Pay Off Debt 1.0


Category: Finance
Price: $2.99 (iTunes)

Description:

Pay Off Debt's aim is to help you create and use a debt snowball to focus your debt reduction efforts.

A debt snowball is a way to systematically pay down debts. Using this method (popularized by Dave Ramsey) you pay minimum payments to all debts except one (usually the debt with the lowest balance.) You then pay the minimum payment plus as much additional money as possible to the selected debt. This process is repeated until that debt is paid off.

Once the first debt is paid off, you take all of the money you had been paying toward that first debt, plus your existing minimum payment for the next debt, plus your additional amount, and being paying it toward the next debt in line until that debt is paid off. The process repeats until all debts are gone.

Pay Off Debt features include:

- Order debts from lowest balance to highest balance, highest interest rate to lowest interest rate, or in a custom order selected by you.

- Shows 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 individual debts on the Edit Debt screen.

- You can 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.

- You can 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.

- 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.)

- The Configure Snowball screen allows you to set the additional amount that you have available to put toward debt.

- 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.
Pay Off Debt



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