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iPhoneAppsPlus->Finance->Pay Off Debt

Pay Off Debt

Pay Off Debt

Last changed: Aug 27, 2009

Pay Off Debt

Category: Finance
HomepageParallel Focus
Rating: rating 6(232)
Version: 1.2
Size: 0.2 MB

Price:  $2.99 

Description:

*** For support or questions please email me at payoffdebt@parallel-focus.com ***
Pay Off Debt helps you to create and use a debt snowball, which 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 all of the debts are paid off.
So, when you get extra money to apply in a particular month, you can edit the Additional Amount field at any time.
If you aren't using this app to track a debt snowball and just want to record extra payments to different debts, you can do so by editing current balance on those debts on the Edit Debt screen to reflect their new balance. But the debt snowball method is pretty powerful -- it's a great way to get your debts paid off.
Pay Off Debt features include:
- Pay off debts in the order of your choice: lowest balance to highest balance, highest interest rate to lowest interest rate, or in any custom order selected by you.
- View graphs of your progress on each debt to help motivate and encourage you, plus a graph of your overall progress.
- View the starting and current balance of each debt individually, plus the total starting debt.
- See 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.
- 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.
- 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.
- The Configure Snowball screen allows you to set the additional amount that you have available to put toward the first debt in your snowball.
- Pressing the Record Payment button on the first debt in your snowball will also automatically record the additional amount you entered on the Configure Snowball screen.
- 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.)
- 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 - 0Pay Off Debt - 1Pay Off Debt - 2Pay Off Debt - 3Pay Off Debt - 4

Reviews:

See full reviews in other country:  ( total 27 reviews )


 

Optimistic About This One  rating of Pay Off Debt
By: sergestrom - Apr 14, 2009
Version: 1.0
I'm always suspicious of those who leave nothing but 1 star reviews.  Pay Off Debt is one of those applications that has a great start and could morph into something really special.  The mechanics behind this application present the user with a great birds-eye view of how their debt reduction efforts are evolving.  The visual graphs representing your payoff provide a quick visual reference of where you currently stand.  This is important whereas anyone who has learned about credit scores will tell you that credit scores are based on percentage of debt.  Having your debt below 50% or 35% paid off increases your credit score dramatically.  This application shows you that representation.
I agree with the other reviewer: graphs showing current payment method versus the snowball effect would be a nice bonus feature.  Also a feature whereas when one loan is paid off, the monthly payment could be applied to another debt automatically.  I think those two items would make this application shine. So this app gets top marks: not only for what it does but for what it will do. The author tells me an update is already in the works. Keep up the good work!


Works for me!  rating of Pay Off Debt
By: E Jan - 18-Oct-2009
Version: 1.2
I'm not sure if this is the best of the 'snowball' repayment apps out there but for price and ease of use this gets 5 stars from me! Simply input all your debts and repayment information such as current debt, minimum monthly repayments and interest rates, and the app can calculate the repayment timeframe. Editing is easy, just tap the inputted data. You can also apply repayment rules such as targeting the smallest debt first or tackling debts with the highest interest rate first and you can pledge additional repayments on one debt to get it paid off even faster!


Good but changes would make it better  rating of Pay Off Debt
By: Phink - Jun 6, 2009
Version: 1.1
I choose this snowball debt app over others because it has a progress bar for each debt showing what % has been paid off. My home showed 78% for instance---yeah for me. I have suggestions though for the next update•Give us graphs•Give us a page that shows each month how much more will be owed if we stick to the snowball method•Change my biggest negative about this app. I put in my snowball amount (the extra I'll pay each moth) and it says 3 months till my first bill is paid off but the other bills are still showing the original payoff date. At the top it says I'll be out of debt April 2012--Again yeah for me--but some debts show close to 8 years above the progress bar. The progress bar's % is right though.This app is a good deal @ $2.99 but like most apps, it sure could be better.


good app  rating of Pay Off Debt
By: chrissy5674 - Apr 23, 2009
Version: 1.0
Works well. My only suggestion is that in addition to stating the starting debt, to also calculate the current debt balance. I also would like to be able to key in my own payment amount, not the minimum payment required which automatically calculates when you press ADD PAYMENT. It would also be nice to be able to add when a purchase is made on a credit card. If they update these features it would get a 5 star rating from me.


Optimistic About This One  rating of Pay Off Debt
By: sergestrom - Apr 14, 2009
Version: 1.0
I'm always suspicious of those who leave nothing but 1 star reviews.  Pay Off Debt is one of those applications that has a great start and could morph into something really special.  The mechanics behind this application present the user with a great birds-eye view of how their debt reduction efforts are evolving.  The visual graphs representing your payoff provide a quick visual reference of where you currently stand.  This is important whereas anyone who has learned about credit scores will tell you that credit scores are based on percentage of debt.  Having your debt below 50% or 35% paid off increases your credit score dramatically.  This application shows you that representation.
I agree with the other reviewer: graphs showing current payment method versus the snowball effect would be a nice bonus feature.  Also a feature whereas when one loan is paid off, the monthly payment could be applied to another debt automatically.  I think those two items would make this application shine. So this app gets top marks: not only for what it does but for what it will do. The author tells me an update is already in the works. Keep up the good work!


Great Application  rating of Pay Off Debt
By: Jepaz - Sep 8, 2009
Version: 1.2
Slick interface, easy to use and does what I need. Feedback appears to get attention which is good, look forward to more updates with added functionality!


Fantastic  rating of Pay Off Debt
By: Jagede - 05-May-2009
Version: 1.0
This is from someone who has bought all the debt snowball apps on the app store. This beats all the others. Highly recommended. The only thing I would like to see is the ability to be flexible with debt repayments so that each month one can add additional amounts to each debt as sometimes I pay more than my minimum payments each month. Plssss add a payment schedule as well.


