While we all want to pay down our debt and improve our finances, it’s hard to know exactly where to begin. But the app Debt Free provides a great way to understand your debt picture and start paying it down.
To begin, you can add multiple debit and add any repayment frequency.
For each debt, the app makes it easy to view total amount due, total interest paid, repayment amount/frequency, next due date, and more. You can also see the interest and principal paid on each debt.
You can select from one of four different payment strategies preferred by financial experts. For example, the avalanche method has users pay down the debt with the highest interest rate. The snowball method allows you first tackle the debt with the lowest or highest remaining balance.
All of the different strategies include a pay-off date, total interest paid, and total money saved.
As a big help, the app also will send notifications for a specific date and frequency to help you remember a debt payment.
Designed for the iPhone, Debt Free can be downloaded now on the App Store for $1.99.