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Build a Debt Repayment Plan? There’s an App For That

So you’ve got debt: Student loan debt, credit card debt, paying-mom-back-for-that-apartment-deposit-she-lent-you debt or just about any other kind of debt you can imagine. You need a repayment plan, and that’s where Debt Payoff Planner comes in.

You’re not alone in needing a plan, either. The average American household that carries credit card debt has a balance of $7,027, and the class of 2020 graduated with an average student loan balance of $37,584.

Eventually, we’re all going to have to pay back our debt, and trust me when I say that making the minimum payments and hoping for the best is not your optimal debt-repayment plan. Luckily, if you’ve got a phone, you can build a debt-repayment plan in minutes thanks to Debt Payoff Planner.

What is the Debt Payoff Planner?

It’s an app, for iOS and Android, that gives you a place to look at all of your debt from the comfort of your phone. You can add in all of your debts in minutes and quickly see what your current, status-quo repayment plan looks like based on your minimum payments, your total balance and your APR.

How does it help me pay down my debt?

The Debt Payoff Planner is sneaky in that it seems so simple to get started, but even your very first step is powerful.

When you start up the app, it directs you to put in your loan balances, and once you do, you’ve all of a sudden got a perfect look at your total debt balance. If you’ve been keeping them separate, with $5,500 here, and $11,000 there, you might be surprised at what you see when you bring them all together in one place.

Once you’ve got them all in the app, the Debt Payoff Planner lets you choose a debt payoff strategy: Avalanche, snowball or custom.

Wait, why are we talking about snow?

If you haven’t heard of the avalanche and snowball debt repayment strategies, here’s the 60-second overview.

The avalanche debt repayment strategy is when you choose to pay off your highest interest debt first, which saves you interest in the long run.

The snowball debt repayment strategy is when you choose to pay off your lowest balance debt first, which gives you the motivation of seeing one of your debts entirely eliminated.

Which one you choose depends on your personal preferences and situation, but either way, the Debt Payoff Planner can handle the heavy lifting (and the math) for you.

One you’ve got a strategy, check in on the numbers

After putting in your debts, and choosing a repayment strategy, the Debt Payoff Planner will pop out some numbers for you. Specifically, you’ll be able to see your debt-free date (yay!) and your total interest payments (boo).

If those numbers aren’t to your liking, you’ve got a few options.

The Debt Payoff Planner allows you to add in extra payments, above and beyond the minimum payments for each of your debts. If you do, it’ll recalculate everything from your debt-free date to your total interest, in line with the strategy you chose.

You can also switch up those strategies if you’re not happy with the results. If you chose the snowball method, but you want to see how the numbers play out if you paid down your high-interest debt first, just swap out the strategy to see how it’ll impact your totals and your timeline.

So what does this all cost?

If you’re sitting there thinking that this sounds like a great, useful tool, same here. On top of all of that, I’ve got great news when it comes to the price: It’s free.

The Debt Payoff Planner is an ad-supported app, so you can use it entirely for free. If you like a lot of details in your repayment strategies, you can also upgrade to a premium version, which gets you more information and a web-based interface.

But if you really just want a quick, easy way to remind yourself that omg, you’ve got a lot of debt while you’re out and about? Load up the Debt Payoff Planner on your phone, and you’ll never be far away from a reminder about how badly you want to hit that debt-free date. You can get it on iOS and Android today.

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