Debt Payoff Planner: Product Review
The Debt Payoff Planner App
Consider this helpful tool you can use to solve debt problems: the Debt Payoff Planner. Most people have debt, and an app like the Debt Payoff Planner offers an interesting array of tools to tackle problems, whether trivial or difficult.
The Debt Payoff Planner figures out how long it will take to pay off your debt and how much you should pay monthly and offers strategies to reduce debt. So when we have a debt problem, is this a tool to help us out? This blog offers a review of the product here.
First, do you have a debt problem?
- Considering your finances, how much debt can you take on?
- What percentage of your income is devoted to paying off debt?
- Has anybody denied you credit recently?
- How does your Credit Report view your debt?
Credit reporting agencies can show you your debt situation in a nutshell, so checking with the three credit reports might be the first place to start, if you want to know where you’re at. The reports illlustrate what you owe against what you make and determine if your debt load is heavy or light, whether you have room to take on more debt, or if you have debt problems you should address.
When considering debt load, look at these percentages: Keep the amount of consumer debt you pay every month at about 15 percent. In the debt to income ratio, your total debt picture should not exceed 35% of your income before taxes, including the cost of a mortgage, insurance, and monthly utilities. So, you can tell from the total amount listed by the payoff tool how approximate your debt is in the healthy debt to income ratio.
Once you’ve got your figures together, let’s turn to the Debt Payoff App. Load it on your smartphone from the Internet. The above link is for a desktop computer, so look up the app on your Google or Apple Stores. The documents you want to bring to use the app include your credit card statements, personal loan statements, mortgage statements, utility bills, and auto loan statements. Bring statements from any debts.
Oxbow Soft LLC created the Debt Payoff App
It comes as a free or a “Pro” version. As you can see from the mobile app pictured above, you can explore the app right out of the box. To get started, go with the free version. Customers like the options the Planner offers:
- Using it across apps
- Backup system
- Alternative currencies.
- informative charts
- easy to generate debt payoff plans
The app gives hope and a future to people caught in a debt spiral. It’s easy to use. Just enter the lender’s name, the amount owed, the monthly payment, and the Annual Percentage Rate of the debt. The APR comes in handy when prioritizing debt. For instance, the higher the APR, the greater priority in payoff plans like the Avalanche Planner, a tool available in the Debt Payoff Planner.
Advantages of the Pro Version
Additional charts and an opportunity to make multiple one-time payments come with the pro plan. The Pro plan prints your strategy and provides payment reminders. It also provides APR comparisons with credit cards. There’s no ceiling on how many debts you can list or how many payments you make. The Debt Payoff Planner will calculate it all!
Generate a Payoff Plan!
Optionally, you can add the category the loan fits into, for example, an auto loan or a credit card loan. It will generate a payoff planner page that includes the day you’re debt-free, a list of your debts, and a payoff summary. The current balance can be viewed either as debt or a debt category. The payoff plan lists the steps to take to pay off the debt and the duration, shown in the time it takes to pay it off every month. And finally, there’s a debt paid box, “paid off on,” which is the date everyone wants to get to.
In addition, there’s a list of resources discussing debt avalanche strategies, how to identify bad debt from good, psychological blocks to budgeting, and how valuable financial independence is. And the Debt Payoff planner also offers help with any questions you have. You can check your smartphone for a payoff summary. A tool like this can accelerate your payment strategy and keep you motivated.
Resources to Speed the Process Up!
You’ll discover that paying off debt takes time when an instant solution (like a home equity loan) is unavailable. The Debt Payoff Planner app is a positive tool in that situation.
This article was originally published in 2021 and has been slightly edited.
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