It’s never fun to think about bills, but if you’re getting a tax refund this year it’s not a bad time to start considering methods of paying down your debt. One such tact is the debt snowball, and now there’s an app for iPhone and iPod Touch dedicated to this form of debt management, Debt Snowball+.
In Debt Snowball+ users will learn the basics of the debt snowball method. With this method once a debt is paid, that bill’s monthly payment is then applied to your next bill and so forth. Each of your bills can be entered separately into the app. You’ll be asked to name the debt and provide original amount, current balance, minimum payment due, due date and the interest rate. The app will send you notifications of when your payments are due, too.
Debt Snowball+ will calculate how long it will take you to pay off the debt using the minimum payment. You can opt to make additional payments to your bills, and the app will also display how much money and time you’d save by paying that extra amount each month. Be sure to enter each payment into the app so that your debts recalculate.
Debt Snowball+ has a nice looking GUI and its visual tracking makes it easy to synthesize how your debts stack up. Before dropping a buck on this debt tracker though, I’d recommend you research the debt snowball method to make sure it fits your needs and abilities—if you aren’t using this methodology there’s no point in downloading the app.