Android App Debt Snowball Helps to Pay Off Debt
May 24th, 2010 MobileFreak
Debt Snowball, an app available on the Android Market, helps users keep track of their debt and determine what credit card or other debt to pay next.
This method of paying down debt has the user pay the same total amount of money to their debts each month, with the most going to either the debt with the highest interest rate, or the one with the lowest outstanding debt. Popular money management author and radio/TV host Dave Ramsey promotes this method. Mr. Ramsey suggests paying off the debt with the smallest outstanding debt first in order to build momentum and stick to the plan.
Of course, paying down the debt with the highest interest rate first makes the most sense mathematically. However, if people can find a way to build momentum so that they stick with their plan, that is often much more important than the mathematically correct answer.
The nice thing about the Debt Snowball app for the Android is that it lets you select either method, and shows how much to pay to which debt based on the approach selected. Check it out!
Android App:
www.android.com/market/#app=com.DebtSnowball
Entry Filed under: android
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Sounds like an excellent apps there. I wish to have my android based phone now.