Works for me!  rating of Pay Off Debt
By: E Jan - 18-Oct-2009
Version: 1.2
I'm not sure if this is the best of the 'snowball' repayment apps out there but for price and ease of use this gets 5 stars from me! Simply input all your debts and repayment information such as current debt, minimum monthly repayments and interest rates, and the app can calculate the repayment timeframe. Editing is easy, just tap the inputted data. You can also apply repayment rules such as targeting the smallest debt first or tackling debts with the highest interest rate first and you can pledge additional repayments on one debt to get it paid off even faster!


Great Application  rating of Pay Off Debt
By: Jepaz - Sep 8, 2009
Version: 1.2
Slick interface, easy to use and does what I need. Feedback appears to get attention which is good, look forward to more updates with added functionality!


Excellent app!  rating of Pay Off Debt
By: wordtamer - Jul 8, 2009
Version: 1.1
Clean, short learning curve, and easy to see where you are by a glance. My only request would be a password option. Security is a must! Ty!


 
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Good but changes would make it better  rating of Pay Off Debt
By: Phink - Jun 6, 2009
Version: 1.1
I choose this snowball debt app over others because it has a progress bar for each debt showing what % has been paid off. My home showed 78% for instance---yeah for me. I have suggestions though for the next update•Give us graphs•Give us a page that shows each month how much more will be owed if we stick to the snowball method•Change my biggest negative about this app. I put in my snowball amount (the extra I'll pay each moth) and it says 3 months till my first bill is paid off but the other bills are still showing the original payoff date. At the top it says I'll be out of debt April 2012--Again yeah for me--but some debts show close to 8 years above the progress bar. The progress bar's % is right though.This app is a good deal @ $2.99 but like most apps, it sure could be better.


Excellent app!  rating of Pay Off Debt
By: wordtamer - Jul 8, 2009
Version: 1.1
Clean, short learning curve, and easy to see where you are by a glance. My only request would be a password option. Security is a must! Ty!


Decent app that I find very useful.  rating of Pay Off Debt
By: Patty2Cakes - Apr 16, 2009
Version: 1.0
I believe this app is great, and with a couple updates could be the perfect debt eraser application. I really like how you can set up automatic payments so each month it's really easy to click and see your debt get smaller and smaller. Also, I really appreciate that you can sort the debts in a custom order, because a lt of times we want to get rid of certain ones more than others. Thanks!


good app  rating of Pay Off Debt
By: chrissy5674 - Apr 23, 2009
Version: 1.0
Works well. My only suggestion is that in addition to stating the starting debt, to also calculate the current debt balance. I also would like to be able to key in my own payment amount, not the minimum payment required which automatically calculates when you press ADD PAYMENT. It would also be nice to be able to add when a purchase is made on a credit card. If they update these features it would get a 5 star rating from me.


Stooie  rating of Pay Off Debt
By: Oddball1892 - 29-May-2009
Version: 1.1
It's good but basic. Needs more fuctionality like the ability to make one off payments and I thought password functionality would be amongst the most basic functions but it's not included. A must for the next update.


V1.1 Motivating but needs improvements.  rating of Pay Off Debt
By: Project M - 21-Jul-2009
Version: 1.1
Password protection and abilities to add individual/additional payments would be a plus.


Not a bad start  rating of Pay Off Debt
By: jtrainornyc - Apr 3, 2009
Version: 1.0
Needs some work. Current version does not have password protection. Data entry could be simplified with a larger keyboard.


A good first attempt, I hope this app is developed to conclusion  rating of Pay Off Debt
By: i3w - May 7, 2009
Version: 1.0
I really like the feel of this application. The email report is nice for sharing info with another. The amount of configuration is just about right. You get enough options to set thing up to meet your plan, without being buried in needless options.
Unfortunately, the current calculation is not a debt snowball. A debt snowball applies a constant total payment as debts are paid off (i.e once I pay off the first debt, I apply its payment to the next debt in line). There are several philosophies on what order to pay off the debts, but all snowballs follow the idea on constant payment.
I do think it is a good idea to allow users to turn off the snowball (as the application currently calculates). But you do need to at least include a true snowball approach in an application like this.
I am giving 3 stars on the assumption that the author will add a snowball payment option. I will gladly give 5 stars to the next version if it has it. If there is no intent to add a snowball calculation, I would only give 1 star.


Needs more work  rating of Pay Off Debt
By: jennyl - 03-Jul-2009
Version: 1.1
I like this application but it needs more functions. In particular I can't check to see how many payments I have made against each debt, or the last date a payment was made. Makes keeping track of when and how much i've paid difficult.


It's OK  rating of Pay Off Debt
By: boalercox - 29-May-2009
Version: 1.1
Very easy and simple to set up, frustrating that you can't seem to add a weekly payment (only monthly) and you can't individualise the 'extra' you pay - I always try to pay that bit more off my debt anyway. I'm very concerned about the lack of password protection - anyone can log in and see my 'snowball' and I personally would like info like that safely hidden behind a password, wouldn't you? That said - by putting the details in, I could see a few options I can take that I hadn't considered before.
I think an app like this is awesome - but needs more flexibility in payment structure and DEFINATELY a password or security system


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Worldwide rank of Pay Off Debt in Finance
Reported by http://www.iPhoneAppsPlus.com Apr 16 2014 07:13:16 View Image
CountryTop PaidTop Grossing
    United States5463
    United Kingdom6559
    Australia7962
    Canada124236
    Phillipines25076


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