Pay Off Debt Lite is a free iPhone app. designed to help beleaguered consumers get started organising and reducing their debt.
The app. helps use a debt 'snowball' plan that involves focusing intensely on paying off a single debt (usually the debt with the lowest balance) while making minimum payments to the other debts.
Once that first debt is gone, the monthly amount that previously went toward that debt is added to the minimum payment of the next debt, and so forth until all of debts are repaid. The payment amounts "snowball", becoming progressively larger as each debt is repaid. The app. includes incentive features that help provide motivation as users watch their loan balances go down.
The developers say this has proved especially effective because the debt snowball method usually results in quick successes early on, so consumers remain encouraged and continue to work their way toward debt freedom.
Pay Off Debt Lite is currently available in the UK, the United States, Canada, and Australia through the iTunes App Store in the Finance category, and is compatible with the iPhone 3GS and newer devices.