Debt Payoff Planner is a Good Start to Debt Management on Mobile, but Ultimately lets you Down
Jul 18, 2011 1:56 PM –
Debt Payoff Planner uses snowball method to find the Debt Payoff Plan! Month wise Snapshot View, Promotional rates, Pre-Payment, graphs, export to Excel, email. For any country/loan/credit cards/Debt and with optional encrypted password protection. Top debt reduction app in market. Featured in “Amazing Android App for Dummies” book.
Price: Free, $0.99
Tested on: Samsung Galaxy Tab 10.1
Pros & Cons:
- Great way to see all of your payments in one place, and track the best way to pay off your debt.
- To do more than just see a list – to actually get a payment scheduler/widget – you have to buy an additional $3.99 app.
Like most people, I’m in debt. I just purchased a new house, so even cards that had a zero balance a month ago are now carrying debt, which means keeping track of what is due when it is a huge pain, as is trying to figure out how to best pay everything off in the most efficient, least expensive way possible. That is where Debt Payoff Planner comes in.
I really like that you can enter each of your cards, their balances, due dates and minimum payments, and then you have a variety of ways to view how long it will take to pay each one off, from just making the minimums, to paying the highest or lowest interest rate off first, etc. It lets you be a lot more proactive about your debt and managing it. The app uses an interesting perspective known as the snowball method for paying off debt. Basically, it encourages you to focus on paying off smaller debt completely, irregardless of interest rate, while paying the minimums on other debt. As the smaller debt is paid off, you can then focus on paying off the next smaller debt until the cycle frees your financials as you work up.
However, this is a big one for me… When I calculated out my debt, I was excited when I got a popup that a new add-on was available that would not only show me the payment schedules, but would actually let me schedule them on a widget on my desktop and notify me when something was due. As a habitual late payer, this sounded absolutely perfect. I discovered the download was Payment Scheduler for an additional $3.99 – quite a bit more than even the original app – but to get out of debt, I was willing to do it. The export worked perfectly out of Debt Planner, however, I was never able to get the import to work on Payment Scheduler. In fact, Payment Scheduler never ran for me – I got force closes on every attempt, and had to ultimately get a refund. While that’s not the app I’m technically reviewing here, Debt Planner on its own has no scheduler, and each time you want to see what’s due when in a spreadsheet type of format, you have to recalculate everything. So Payment Planner is almost necessary to use it in a fully managed debt payoff plan, but it’s additional money you have to shell out and is still buggy enough not to work right.
Debt Payoff Planner
Debt Payoff Planner Amortization
Debt Payoff Planner Debt Snapshot
Debt Payoff Planner Charts
If you have a lot of debt, then this is a great way to put it all in one place and plan around it a little better, so you pay it off faster and with less interest.
Ease of Use:
Entering information is pretty easy, you have several text boxes for entering your balance, interest, minimum payment, etc. Then you just hit calculate and get your information after you choose which payment plan you want to sort by.
Depending on how much debt you have, you could be in there a few times a month checking what’s due and making sure you haven’t forgotten anything.
The interface is pretty simple and mundane, keeping it easy to use. If you’ve ever used a spreadsheet, then you’ll feel pretty comfortable with the way information is displayed here.