This helps motivate you and gives you a quick way to see your progress for each debt. I especially love the percent paid progress bar for each debt. You can see things like your total debts, debts remaining, total interest paid, and total interest saved. I am a visual person, so seeing my progress in chart-form is great. One of the main features I like about the Debt Payoff Assistant app is the charts and graphs. Making extra payments towards your debt will allow you to pay off your debt faster. With this app, you can track an unlimited number of debts, and though it does focus mainly on the Snowball Method, you can still choose between multiple payoff strategies: lowest balance first, highest balance first, highest interest first, or a custom plan that you create. The amount of the extra payment will grow as more debts are paid off which results in a “snowball” effect.Ī lot of people like using this method because it gives you a sense of accomplishment relatively quickly by tackling and paying off the smallest debt first. Then you would use the extra payment from the paid off debt and apply if the next debt. You make the minimum payments on all of your debts until your first debt is paid off. With this method, you pay off your debts from smallest to largest, regardless of the interest rate. Read: 4 Things You Need to Do Immediately If You Want to Pay Off Debtĭebt Payoff Assistant focuses paying off debt using the Snowball Method.This is an excellent feature if you want to see your progress over time. Just type in the amount and the date the extra payment was made. What kind of impact did it make? With the Debt Payoff Planner app, it will update the time-frame for becoming debt free when you input new payment information. When I make an additional payment towards my debt, outside of the minimum payment, I want to see how it will affect my overall plan. One feature that I love about this app is the ability to track payments. Enter any additional monthly payments you can make.To create a customized debt repayment schedule, you will need the following: Current balance of the debt, the APR, and the minimum payment amount. You just download the app and start using it. Read: How to Choose A Debt Payoff Strategyįor me, the easiest way to stop feeling overwhelmed by debt is by creating a specific, step-by-step plan for paying it off, and this app will help you get there. This is great for people who have yet to decide which payoff strategy they want to use. For each method, you can see how long it will take to pay off your debt and how much interest you can save using each technique. The one thing I love about Debt Payoff Planner is that it allows you to review each method – Debt Snowball vs.
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