72 ratings (3.125 average)
What's new in this version (1.1.0):
1.1.0 Hopefully fixed remaining force close issues by updating 'default' xml file.
Track your Debt Snowball - this app allows you to enter and track your debts - and calculates balances and payoff dates based on the Debt Snowball method (pay the minimums on everything, and attack smallest debt first), as recommended by financial counselors such as Dave Ramsey.
This IS a very basic app - written in response to the fact that when we started the Dave Ramsey plan in March 2010, there was no simple free app available that could do exactly the bit of functionality I needed.
1. Add your debts, including minimum payments, APR, original (for payoff display) and current amounts.
2. The app will display your debts in a list from SMALLEST to LARGEST. This is the 'debt snowball' - yes it is not mathematically optimal, but for many people is better psychologically.
3. In 'settings', set the 'Extra' monthly amount you expect to be able to apply to debt.
4. Pay the MINIMUM only on ALL debts except the top one on the list. Any extra disposable income should be applied to the SMALLEST debt to get it paid off.
5. The app calculates your payoff dates based on your 'Extra' monthly payment, so you can easily change your 'Extra' payment to see how taking a 500/month part time job can accelerate your overall payoff time. If you leave "Extra" = 0, then you are essentially planning to make minimum payments ONLY.
6. The first time you open the app each month, it will re-calculate (based on APR, minimum payments, and applying the amount you have saved as 'Extra' towards the smallest debt) what your current balances for all debts should be. If you pay more than the minimum on some debts, or the 'Extra' amount is not correct, you can also manually adjust those balances - but if the data is all correct, the new balances should all auto-calculate properly at the beginning of each month.
Last comments from Android Market
It is LLLAAMMEE it wont let you do anny thing it is boring
Love it! I now have my stupid displayed with payoff dates.
Great app to use after taking a Dave Ramsey class.
Seems to work fine on my droid x
It is good for tracking a little rudimentary in design, lacks a friendly U I, also visual aids, comparison tools, it does not export, orcreate report
No instructions how how it works. Doesn't allow you to enter the amount you pay per month if above min. pmt.
I look at this a few times a day! Love the simplicity of it- however wish I could enter due dates/have it calculate automat OR let me date last paid.
Does not save my work. Next time I open nothing is there.
I like it probably look at it a couple times a day. I would like to see it with a place to put in what you paid this month and let it track the debt