Everyone hates debt. It’s horrible to be in, but great to get yourself out of. Now there’s a nice, little new iPhone app that will help you keep track of your various debts and deal with them quickly and efficiently.
I’m speaking about the Debt Snowball Pro application from the App Store.
You’ll have to pay $2.99 to use this app, which is a little steeper than your typical download. Most range from $0.99 to $1.99. However, the savings you’ll earn from paying off your debts sooner, all due to the easy design of this app will more than make up for it.
One of the most discussed pieces of personal finance advice is how to deal with your debt. Some more mathematically-minded financial gurus will tell you that debt with the highest interest rate should be attacked first, foremost and mercilessly.
However, other gurus have made a name for themselves by preaching an alternative, more psychological approach called the “Debt Snowball.” Dave Ramsey of Fox TV and radio fame is the largest proponent of this strategy (although he isn't associated with this iPhone app, as far as I can tell). The reasoning behind it has to do with an indebted person’s need to overcome small goals sequentially to build motivation for future success.
The app itself does not pigeonhole you in one strategy or the other. The user has the option to choose which method of debt “snowballing” they prefer: to tackle big interest rates first or to start with easy goals.
Debt Snowball Pro also offers some nice easy-to-use interfaces, appropriate customization, intuitive features and a clean design. It’s all pretty simple and relatively easy to get the hang of.
Just add your debt, whether it be from a credit card, student loan, car loan or mortgage payment. Insert remaining balance info, monthly payment amount and interest rate, then the application will calculate your remaining payments and an estimated Payoff Date. Toggle and tinker with payment amounts to find out how to maximize interest rate savings from increased monthly payments.
Sure, it’s all something you could figure out using a calculator and some scrap paper on your own. But with this iPhone app. you're just two taps away from ever-vigilant financial prowess, and you’ll be able to keep track of and analyze your debts at any time of the day. Therefore, it goes to reason that the more frequent access you have to your debts, the more focused you’ll be on paying them off.
The majority of unfavorable reviews for this application stem from crashes and frozen screens that, according to the developer, have been corrected with the latest round of updates. Most of the most recent reviews for this application from users have been highly favorable.
So, whether you’re a Dave Ramsey-lover or just a big ole debt hater, this app will help you take it to the house on your financial servitude once and for all.
Application: Debt Snowball Pro
Use: Allows users to figure out a debt pay-down schedule.
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