provide emotional support and understanding. Knowing they're not alone can be a strong motivator.
Grief and Financial Decision Making - What You Need to Know:
- While the focus above has been on the challenges faced by the neurodivergent community, it's essential to highlight another group that can experience cognitive challenges affecting financial decision-making: those who are grieving the loss of a loved one.
- Grief can be an overwhelming emotional process and can profoundly impact cognitive function. Research, such as the study found at NCBI, indicates that individuals experiencing grief can encounter 'brain fog' or cognitive dissonance.
- The state of grief can lead to financial decisions you might not typically consider, especially during such a vulnerable period - and the consequences can be long-lasting if debt is created.
Our conclusion: We believe Debt Payoff Planner, the leading debt repayment app, is the most suitable for various user types given the features, support and wide user base. However, every user's needs is unique and it may not be for everyone. Overall, we take the view that the debt repayment app market is underserviced - while many budgeting apps are available, getting an app dedicated to a single focus - debt repayment - remains limited outside the apps we've outlined in this guide.
Best Debt Repayment Apps - Our View
- Debt repayment apps have never been more relevant and easy to access - Debt Payoff Planner, undebt.it and unbury.me empower users by offering them detailed insights, structured plans, and effective strategies.
- However, while these tools provide significant aid, an app is only as effective as the commitment behind its use. An app can provide the roadmap, but the journey towards a debt-free life rests on an individual's perseverance, adaptability, and determination.
- While we'd like to see a dedicated, localised, and innovative debt repayment app catering to New Zealanders, the apps highlighted in this guide offer a solid foundation for anyone ready to tackle their debt head-on.
