Editorial Policy

Great New Tools to Track Your Credit Cards

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By Eva Norlyk Smith, Ph.D.
July 2, 2010

With most adult Americans wielding 4-8 credit cards, keeping track of your credit cards and determining the best way to manage them can be time-consuming and outright daunting.

Fortunately, these days, where there’s a problem, there is an iPhone app to solve it. Consumers struggling with credit card debt might find a useful ally in DebtTracker Pro, a new iPhone app, which lets you not only view all your credit card data in one place, but provides tools to help better manage—and pay off—credit card debt as well.

The app’s simple interface allows cardholders to upload credit information from all their credit cards into a single, organized view. At a glance, cardholders can see what they owe on each card, what their credit limit is, when the due date for the next payment falls, past payment history, and more.

The coolest feature of Debtracker Pro is that the app enables users to choose among several debt payment strategies to calculate the most effective debt payoff plan, or customize their own. DebtTracker lets you see how each debt payment strategy measures up in terms of amount paid in credit card interest over the life of the loan as well as the time spent in paying off the credit card debt. Those looking to pay their debt off fast can add in an “extra payment” to see how much money they will save. The app also helps motivate users by showing the payment progress for each card in terms of what percentage of each credit card debt has been paid off.

Payment reminders help users send their payments in on time, and the app implements automatic due date adjustments to ensure that, if the calculated payment date falls on a weekend, the date will be adjusted to the Friday before.

The app also features a debt-to-credit ratio tool to help credit card users track their credit card utilization ratio, an important element used by credit bureaus to calculate credit scores.

DebtTracker Pro protects data with a pass code and delivers credit card debt information in the currency of your choice.