July 2, 2010 in Finance (E)
[prMac.com] Tempe, Arizona - Announcing Parallel Focus LLC, the developer of Pay Off Debt, has released version 1.2.3 for iPhone and iPod touch users. The application systematically helps consumers repay creditors faster using the debt snowball method. New features just released in the latest Pay Off Debt update means users can now easily record custom payments and optionally have the app issue payment reminders.
Pay Off Debt was developed with one purpose in mind - to help users free themselves of some of their financial burden. "After becoming 'debt-free-but-the-house' myself, I wanted to help inspire others to become debt-free," says Jackie Beck of Parallel Focus.
Beck's application is based on the debt snowball method of debt reduction, which involves choosing one debt to target and apply extra money to while making minimum payments on the other debts. Consumers realize a steadily decreasing balance until the balance on the first debt is paid off entirely. Once one debt is gone, the monthly amount that previously went toward it is added to the minimum payment of the next debt, and so on. Each debt gets a progressively larger monthly payment.
The snowball method results in much faster debt reduction, which is not only good for relieving financial burden but also for providing encouragement and motivation. Pay Off Debt has been designed to be the perfect tool to help.
"I used to obsessively check my debt reduction progress and thought an app would be a handy way to do this. Also, it would make it easy to figure out the planned debt-free date using the debt snowball method," explains Beck. The Pay Off Debt app does those two things and much more.
Pay Off Debt's latest update includes two new features which allow users to easily record custom payments and gives them the option of having the app issue payment reminders. These features are in addition to the already outstanding functions available:
* Freedom to prioritize debts by organizing the debt snowball in the order of choice
* View progress bars on each debt for motivation and encouragement
* View starting and current balances to monitor progress
* See estimated time left to pay off each individual debt* View the "planned debt-free date"
* Compare and contrast how long it would take to pay off all debts if the user was NOT using the debt snowball
* Email the snowball information to up to four different email addresses
* Password protect the app if desired for privacy
* Record payments made for real-time progress
* Users may temporarily change the payment amount for a debt for increased flexibility
* The Configure Snowball screen allows any additional amount available for debt repayment to be put toward the first debt in the snowball
* Pressing the Record Min. Payment button on the first debt in the snowball automatically records the additional amount entered on the Configure Snowball screen
* The current balance for each debt is automatically estimated based on information input by the user. (Please note that this is ONLY an estimate. To keep exact records, users should consult statements and enter the actual current balance manually on the Edit Debts screen.)
* Allows users to select English, French or Spanish and one of five different currency types (Dollars, Euros, Pounds, Yen or a custom currency.)
* Tutorials are available online
* iPhone and iPod touch
* Requires iPhone OS 2.0 or later
* 0.2 MB
Pricing and Availability:
Pay Off Debt 1.2.3 is only $2.99 (USD) and available worldwide exclusively through the App Store in the Finance category. Promo codes are available for qualified reviewers. Please specify the website or blog you represent when making your request.
Parallel Focus is the creator of Pay Off Debt, a debt snowball financial application for the iPhone, iPod touch, and Android devices. Copyright (C) 2010 Mobile-App-Marketing-Makeover & Edward Turner. All Rights Reserved. Apple, the Apple logo, iPhone and iPod are registered trademarks of Apple Inc. in the U.S. and/or other countries.