The Debt Myth recently launched a new app that is designed to help you create and use a debt snowball to focus your debt reduction efforts.
The Pay Off Debt app shows your debt snowball, which is a way to systematically pay down debts. Using this method, you pay minimum payments to all debts except one (usually the debt with the lowest balance.) You then pay the minimum payment plus as much additional money as possible to the selected debt. This process is repeated until all of the debts are paid off.
Since starting our pay off debt journey more than three years ago, we have used the debt snowball method to pay off our own debts. I feel like we’ve really only started making traction recently, and now we have less than $14,000 in debt to pay off (from over $40,000 three years ago!)
To celebrate the launch of this new app, The Debt Myth is giving away an Ipad Mini! To enter, just fill out the rafflecopter below:
4 comments
This app is exactly what I’ve been looking for! I hope it’s worth 2.99, I rarely spend more than 99cents on an app! Lol. I put in all of our debt and it was really quite staggering to see it all in one place and added together. In the past I have never counted our cars as debt because I’ve always had a car payment and kind of think of it as a way of life. But seeing that we can have it all paid off in 5 years makes me excited for all if the possibilities and things we can do with our money besides paying creditors!
five years?! That’s awesome! That’s practically nothing in the grand scheme of things. I’ve been paying off my student loans for longer than that!
oooo I have to download this now… hmmm that might bring the financial apps on my phone to like 20007889967823 LOL
I am as excited about this app as the giveaway! 🙂 Hurray for debt snowballs!