Pay Off Debt App: The Simple Way to Create Your Own Debt Repayment Plan

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No one knows what keeps you motivated the way YOU do. That’s why there’s a simple tool that lets you create your own take-action debt repayment plan: the Pay Off Debt app.

Get Pay Off Debt for iPhone and iPad Get Pay Off Debt on Google Play

With Pay Off Debt, there’s no more wading through a bunch of conflicting opinions on the internet about what the “best” debt repayment method is. No more wondering which method might cost you the most interest, or get you out of debt the fastest.

Instead, you get to see for yourself based on your exact debt situation and selections. You’ll also get to track your progress along the way, feeling a little burst of motivation every time you see that “PAID” icon on your phone.

So if you’d love to watch your debt go down, track your progress, and know exactly when you could be debt free, then the Pay Off Debt app is for you…

Pay Off Debt can help you:

  • Organize your debts in one handy spot, making it easy to obsess and celebrate every bit of progress
  • Decide on the repayment order that works best for you, whether that’s the debt snowball method, the debt avalanche, or something else entirely
  • Track your progress and stay motivated as you focus on the big reason you’re getting out of debt

It might even help you feel great too, because speaking as someone who’s paid off over $147,000, I can tell you that paying off debt feels awesome! And I’m not the only one who feels that way. As one user said:

“I just paid off my first debt thanks to this app! I swear being able to watch my % increase and my amount due decrease really helped me stick to the snowball plan. Just mailing monthly checks, and reading the statements isn’t as rewarding as this plan. Now paying off my debt feels better than shopping!”

Did you catch that last part? Paying off debt feels better than shopping. That really is awesome.

Here’s how it works

It’s simple really. You open up Pay Off Debt and input the numbers from your exact debts so that they’re organized in one place. Then you try things out just by changing a few options while it does all the calculating for you.

Turn on the snowball, decide how much extra you’ve got to put toward debt each month, and choose the order you want to pay them off in. (I recommend Lowest Balance first for most people, since it’s super motivating. See this post if you want to know why. But you can try things out for yourself, like the example below.)

Setting up the debt snowball in the Pay Off Debt app.

Not sure what order will get you out out of debt the fastest? You don’t have to guess any longer. You can quickly check them all out and look at the results that will come when you carry out a particular plan. (Hint: The fastest one is the one you will stick with.) If you want an unpleasant shock for some reason, turn the debt snowball off to see how long it would take otherwise.

Here are a few more great things about Pay Off Debt:

  • No hidden charges or locked features – Use it forever with no hidden fees once you’ve bought it (meaning there are no monthly charges like some of the so-called “free” apps have if you actually want to use their features, and I won’t try to sell you loans or credit scores in the guise of helping you)

  • An example of an amortization table within the Pay Off Debt app.Detailed insights – The amortization table for each debt lets you see how your debt will be paid off over time. You’ll be able to see how much of each payment goes to interest and how much goes to reduce the balance.

    This was an oft-requested feature, because many people would input their info, take one look at their planned debt free date, and think “That can’t be right! There’s no way everything could be paid off that quickly!”. Oh, but it can — if you’re taking advantage of the debt snowball method — and the amortization table shows you how.

  • Organized information – You can see frequently viewed information right on the Debts screen, but you can also dive deeper to view more details about each debt, and you can tap the Summary icon to get the summary of how you’re doing on your overall debt snowball. That includes your planned debt-free date, a chart of your entire snowball, and the estimated time left before you can scream “I’m debt free!”.

  • Upload information to the cloud. — You’ll be able to share your information across devices if you’re using the same Apple ID or Google account. And you’ll be able to re-downloaded the info you last uploaded if you need to reinstall the app for any reason.

  • Resources – A big part of getting out of debt is staying inspired, so the app includes a Resources section with links to blog posts about getting out of debt, and an opportunity to get tips by email.

Want more details? You can do all of these things with the app:

  • Organize your debt in the order of your choice: from lowest balance to highest balance, highest interest rate to lowest interest rate, or in any custom order.
  • Use the Debts screen to view progress bars like this on each debt for motivation and encouragement:
    Progress bars on each debt show how close you are to having your debt paid off.
  • View the starting and current balance of each debt individually, plus the total starting debt and the total current balance information.
  • Pay Off Debt - great app amortizes to show how your debt balance should reduce over timeSee the 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.
  • View your planned monthly payment and the date you last recorded a payment for each debt right on the Debts screen.
  • View the payment history for each debt, starting with the first payment you record. You can delete payments recorded in error as well.
  • Turn the snowball off if you would like to compare how long it would take you to pay off all of the debts if you were NOT using the 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.
  • Password protect the app if desired.
  • The Debts screen allows you to record the payments you have made by pressing the + Minimum or Custom buttons for individual debts, or you can choose to record all of the payments at once.
  • Recording all payments at once or recording a minimum payment on the first debt in your snowball will also automatically record the additional amount you entered on the Configure Snowball screen.
  • If you want to temporarily change the payment amount you are recording, use the Custom button. Otherwise, you can change the minimum payment amount on a debt by tapping the debt to edit it.
  • The Configure Snowball screen allows you to set the additional amount that you have available to put toward the first debt in your snowball. This amount can be changed at any time.
  • A debt’s 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.)
  • Set payment reminders that will appear when the app is running, if desired. Once the due date has passed, the reminder will no longer appear. Includes a Modify Due Dates option that temporarily advances due dates that would otherwise occur on weekends or non-existent dates.
  • Select one of five different currency types (Dollars, Euros, Pounds, Yen, or a custom currency.)

Get Pay Off Debt in the iTunes store or on Google Play today!

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