Pay Off Debt for iPad is designed 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 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.
What You Can Do With Pay Off Debt for iPad:
- 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.
- 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 Record Min. Payment or Record Custom Payment buttons for individual debts, or you can press the Record All Payments button to record all of the payments at once.
- Pressing the Record All Payments or the Record Min. Payment button 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 Record Custom Payment 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.
- 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-existant dates.
- Select one of four different currency types (Dollars, Euros, Pounds, or Yen.)
- Get Pay Off Debt for iPad in the iTunes store