Debt Payoff Pro

About Debt Payoff Pro App

Debt Payoff Pro will help you to payoff all your debts using the popular Debt-snowball method that is taught and recommended by many financial experts. Using this approach, you would pay the minimum payments on all your debts until your first debt is paid off. Then you would use the extra payment from the paid off debt and apply it to the next debt. The amount of extra payment will grow as more debts are paid off which results in a "snowball" effect that will help you to payoff subsequent debts faster and increasing your confidence in the process.

How do I get started with this app?

Step 1: From the Debts screen, select the '+' button to enter all your debts.

Step 2: Next go to the Payoff Plan screen to select a payoff strategy.

Step 3: Track payments by selecting a particular debt and then highlighting a payment to mark it as being paid from the payment schedule.

Step 4: You can view the total interest, amount paid, debt remaining, and payoff date via the Reports screen.

FAQs

How do I configure the Payoff Plan screen?

Step 1: Turn on the snowball switch to ensure that the monthly payment from the previously paid off debt will be applied to the next debt. This will ensure faster payoff of subsequent debts.

Step 2: If you can afford an extra amount of payment in additional to the monthly payments for all you debts, then enter the extra amount in the snowball amount field. The extra snowball amount will help in paying off your debts faster.

Step 3: Enter the balance date. The balance date is the date of the current balance for all your debts. As long as the balance date for all you debts starts on the same month, any day of the month selected will be fine. You can specify the specific day for the monthly payments of each debt via the debt update or debt entry screen.

Step 4: Select a payoff strategy and see how it impacts the total interest paid and debt free date. Choose a strategy that best fit your preference.

What is the 'Current Balance' amount on the New Debt and Update Debt screen?

The current balance amount is the balance of the debt on the date that you start entering all your debt information into the Debt Payoff Pro app.

What is the 'Payment Day' field on the New Debt and Update Debt screen?

The payment day field is the day of the month that a payment is due for each debt. Valid values are 1 through 28, as not all months have more than 28 days. Each debt can have a different payment day to represent different monthly due date of payments.

How do I backup and restore my app data?

Please click on this link for instruction on how to easily backup and restore your app data via the Files Sharing interface.

How do I make an extra principal payment that is of a different amount than the regular monthly payment?

To add an extra principal payment, please select the Debt from the main screen. Then touch on the "+" button on the upper right of the following screen to enter the extra principal payment.