This is a sponsored post but, as always, my opinions are my own. Thanks for supporting the companies that help make this site possible. – Anna
Awhile back I shared Jackie Beck’s story of how she and her husband got out of $147,000 in debt (!!! nuts, right?!). They were persistent and committed to the process of getting out of debt and, not surprisingly, it worked!
Jackie has created a great app that is appropriately called: Pay Off Debt . Pay Off Debt is an iPhone and iPad app that has helped tons (tens of thousands) of people pay off debt by using the snowball method.
Let me tell you, I really wish this app was around when I was going through my Spending Fast and Spending Diet (not that I had an iPhone then but still…) because it would’ve made it so nice to see the progress I was making and how far I had come. I also would’ve really enjoyed seeing how my pay off date was changing based on the aggressive payments I was making every month. I think that would have been so fun to see it getting closer and closer!
There’s even a feature with the app that let’s you email your snowball information to yourself. I would’ve printed out my progress reports every month, and taped them all over my house, so I could be simultaneously thrilled and horrified/motivated at how far I had come, and how far I had yet to go.
Here are some my favorite features that the app offers:
- You can prioritize your debts in the way you prefer (lowest balance, highest interest, or you can select a custom order)
- You can see your planned debt-free date, and then compare and contrast how long it’d take to pay off all debts if you weren’t using the snowball method.
- You can view progress bars for motivation and encouragement!
- It takes interest rates into account when calculating estimated time left.
- It takes taxes and insurance (escrow) into account when adding a Mortgage/HELOC type debt.
- It lets you change the additional amount you have available to put toward the first debt in your snowball at any time.
- It lets you set payment reminders to appear when the app is running, if desired, and then once the due date has passed, the reminder will no longer appear.
- You can select your currency: dollars, euros, pounds, yen or a custom currency.
Jackie also mentioned that she often gets asked why the app costs $2.99 instead of offering it for free. She said that the reason it isn’t free is because she doesn’t want to have ads on the app, and she didn’t want to have it set up to cost $10-$15/month for a subscription type of service in order to access all of the features. She said she would much rather just sell the app up-front for a few bucks, and get on to helping people get out of debt!
Jackie is giving away a copy of the iPhone/iPad Pay Off Debt app to 3 readers! To enter leave a comment below, saying how you would feel if you were debt-free!
Be sure to fill in the appropriate email, name, etc., fields so we can contact you if you win. The giveaway will end on Friday, October 17th at 5:00pm MST. Good Luck!
**Update 10/14/14 Apologies to Jackie. In the original post I mistakenly called the app by the wrong name. It has now been corrected.