So there you are minding your own business, rolling your old giant debt snowball and think to yourself “This is unbearable not knowing at every second of the day the status of all my debt payments if there was only a way to keep track on my iPhone.” Well what do you know there’s an App for that, and it’s called strangely enough “Pay Off Debt.” I gave it a try on my own debt snowball to see how it worked.
I have for 3 lucky readers codes for a free download of the Pay Off Debt App. I will randomly pick a winner all you have to do is subscribe to FiscalGeek via RSS or email and leave a comment mentioning how you would use it for your own debt reduction. I’ll choose 3 winners on Monday 9/14/09 at 5:00PM PST and notify you by the email you use to leave your comment. Please one entry only. The codes only will work in the U.S. version of the iTunes store.
Pay Off Debt Setup
Alright setup is as simple as pie it will walk you through adding your debts once you fire it up or you can kick start it yourself by tapping the Gear Icon and choosing Add Debt. Give the debt a name, choose a type: Credit Card, Car Loan, Generic Debt, Mortgage/HELOC or Student Loan. Enter the amount owed, your current balance, your interest rate for the debt, what day of the month it’s due and finally the minimum monthly payment. Tap Save and repeat for all the rest of your debts.
Once you have your debts in there you have to configure your snowball, tap Configure Snowball in the Settings and here you can enter in what you are going to throw at your snowball above and beyond your minimum payments. So if you have $675 in minimum payments each month but you have a total of $1500 you want to direct at your debt you’ll be able to apply $825 as your additional amount as an example.
Finally you can choose how you sort your debts so the high interest first versus the lowest balance first pundits can coexist in perfect harmony.
Using Pay Off Debt
Once it’s setup the Debts window presents all of your debts graphing your progress, when you are ready to make your payments you can make them by tapping Record Payment and it will update your debt status with your minimum payment and the snowball amount. This does not actually make your payments it’s merely recording in this app. It will also show your projected debt freedom date. Optionally you can have Pay Off Debt email you your current results, you could add your significant others email as well to keep them up to date. That’s really all there is to it.
Who’s it For?
This app is targeted towards the aggressive debt busters especially those with a fair amount of debts and need a little reminding now and then of where you are at with your debt load. It’s a very simple application I’ve detailed it’s full functionality. I understand they are working on newer versions and some things I would like to see is the ability to add additional money to your snowball in a month without changing your whole snowball. All in all it’s a nice little App and for $2.99 it’s not going to throw your snowball off course. You can find it in the App Store just search for: Pay Off Debt. What are you waiting for get rolling!