Wednesday, January 2, 2013

Get Out of Debt Faster With These Inexpensive Apps

Debt reduction is the desire of so many these days and I found some easy to use apps for iOS(iPhone, iPad, iPod Touch), Android as well as the PC to help achieve your debt reduction goals. It's all about getting started right?


If you find yourself in credit card and/or other debt and can't seem to get out from under it, consider using your tablet, smart phone or PC and create a plan to BECOME DEBT FREE.

Here are some apps or tools that utilize the "snowball" debt reduction method. The "snowball" debt reduction method, simply put, is to pay off the smallest debt first. Then take the payment amount from that first debt and add it to the payment of the second. When the second one is paid off add the old payments of debts one and two to debt three. Thus a snowball effect. The principle helps pay down to debt free fast than just making the minimum payments plus it has a positive affect on you as debts are paid down more quickly. Feel free to read more about this debt reduction method.

The Obvious Advantages to these apps are:
  • Be debt free quicker
    Android app
    Save on interest

  • Debt Payoff Tips & Tricks. FREE
  • Debt Payoff Planner.$0 .99
  • Pay Off Debt.  $2.99
  • Debt Tracker IOU still wantin. FREE
  • (more available)

debt reduction, iOS, iPad
iOS (iPhone, iPad, iPod Touch)
  • Agile Snowball: Debt Simplified iPad... FREE
  • Debt Payoff Lite. FREE
  • Debt Manager. $0.99
  • Debt Free - Pay Off your Debt With Debt Snowball Method.  $0.99
  • Pay Off Debt for iPad.  $2.99
  • (more available)

debt reduction
Credit: Intuit
PC or Mac
  • Any version of Quicken

Because of my vision disability, choosing an app is mostly based on my ability to read the screens. Is the text large enough and is there large contract between text and background. Your reasons might be different however.
For those of you that would rather work in Excel, the Debt Reduction Snowball Calculator, listed above, is quite good and very easy to read. It is a bit more complex than the iOS and Android apps however.
If any of you already use Quicken, there is a built in debt reduction tool that is excellent and I highly recommend. Enter your debts ad current or minimum payments and interest rates. The program runs in seconds and tells you the year and month you will be debt free if you continue making the current or minimum payments you entered. It also shows what will happen if you the month and year you will be debt free if follow the "snowball" method.
With the exception of Quicken, these tools assume you will make each and every payment and NOT add to any debt. If you do add to any debt, simply use the app or tool again.

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