For fans of Dave Ramsey’s methods of getting rid of debt, this app is the perfect way to stay organized and in control of your finances.
The aptly named Pay Off Debt, developed by Parallel Focus, was designed with the debt snowball method in mind to help users effectively reduce debt. This app is simple to use, with a clean and straight-forward interface.
Pay Off Debt opens in the Settings menu, where you can change the currency (dollars, euros, pounds, yen, and a custom option are available), the language (English, Spanish, and French), and enter as many as four email address to send your information to.
Adding debts is simple. Choose Add Debt from the Settings screen and enter the name. Select the type of debt – credit card, car loan, generic debt, mortgage/HELOC, or student loan. Enter the amount owed and your current balance, along with the interest rate (APR), due date, and minimum monthly payments. Dollar and percentage signs are added automatically, just enter the numbers.
To activate the snowball method, just tap “Configure Snowball”. You can also set a password for extra privacy.
For each payment, use the keyboard to enter the additional amount you want to pay along with the minimum amount due. When you’re finished, tap Done, then Sort Debts. You can have the app sort your debts by the lowest balance, the highest interest rate, or in a custom order you design yourself (just drag the debts into the order of your choosing).
After making a payment, record the payment with Pay Off Debt, and the app automatically estimates your current balances. (You can edit and update to reflect the exact current balance if you wish.)
Once the initial work of entering your debt is complete, Pay Off Debt becomes a great motivational tool. When you view the debts all together, the icons next to each help you differentiate the different types (credit, mortgage rates, etc.) at a glance. Underneath each is a bar graph tracking your progress, and at the top another graph tracks your overall debt management.
For more goal-oriented people, the planned debt-free date shows you just how close you are to being debt-free! The date fluctuates in coordination with each payment you make.
Anyone serious about paying off a hefty amount of debt knows that organization is necessary. Pay Off Debt puts all those Excel and Word documents to shame, giving users the ability to manage their debt and track their progress with one easy-to-use program.
Pay Off Debt requires the iPhone OS 2.2 or later and is compatible with the iPhone and iPod Touch