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If you’re really trying hard to pay off your debts, but it’s not going as quickly as you’d hoped then there’s some good very news. There’s a wonderful, and very inexpensive application that’s just been updated that will show you the very best way to pay off your debts, and the results are specific and not general.

Take note! I’m just recommending, and not selling anything!

“Pay Off Debt” is a very popular debt application program that’s just been updated by Apple/iTunes, and its new features make it an almost must have program for anyone that’s struggling to get out of debt, because it quickly and clearly shows what the effects would be of trying various debt reduction systems.

Although it’s an Apple product, it’s dual-platform and runs without any glitches on Windows. It’s only obtainable from Apple’s iTunes website, and if you don’t already have iTunes on your computer, then you won’t be able to see the Pay Off Debt download link until you install it!

iTunes is free, but it may not be available in some countries.

The program is beautifully designed, and it’s a very clever and intuitive application, that first requires that you to enter in the following information,

1) Your Name

2) The type of Debt, such as credit card, car loan, generic debt, mortgage/HELOC or student loan etc.

And then the details of each debt.

a) Original amount of each debt.

b) Current Balance (what you have left to pay off the debt)

c) Interest Rate (APR)

d) Due Date (due date of the monthly payment)

e) The Minimum Monthly Payment.

After you’ve entered in all the above information, you can then start to compare paying off your debts in unlimited different ways,

a) Lowest balance to highest balance.

b) Highest interest rate to lowest interest rate.

c) In any custom order you select.

After you make your, choice you’ll then see,

a) Graphs of your progress on each debt, plus a graph of your overall progress.

b) Estimated time left to pay off each individual debt.

c) The date that you’ll be free from all your debt.

The ability to see the effects of paying off your debts with lots of various systems is incredibly helpful and it makes choosing one of them incredibly easy. Most people end up choosing a system that suits their psychological makeup in addition to being right financially, and this is the correct choice to make, because choosing a system that you later give up on, is far worse than choosing one which doesn’t save you the maximum amount of money.

You Can Chose The Snowball Method If You Want

The Snowball system is a very popular way of paying off debts by which the debtor pays off the creditor that he owes the smallest amount of money to first, regardless of how high or low the interest is, and the system is so well liked because the rewards come early and more quickly, meaning that you soon pay off a creditor and start to feel liberated, but it is not the most effective method unless you need that emotional boost.

Other Options And Possibilities

a) There’s a Debt’s screen which allows you to record payments that you’ve made by pressing Record Payment for individual debts, or you can simply press Record All Payments to record all of the payments at once.

b) You can choose from English, French or Spanish, and four different currency types, dollars, euros, pounds and yen, or create a custom currency of your choice.

c) Password protection.

d) The ability to email your debt information to up to four different email addresses, although I’m not sure who you’d want to email such personal information to, and I’d be much more likely to choose the password protection option

Apart from all the math that it does, and the help that it gives, I loved the really super foolproof user interface which makes entering in even a ton of different debts, with different interest rates and time frames incredibly easy, and also in a way that’s almost pleasant, because you don’t have to dwell too deeply on what you owe which might possibly cause you to go into a tailspin.

The Pay Off Debt application obviously can’t pay your debts for you, but it can do the next best thing, which is to show you the best way to pay them off, and you’ll most likely be amazed at just how much tweaking a few things here and there will save you.

The author of this article was a film producer, and award winning film sound editor for many years. One of his primary interests is economics, and one of his websites -> Get Financial Help features a large number of extremely popular articles about the world’s economy in general, and bad debt loans, debt consolidation, debt settlement, and bankruptcy in particular.

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