Debt Snowball+ ($0.99) by Derek Clark gives you in-depth information about how you can use the “snowball effect” to quickly pay off your debt.
The snowball effect is the idea that you pay all the minimums on your debts, but choose one of them (either your highest balance or interest rate) to focus your extra funds toward.
Once you get that debt paid off, you would take the money that would have gone to that and apply it toward your new one.
This approach is all bundled together in a gorgeous, user-friendly app for you to use.
Begin by entering all of your debts, along with account information such as the original amount of the loan, the current balance, the minimum due, and its interest rate. Select one of the icons to represent credit card, auto, mortgage, education, or medical expenses.
The main part about this app is determining which account will be the primary target.
Select in the settings for it to either be arranged by dealing with the lowest balance first (so you can quickly see results) or by the highest interest rate (in order to stop the interest and attack the principal).
A cool touch for each account is a circle that will show you your balance versus available credit. This simple graphic provides a snapshot of how your different accounts are doing.
Another useful feature is the additional monthly payments calculator. Scroll the slide on the bottom to change how much extra money you can put toward an account.
You will not only see how much money you can save in interest charges, but also how much time is saved by paying it off.
This is a great financial planning app with a clean and crisp interface. I would highly recommend it for anyone looking to tackle his or her overwhelming debt.