Debt Payoff Tracker 1.1

The Debt Payoff Tracker app offers an organized approach to managing loans and tracking payments, providing users with a clear overview of their financial commitments. The interface allows for the consolidation of various loans and payments into one accessible platform, enabling individuals to choose from several effective repayment strategies, including the Snowball and Avalanche methods, or even a customized approach tailored to personal financial circumstances.

This application aims to assist users in achieving a debt-free life by facilitating the process of optimizing loan repayments. It also presents alternative loan options with potentially lower Annual Percentage Rates (APRs), which can enhance overall repayment efficiency.

The key to successfully eliminating debt lies in the user’s ability and commitment to pay more than the minimum required. By budgeting their income effectively, users can establish a consistent monthly payment plan that accelerates debt reduction. The app features a payoff chart that allows users to compare two scenarios: one where only minimum payments are made, and another where additional payments are incorporated into the repayment schedule.

Disclaimer

Material Disclosure: The operator of this app does not function as a lender, loan broker, or agent for any lender or loan broker. Instead, it serves as an advertising referral service connecting users with qualified participating lenders who may provide loans ranging from $100 to $5,000, with repayment terms available from 90 days up to 3 years.

APR Disclosure: Some states impose legal limits on the Annual Percentage Rate (APR) that lenders may charge. APRs offered through the app vary from 6.63% up to a maximum of 35%, depending on the lender.

A representative example of a loan's total cost is as follows: borrowing $2,500 over a one-year term at an APR of 10% with a fee of 3% results in monthly payments of $219.79. The total amount payable would aggregate to $2,637, inclusive of total interest amounting to $137.48.