Debt Snowball+ for iPhone utilizes the snowball method of paying off debts to help eliminate them faster and cut down on the amount of interest paid over the life of a loan. If you need a quicker way to pay things down, or feel as if you're paying on loans and just aren't getting anywhere, apps like Snowball+ like this can help you set attainable goals within your budget.
For those not familiar with how debt snowballing works, it is based on the concept of paying something off and using that payment amount to apply towards another debt once it is paid off. You start by choosing whether you'd like to pay large debts off first or smaller ones. Typically, paying off smaller debts first will free up money quicker to apply towards larger debts but paying off larger debts first tends to save you more money as you're most likely not paying as much interest. Whatever method is right for you is what you should use.
Debt Snowball+ allows you to enter your debt information into the app and categorize each one accordingly. You can set up payment reminders and record additional payments you decide to make. Once all your information is input you can tap on your total debt amount at the top to receive some interesting information. Move the slider up and down or key in amounts to see how much making an additional payment will save you money and time wise.
Once a debt is paid off in full, the concept is that you will then apply the amount you were paying towards the debt that is now paid off to the next debt in line. In essence, you can just pretend you still have the same amount of debts to pay, you're just applying more to each debt as you knock other debts out.
I've found Debt Snowball+ to be a great way to track debts on an ongoing basis as well as an easy way to calculate how much to apply in extra payments if you've got some extra coin laying around. I don't really use the reminders within the app as I've already got calendar alerts set up for bills in the default calendar app. I'm assuming most other people will too so that feature seems a bit redundant.
- Great way to track debts
- Easily calculate extra payments
- Reminders may be redundant
If you're looking for a good way to pay off debts quickly and need something that'll help you be a bit more conscious about your debt to income situation, Debt Snowball+ is a nice way of getting an overall picture of your situation so you can make an educated decision of what snowballing method will work best for you.