If you wish to steer clear of financially difficult times, you simply cannot be under overwhelming debts. It is important to minimize your debts and it would be beneficial to pay off all your high-interest debts swiftly every time. If you wish to get out of your financial crisis situation the following iPhone applications could help you in effectively paying off your debts. You must have heard of the snowball method of debt reduction that could help in aggressively removing debts generally from the smallest to the biggest ones. There are some effective iPhone and even iPad apps that would be assisting you for paying off all your outstanding debts.
As per https://en.wikipedia.org, “The debt-snowball method is a debt reduction strategy, whereby one who owes more than one account pays off the accounts starting with the smallest balances first while paying the minimum payment on larger debts. Once the smallest debt is paid off, one proceeds to the next slightly larger small debt above that, so on and so forth, gradually proceeding to the larger ones later.” Snowball debt consolidation method is supposed to be the opposite of the well-known debt avalanche or debt stacking method where all your debts would be removed using debt accounts having highest interest rates to start with.
What Does Debt Snowball Method Entail?
You need to start the snowball method by paying the maximum you could on your smallest loan while simultaneously paying all the minimum balances for all your other existing debts. When you have successfully paid off the smallest or the first debt, you could easily roll the interest money you were using to pay down your first debt into the next debt’s minimum payment. Carry on getting rid of each debt typically in a similar fashion gradually creating a much bigger payment with every rollover to your relatively higher balances till your debt would be eliminated completely.
Even though the snowball method is primarily used to pay off your existing lowest balance account first, you could use effectively going from your highest to your lowest interest rates or right from your highest slowly to your existing lowest balances. Thanks to the technological advancement today, there are many effective apps for your iPhone or iPad and any other iOS device for getting rid of your debts quickly. You may browse debt settlement ratings before hiring the services of some debt professionals.
Both the iPad and the iPhone versions of the popular Debt Free app are actually easy and convenient to use and they have a smooth and clean UX or user experience. You initiate by entering all those debts that you wish to pay off. Then you must opt for a strategy to eliminate your first debt. You may start by opting for either the highest or the lowest interest rate. Debt Free would demonstrate the way these strategies would be impacting your total debt amount and interest along with the precise payoff date. We understand that the variables would be updated every time a payment is entered toward your debt.
Debt free offers some effective calculators like a loan calculator, payoff date calculator, and even a mortgage calculator. It is also, supposed to include an effective amortization table for you to keep track of both the principal and interest for rest of the associated balance with every payment for your debt. It has a stunning and important feature of having the capacity to start sending notifications when the due date for your payment arrives.
Some other striking features of Debt Free would be including a brief and a super-quick summary of all your debts with a precise percentage progress bar, interest savings, debt-free date, early payoff date, and also, a pie-chart view showing all the debts by category and even by remaining debts. Reports could be transferred to HTML format which could be emailed for observing the overall scene outside the app.
Debt Payoff Pro
Debt Payoff Pro has a UX or User Interface that has been created with huge calculator buttons. As per the regional setting of the device, the currency would be chosen. You may initiate by effectively entering your debts and then opting for any one of the effective debt payoff strategies. The four fundamental debt payment stratagems would be including, highest balance first, lowest balance first, highest interest first, as well as, custom order. You may then set the due date reminders for keeping up with the payments.
Reports would be demonstrating your total amount of debts, interest saved, total interest paid, time savings due to debt payoff, and debt pay off date. You may examine the principal, interest, remaining balances and even payments for each and every loan clearly demonstrated in the amortization table. We know that the app has a loan calculator, a mortgage calculator, and even a payoff date calculator. The most striking features would be the capacity to effectively export the amortization schedules and payment lists to HTML.
Debt manager is effective in guiding you all through the debt repayment process with effective on-screen tips and hints. You have easy access to the app manual. You may opt for monthly, weekly, or biweekly payments. You may even opt for receiving notifications once they are due. You could opt for sending full reports using the email and amortization schedules and better to opt for backup data. Debt Manager also flaunts a refinance calculator, monthly payment calculator, date payoff calculator, and additional payment benefit calculator.
With this effective app, you simply need to enter your debts. Choose any one of the three stratagems for debt elimination and determine which one would be more effective. You could choose to make just the minimum payments. Pay least balances or pay down the debts using the highest rate of interest. Debt Strategy is known to perform some what-if strategies. There would be certain reports for breaking your debts visually by remaining balance and category. Moreover, all your private fiscal data would be password protected.
You must consider using one or more of the above-mentioned apps for ease of work and convenience while trying to eliminate your debts.