I discovered an app. I don’t know if you’ve heard of it before, but it is awesome if you’re trying to pay off debt.
If you’re like me, you have numerous debts at varying interest rates. That can make it hard to determine which pay-off method is best for you, as well as how much extra payments are affecting your debt and the time it will take you to become debt-free.
It was hard for me to see the light at the end of the tunnel until I found the debt pay-off planner app. I’m not being paid to endorse this. It is free and simple. No matter how much money I put towards my debt, I felt like it never made an impact. I couldn’t see how quickly we were moving.
All you have to do is download the app and input all of your debts and their interest rates. If you’re in a promotional period for a loan or credit card, you can input that information and it will tailor your pay-off plan.
This app does not need internet connection to work. It does all the calculations in its system. Once you’ve inputted all the information about your debts, you can choose from three different methods of payoff. They have the debt avalanche, debt snowball, and list order (that’s the order you place the debts in on the planner).
You can go through each option, and the planner will tell you exactly how many months it will take for you to pay-off each debt, the amount of interest you’ll pay overall, and the exact amount you will pay as each debt is eliminated and you work your way through. Check out the screenshots below!
Your lists of debts show up at the top.
Each time you make a payment, you would push the pencil button and input the amount. Unfortunately, you have to make an account to continue inputting your payments (I think after 10 additions), so I just change the amount each time. I don’t feel like making an account. These are old screenshots too, so not all of my debts are accurate.
My favorite part of the app shows the amount of time it will take you to become debt free via each pay-off plan. You can see two different plans below.
Try it out!
As you can see, it’s an awesome app. I won’t spoil all the juicy goods, but do download it and have a looksy! You might find that it offers you the motivation you need! It gave me that boost of confidence I needed to continue the journey to debt-freedom.
If you do check it out, let me know! I’d love to hear what you think.