Published on September 17th, 2009 | by Kyith1
Pay Off Debt:Tracking your debt repayment goals on iPhone
Here is a niche app that is suppose to track your total debts and check them off. Very useful for showing you how much debt you have left to freedom.
Really a goal seeking app and not for everyone. I will buy this if i am having loans to service since it tells me i am paying it off and whether i am taking on too much loan.
Pay Off Debt is a simple app that allows you to enter all off your debts and then helps you to decide the most effective way to pay them off. You can choose to pay the smallest balance first (aka The Debt Snowball method), the highest interest first, or a custom repayment plan. This last option is the most innovative, as it allows you to track your Debt Tsunami . For many of us, a custom approach like the Debt Tsunami allows the ideal balance of accelerated repayment and emotional factors.
Using the App
The app settings are very straightforward. You can use the default currency and language and skip the email address setting to get started. The first thing to do is add your debts.
To add debts, you simply fill in a simple form by naming the debt, choosing the debt type (Credit Card, Car Loan, Mortgage/HELOC, Student Loan, or Generic Debt), add the amount owed, the current balance, the interest rate, day of the month the payment is due, minimum payment amount, and payment frequency. For my evaluation, I added four different debts with various outstanding balances, interest rates, etc.
The app then shows the progress you’ve made on each of your debts and reports when each, and all, of your debt will be paid off using the chosen repayment method. From the main Debt screen, you can also record individual payments or all payments.
When you choose to Configure Snowball from the setting menu, you be able to set the additional amount you plan to apply towards debt (in addition to minimum payments) and how you want debts sorted. This is where you can choose between lowest balance (Debt Snowball), highest interest (traditional repayment), or custom (Debt Tsunami). The first two options will sort your debts automatically, where the custom option allows you to drag your debts into whatever order you prefer. With each new sorting, the new estimated payoff date will be given.
The final feature of Pay Off Debt is the ability to email yourself (or someone else) a report. The app reminds you that emailing info is not secure, so you should ensure that you didn’t use account numbers (or other sensitive info) to name your accounts. The email you receive looks very similar to what you see when using the app itself. Here’s an example clip from an email report: