Snowball Method: iOS Apps to Reduce Debt

During these uncertain times, many people will watch their debt increase. While it should go without saying, decreasing the amount of money you owe is imperative. You should never wait when it comes to credit or debt. The Snowball method is a theory used to reduce the debt involved by eliminating debts one at a time. This comes from the perspective that you should order your debts from smallest to largest in order to build momentum. Getting out of debt is never easy, but there are apps that will help you use to this method to climb out of the whole. The following are some apps for iOS that provide this.

Debt Manager

Simply named, the Debt Manger provides guidance throughout the process of repaying your debt and setting up payments. The app has tips and a full manual. It helps you aid your process, allowing you to choose paying off the lowest or highest balance or the highest interest rate according to MoneyPug, which is used to find short term loans. There are more settings that can help you overcome what sometimes feels like a mountain of bills.

Not only is it analytic, the app is interactive. First enter accounts and begin with weekly, biweekly, monthly payments. Then it will offer reports that offer visualization techniques to help you see the debt more clearly. The app’s interface enables you to compare debts side by side, you can take a look at the costs per month and send report through email and Dropbox. Finally, the app includes a monthly payment, payoff date, and benefit calculators.

Debt Free

Another app with an on-the-nose name is Debt Free. Not only is this app easy to use, with an intuitive interface, you can use it to strategize and eliminate debts. You can begin by choosing the balance or interest rate. Debt Free shows you how each of these strategies will affect the total amount of debt and interest accrued.

It doesn’t end there. This app includes an amortization table that helps you view the principal amount and interest left for the remaining balance. Debt Free provides notifications on payment dates, summaries, percentage progress, debt-free date, interest savings, and early payoff dates. There is even a pie chart that shows you debts by category. Export reports to HTML and email them to yourself.


A lot like the popular app Acorns, ChangEd is for student debt. Once you go through the process of syncing your bank account, the app will analyze your spending and round up purchases to the next dollar. Then they deposit the difference into a bank account. Then, once you reach a certain amount, that money is put towards your student loans. The money that you save towards debt using this app will add up more quickly than you think

Debt Strategy

Debt Strategy takes a look at one of three payment strategies, including the Snowball method. Choose from making minimum payments, low balances, and high interest. This application sends reports that break down debt by category or remaining balance. It can also be used to set up alerts and reminders or override your home currency if necessary and email reports.


A budgeting app, Mint is a great at providing detailed spending breakdowns and customizable budgets. You can take advantage of the goals feature and help you stay on track to pay off your debts. You choose the goal “pay off debt” or “pay off loans.” It will ask you to choose an account to associate with this goal. Here you can calculate how much you need to delegate for your goal of eliminating debt by using the budgeting tools that Mint provides.

Debt Payoff Pro

Designed with large calculator buttons and works with multiple currencies, you begin by inputting your loans and other debt. Choose from one of the four strategies and set reminders for payments. Reports show that your total debt amounts, remaining balances, and interest paid, you can view the principal balance, interest, and balance for each loan or debt. Other features include mortgage, loan, and payoff date calculators.

While there are many apps to help you reduce debt with the Snowball method, they are relatively similar. With the tips above and additional research, you can find the debt app that will enable you to fight off this and work towards financial health.