Debt Snowball App Android. You enter all of your debt information, and the app will show you the best strategy for paying it all off. It is also a debt snowball app.
Required inputs for calculating your debt free date are the current balance of the loan, the annual percentage rate (apr), and the minimum payment. Once that’s paid off, you’ll put all of your extra money toward paying off the debt with the second largest interest rate, and you’ll continue doing that until you’re debt free. This handy app can help you get out of debt quickly.
By using this app, on average, a person can save more than $2000.
The snowball method for reducing debt involves aggressively eliminating debts one at a time, ordered from smallest to largest to build momentum. Like other debt apps on this list — namely debt free and debt payoff planner — you can arrange your debts based on your preference: Base your plan on the snowball method of applying an extra lump sum payment to a debt, or pay off your debts by lowest balance, highest interest rate, highest balance, or custom method. This app focuses on the debt snowball strategy.
