Pay Off Debt intends to help you reduce and clear your debts right on your iphone. Pay Off Debt Lite is a free application for the iPhone and iPod Touch that’s designed to help you create and use a debt snowball to focus your debt reduction efforts. A debt snowball plan involves focusing intensely on paying off a single debt (usually the debt with the lowest balance) while making minimum payments to the other debts. Once that first debt is gone, the monthly amount that previously went toward that debt is added to the minimum payment of the next debt, and so on, until all the debts are repaid. The payment amounts “snowball”, becoming progressively larger as each debt is repaid.
Pay Off Debt Lite’s features include the ability to:
• Prioritize debts by organizing the debt snowball in the order of choice
• View progress bars on each debt for motivation and encouragement
• See starting and current balances
• View the planned debt-free date
• Share the debt snowball with others via 4 email
Pay Off Debt Lite is now available in the United States, Canada, the UK, and Australia. Get Pay Off Debt in the iTunes store