Lets face it almost everyone has some kind of debt that needs to be paid off. It could be a mortgage, car payment, student loans, credit cards, or something else. We all have to deal with debt at some point in our lives. Managing it can be easy for some people but for those of you who need some extra help the app Debt Free will do just that. Debt Free will help you manage your finances and pay off your debts as quickly as possible.
Debt Free – Pay Off your Debt With Debt Snowball Method was developed by Mobile Innovations LLC. Let me start off by saying there are a ton of features and handy information jam packed into this app. To get started simply enter in all of your Debts into the app from the Debts List View. You pick what type of debt you have from a list of included categories. You can also create your own if it is not on the list.
Once you have your Debts entered in you can click on the Reports List View and see detailed graphs of your Debts. The Home button shows your current Debt summary. It includes your progress until your Debt Free Date, your Total Debt Remaining, PayOff Strategy, Interest Savings, and Monthly payments.
When you click on the settings button your presented with the ability to set a password for the app so that nobody but you can see your financial information. You can also sync your data to cloud so that you can access it on both the iPad and the iPhone/iPod Touch. You also have the ability to choose your payoff Strategy, and set notifications.
Debt Free uses the popular Debt-Snowball method of debt repayment. Under this method, extra cash is dedicated to paying debts with the smallest amount owed. This method has gained more recognition recently because it is the primary debt reduction method taught by financial experts. The higher your extra payment, the faster you will be able to become debt free. Debt free allows you to easily see your changes when you increase or decrease your Snowball payment.
This app also has some bonus features which are usually apps themselves. You get a FREE PayOff Date Calculator, a Loan Calculator, and a Mortgage Calculator. As with all of the calculators, you get an Amortization chart and the ability to email your results right from the app.
Debt Free is currently on sale for 50% off. Right now it is just $0.99. The developers have also released Debt Free Lite, a FREE version, which allows you to test the application before you buy it. It is however limited to 2 debts only. If you have more than 2 debts and need some extra help managing them, the I suggest you grab Debt Free while it is on sale!