iPhone and iPad Apps for Reducing Debt

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Top 4 iOS Apps to Help Cut Your Debt

iPad and iPhone Debt Reduction Apps Debt Payoff Pro and Debt HD
iPad and iPhone Debt Reduction Apps Debt Payoff Pro and Debt HD. SVT Software LLC and iBear LLC

While there are great options for debt reduction software and solid debt reduction spreadsheets, you can also use your iPhone or iPad to manage your debts. All of these apps use the "snowball" method of reducing debt.

What Is the Snowball Method?

The debt snowball method for reducing your debt focuses on aggressively eliminating debts one at a time, while still making minimum payments on your other debts. When you pay off your first debt from your list, you then take the monthly amount you have been paying to it and add it to the minimum monthly you're paying on the next debt in your list. When the second is paid off, add that amount to the monthly payment for the third debt in your list, and so on. This is how you get the "snowball" effect of paying off your debt.

The Best iOS Debt Reduction Apps

Use one of these great iPhone and iPad apps to organize your debts all in one place, choose a plan for reducing debt, and then track your progress as you whittle down the balance of your debts.

  • Debt Free
  • Debt Payoff Pro
  • Debt Strategy
  • Debt Control

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Debt Free

Debt Free iOS App
Debt Free iOS App. Mobile Innovations LLC

The Debt Free app for iPhone and iPad helps you to whittle away your debt using the debt snowball technique of eliminating bills. 

Both the iPhone and iPad versions of Debt Free are easy to use with a clean user interface. You start by entering debts you want to pay off, and then choose a strategy for eliminating the first debt. Strategies available are lowest balance, highest interest rate, highest balance or just list the debts to be paid off in any order that you choose. The app shows you how each of these strategies will affect the total amount of debt and interest, as well as the debt payoff date. Of course, each time you enter a payment toward your debt the variables (interest amount, remaining balance, etc.) are updated.

Handy calculators are included: a payoff date calculator (shows you how making additional payments affect the payoff dates and total interest paid), a loan calculator and a mortgage calculator.

Another helpful feature is the ability to set up notifications for payment due dates. Of course, there is an amortization table so you can view principal and interest for the remaining balance associated with each payment for each debt.

Other features include:

  • Quick Summary of all debts with Percentage Progress Bar, Debt Free Date, Interest Savings and Early Payoff Date.
  • Pie Chart View of debts by category and remaining debt.
  • Passcode protection to keep your personal financial information private.
  • Report exporting into HTML format that you can then email to yourself for viewing outside of the app.
  • Retina Display optimization.
  • Regional settings on your iOS device are used to automatically set currency type.

Cost: 99¢ USD to work with an unlimited number of debts. 

Download the Debt Free app from iTunes.

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Debt Payoff Pro

Debt Payoff Pro iOS App
Debt Payoff Pro iOS App. SVT Software LLC

Another app for iPhone and iPad that uses the debt snowball method of reducing and eliminating debt is Debt Payoff Pro (there's also a Lite version). 

Debt Payoff is nicely designed and easy to use with large calculator buttons. The currency used depends on your device's region setting. Enter your loans and other debt, then choose from one of four debt payoff strategies: lowest balance first, highest balance first, highest interest first and custom order.

Reports show your total debt amounts, remaining debts, total interest paid, total interest saved, debt payoff date and debt payoff time savings. A progress bar shows you percentages for remaining debt, and you can see how making extra payments affects your debt elimination plan.

The app includes an amortization table so you can view interest, principal and remaining balances and payments for each loan. You can also set up due date reminders for payments.

You'll find these calculators included:

  • Mortgage Calculator
  • Loan Calculator
  • Payoff Date Calculator (shows how the monthly payment amount for a debt will affect payoff date and total interest paid)

Other features include passcode protection for your data, the ability to export payment lists and amortization schedules to HTML so you can review them outside of the app, customizable debt icons, backup and restore data and a lock feature so you don't accidentally delete a debt or payments entered.

If you use the Lite version and decide to buy Debt Payoff Pro, it's easy to transfer your data in the app's settings.

Cost: 99¢ USD to work with an unlimited number of debts. You can try Debt Payoff Lite for free, but you are limited to two debts.

Download the Debt Payoff app from iTunes, or try Debt Payoff Lite

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Debt Strategy

Debt Strategy App for iOS
Debt Strategy App for iOS. Anishu Inc.

Enter your debts, then take a look at how one of three payment strategies for debt elimination will work. You can choose from making only minimum payments (you won't use this one for long if you're serious about reducing debt), pay lowest balances first or pay off the debt with the highest interest rate first. Use any of these strategies with the debt snowball method.

Debt Strategy will perform what-if analyses, and it has some great-looking graphical reports that break down debt by category or remaining balance. You can set up payment reminders so you pay your bills on time, override your home currency if needed and email reports. Your private financial data is password protected.

This app does not offer financial calculators like the other apps in this review.

Cost: 99¢ USD to work with an unlimited number of debts. Debt Strategy Lite lets you try the app for free but is limited to two debts.

Download the Debt Strategy app from iTunes, or try Debt Strategy Lite.

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Debt Control

Debt HD for iOS
Debt HD for iOS. iBear LLC

Debt Control uses the snowball method of debt reduction like the other apps listed here. Four payoff strategies are highest interest rate paid first, lowest balance first, highest balance and custom order. Debt Control includes an amortization table and four loan calculators: fixed and ARM interest rate, monthly and daily interest accrual, minimum payments in dollars and percents, and term in years and months. The app shows the payoff date under each debt and you can set up notifications for making payments on time.

Debt Control offers some good options for reports, including a 3D pie chart for analyzing debt from different perspectives like principle, interest, savings and monthly payment. A summary overview widget is included. Debt Control supports iCloud sync for your iPhone and iPad, and the ability to export encrypted data to email. A passcode is required to open the app for security.

Cost: 99¢ for Debt Control. There is a Debt Control Free version to try, but it is limited to one debt and three payment entries.

Download Debt Control or Debt Control Free from iTunes