Pay Off Debt App

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Pay Off DebtTM is designed to help you create and use the debt snowball or debt avalanche method to focus your debt reduction efforts. You can also pay off your debts in any custom order.

Download Pay Off Debt for iPhone and iPad

A debt snowball is a highly motivating way to systematically pay down debts that’s been proven to work over and over again. It’s focused on seeing quick success, so that you stick with it until you’re debt free. Using this method you order your debts from lowest balance to highest balance, regardless of interest rate. You pay minimum payments to all of your debts except the debt with the lowest balance. You then pay the minimum payment plus as much additional money as possible to that debt until it’s paid off. The amount you have available to put toward each successive debt “snowballs” over time, growing larger and larger and giving you the ability to make faster progress. This process is repeated until all of the debts are paid off. It works well because for the vast majority of people debt is an emotional thing, and they’re more likely to stick with it than other methods.

A debt avalanche is another way to pay down debt that’s frequently mentioned. It works almost exactly the same way as the debt snowball, with two key differences: Instead of placing your debts in order from lowest balance to highest balance regardless of interest rate, you place them in order from highest interest rate to lowest interest rate regardless of balance. The idea here is that you will pay less interest over time and so getting out of debt will cost you less. However, that may or may not be true, depending on your individual debts, interest rates, balances, and whether or not you stick with it. (You can easily check the math part for yourself with the Pay Off Debt app, since it lets you see what would happen in a variety of scenarios.) You have to be highly motivated and able to see incremental progress (for example, paying down 5% of a $10,000 balance) as successful in order to do well with this method.

Paying off debt feels awesome! 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.

Start your journey to debt freedom today! Click here to get Pay Off Debt.

Here are a few 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)
  • Detailed insights – The amortization table for each debt lets you see how your debt will be paid off over time. 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 shows you how.
  • Organized information – Pay Off Debt contains a ton of info. 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!”.
  • Works with iCloud — You’ll be able to share your debt snowball across devices if you’re using the same Apple ID. 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.

Using Pay Off Debt app to see progress and track debt payments

What you can do with the app:

  • Organize your debt snowball 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 on each debt for motivation and encouragement. You’ll also see a progress bar showing your overall progress on the entire debt snowball.
  • View the starting and current balance of each debt individually, plus the total starting debt and the total current balance information.
  • See 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.
  • Pay Off Debt: Handy iPad app for paying off debtEmail 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.
  • Pay Off Debt - great app amortizes to show how your debt balance should reduce over timeThe 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 four different currency types (Dollars, Euros, Pounds, or Yen.)

Get Pay Off Debt in the iTunes store today!

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