Pay Off Debt – Easily Implement a Snowball

Available In: App Store       Price: $2.99  

Pay Off Debt Pay Off Debt is a debt application that helps you to pay off your debts quicker by giving you the option to implement a snowball.

The application allows you to enter information about all of your current debt such as; Name, Type of Debt (Credit Card, Car Loan, Generic Debt, Mortgage/HELOC and Student Loan), Amount Owed (this is the original amount of the debt), Current Balance (what you have left to pay of the debt), Interest Rate (APR), Due Date (due date of the month payment) and the Minimum Monthly Payment.

What I like about that application is that it is quick and easy to enter your debt info… a very user-friendly interface. If you have a lot of debt, it could seem like a daunting task but, it really only takes a few minutes as long as you have the info handy.

Once you enter a debt you are able to see the starting debt amount, the current balance, an estimate of how long until the debt is paid off (ex. 1 year 6 months), a little “graph” of what percentage of the debt is paid off and the ability to record a payment for that debt. The record a payment option is nice. If selected, it will automatically deduct the amount you entered as the minimum monthly payment from the amount and reconfigure all the info.

The app also displays your total starting debt (all your debts combine), what percentage of your total debt you have paid off and the date you will be completely debt free.

In the Settings, you can configure a snowball. A snowball is a “method of debt repayment is a form of debt management that is most often applied to repaying revolving credit — such as credit cards. Under the method, extra cash is dedicated to paying debts with the smallest amount owed.” Basically, you put all your debts in order (usually lowest to highest amounts owed), you pay the minimum balance on each debt every month and then you put some additional money toward the lowest debt. Once that one is payed off, you move onto paying extra toward the next lowest debt until they are all paid off.

Pay Off Debt allows you to configure how much extra you would like to pay toward the first loan on your list. The app allows you to arrange your list by; Highest Interest Rate, Lowest Balance (typical snowball option) or a custom order. You can then enter the amount you would like to pay extra and it will configure it into the debt. For example lets say you want to pay $100 extra a month. It will add $100 a month toward the debts, in the order to put them in, until they are all paid off.

If you have the Snowball option turned on, when you record a payment on the first loan in your list, it will include the extra amount you entered into your snowball (it will only do this for the first loan on your list… the rest will just record the minimum payment).

I did find one glitch in the snowball setting. If you change the “Additional Amount” you have to turn the snowball option off and then back on for it to reflect the new amount entered.

The application has a few very nice settings including the ability to email your debt info, the ability to choose a Currency (Dollars, Euros, Pounds, Yen or Custom), the ability to choose a Language (English, Spanish and French) and the ability to password protect the app.

Overall, a great application. I found it very interested to see all my debt in a nice structured manner. I liked that I could quickly see how long I had until each debt was paid off, the percentage I have currently paid toward my debt and my total debt. I also liked to see how changing the snowball amount affected my debt (you’d be amazed at what a little extra each month will do!!).

Pay Off Debt

ScreenShots:

Demo Video:

App Store Description:

– Pay off debts in the order of your choice: lowest balance to highest balance, highest interest rate to lowest interest rate, or in any custom order selected by you.

– View graphs of your progress on each debt to help motivate and encourage you, plus a graph of your overall progress.

– See estimated time left to pay off each individual debt.

– View the “planned debt-free date” on the Debts screen as an estimate of when all of the debts listed will be repaid. This date will change based on what is input in the Additional Amount field in Configure Snowball.

– Email the snowball information (list of debts, starting debt amount, current balance, minimum payment amount, due date, and progress made) to up to four different email addresses.

– Add, edit and remove all types of debts. Graphics for credit card, car loan, mortgage/HELOC, student loan, and generic debt help to visually differentiate the types of debts.

– The Debts screen allows you to record the payments you have made by pressing Record Payment for individual debts or by pressing Record All Payments to record all of the payments at once.

– The Configure Snowball screen allows you to set the additional amount that you have available to put toward the first debt in your snowball.

– Pressing the Record Payment button on the first debt in your snowball will also automatically record the additional amount you entered on the Configure Snowball screen.

– Current balance is automatically estimated based on information input by you. (However, please note that this is ONLY an estimate. To keep exact records, consult your statements and enter the actual current balance manually on the Edit Debts screen.)

– Allows you to select English, French or Spanish and four different currency types (Dollars, Euros, Pounds and Yen.) You can also enter your own custom currency.

What’s new
– Ability to password protect the app if desired.

– Ability to change the password to something else or to turn the password off if it has been set.

– Ability to turn off the snowball if you’d like to see how much time it would take to pay off each debt by just paying minimum payments.

– Modified the way estimated time left is calculated for each debt in the list so that it takes into account the effects of the snowball.

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