Debt Payoff Planner Review: A Tool for Keeping Track of and Managing Debts

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Your external accounts are not integrated with Debt Payoff Planner

What is the Debt Payoff Planner, and how does it function?

Debt Payoff Planner is an app that aids in debt management and loan repayment. This tool can help people battling significant debt, whether credit card debt or loan debt, prioritize and pay off what they owe.

You can use this app right away without logging in, or you can create an account and get started right away. You’ll need to include each of your GreenDayOnline loans, along with information like the initial balance, minimum payment amount, and annual percentage rate (APR). You’ll also need to figure out how much additional money you have and choose between two debt-reduction strategies: debt snowball or debt avalanche.

After completing all of these steps, the app will give you a debt-reduction strategy. The Debt Payoff Planner will show you how much faster you can pay off your debt and how extra payments can help you pay off your loans faster. It will also estimate when you will be debt-free, assuming you stick to the plan.

When you make payments, you’ll have to update the app manually. This will help you keep track of your progress and keep your payback plan precise.

Pros

  • It is entirely free to use
  • There are two alternative payout plans available.
  • As you make extra payments, the debt timeline progresses.
  • Free instructional stuff is available.
  • Offers a premium ad-free plan.

Cons

  • The free plan has a limited set of features.
  • The app’s design appears to be outdated.
  • Payments must be made outside of the app manually.
  • To access the app’s capabilities, you must enter your debt information.

Exceptional benefits

Debt Payoff Planner has several positive features. More information is provided below.

It is available for free download.

You might not want to commit to a premium app right now if you’re trying to pay off debt. You can use Debt Payoff Planner for free and reap the benefits of its features. Because most debt-reduction programs demand a membership, this benefit sticks out.

You don’t need to create an account.

You do not need an account to use the accessible version of Debt Payoff Planner. You will save time and enjoy the app’s features right away if you do not have to create one.

It offers two alternative payment plans to choose from.

This software has two distinct debt-reduction solutions for you to choose from:

Debt Snowball: This strategy focuses on paying off your smaller debts first.

Debt Avalanche: This strategy prioritizes dealing with high-interest debt first.

You have more influence over your debt repayment strategy when you have two possibilities. Some people find it more motivating to see a personal loan with the lowest debt paid off first. Others might rather pay off a credit card amount or other high-interest debt early to avoid incurring extra long-term interest payments. It’s entirely up to you.

Displays your debt in a visual format

A graph of your total debt is included in the Debt Payoff Planner. The chart will break down all of your debts, so you can see how far you’ve come. Your complete debt-payoff progress is also displayed as a percentage in the app. These visual representations might help you stay motivated as you work through your debt-reduction strategy.

See how making extra payments can help you pay off your debt faster.

Extra payments can be planned using the Debt Payoff Planner. If you have additional cash to put toward a personal loan, this is a terrific strategy to pay off debt while also improving your credit score. This debt-management tool will show you how much faster your debt may be paid off if you make extra payments regularly.

Offers educational materials.

Within the app, you’ll find links to educational tools to help you improve your financial literacy. This will enable you to discover more about various debt-payoff options and other helpful financial suggestions and personal finance tools.

What could be better?

There isn’t an ideal personal financial app out there. These are a handful of the areas where we believe Debt Payoff Planner could be better.

The free app has several limitations.

While the free edition of Debt Payoff Planner has many valuable features, it does have certain limits. If you want payment reminders and additional features like the ability to print or view your plan on a desktop computer, you’ll need to upgrade to the Pro edition of the app.

A premium plan is required for an ad-free experience.

If you’re annoyed by adverts in apps, you should know that the free edition of Debt Payoff Planner contains ads. You’ll need to upgrade to the app’s Pro version if you wish to disable this function.

Design in general

The design of Debt Payoff Planner is straightforward; however, it isn’t as appealing or modern as other programs. While the software itself offers a lot of functions and images, the user interface is obsolete. This software may not be for you if you like apps with clean, modern looks.

Payments must be made manually.

r. You’ll have to make payments manually outside of the app instead. If you want to automate your debt repayment schedule, this program won’t help you.

You must input precise debt information.

You’ll need to enter all you owe to get the most out of this app. This comprises information such as the loan type, the initial balance, the minimum payment amount, and the annual percentage rate (APR).

Alternatives to think about

If you’re looking for an app that will help you automate your debt repayment, Qoins is a good option. You’ll link your checking account to this app and have the option of rounding up every transaction or setting aside a certain amount of money every few days. This extra money is immediately applied as additional payments to your debts at the end of the month. Qoins is a paid app, so while this is a valuable feature, it is also a paid app. If you require a free app and don’t mind making manual payments, you might choose to stick with Debt Payoff Planner.

How much will it cost?

There is a free version of Debt Payoff Planner with some limitations. Advertisements cover the cost of the free plan. There’s also an ad-free Pro version with three different payment options: $24 for two years; $10 for two months; $18 for three months; $10 for two months.

This app is appropriate for:

Debt Payoff Planner is an excellent option for anyone ready to get serious about paying off their debt. The software gives users a payout strategy, visualizes debt-payoff progress, and explains how extra payments can help you pay off debt faster.

Bottom line: 

Debt Payoff Planner is an attractive choice if you want a free tool that helps you conveniently track and manage various debts.

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