Developer: Mobile Innovations
Price: $0.99 (LITE version also available)
Version Reviewed: 3.0
Device Reviewed On: iPhone 4

iPhone Integration Rating: ★★★★☆
User Interface Rating: ★★★★☆
Re-use Value Rating: ★★★★☆

Overall Rating: ★★★★☆

When facing the reality of having a load of debts that need paying off, it’s easy to bury one’s head in the sand. I should know thanks to years of studying at University leaving me with a sizeable chunk of repayments for much of the rest of my 20s. The key to figuring it out and remaining in control of one’s finances is to plan ahead and Debt Free aims to simplify this through its very simple interface.

Within the app, it’s easy to set up various debts according to the user’s needs. From the dashboard users can add debts of any size they wish, assign the relevant interest rate and what date payment is taken. The minimum monthly payment can also be set and extra payments can be factored into the equation. At a glance, the app can then tell users exactly how long it will take to pay off the debt at the current rate of interest and payments.

It makes for slightly sobering news in some cases (certainly when large student loans or mortgages are included) but it also makes for an empowering figure, especially for those people dealing with smaller and more short term debts such as credit cards or loans. Reports can also be drawn up so that the user can check to see where the bulk of their debt exists, thus possibly changing their lifestyle to adapt to such difficulties. A finance calculator also comes in handy if the user is considering a new loan or form of credit too.

It’s all pretty simple to get to grips with, right down to the ability to email the debt summary somewhere else for further consultation.

Debt Free calculates the best way of paying everything off depending on what the user’s priority is such as whether they want to clear the lowest balance first, the highest balance, the highest interest rate or something of their own choosing and devising. Keeping an eye on interest rates is always a useful tool in order to keep debts at a minimum. And of course the sense of getting ever nearer to clearing the debts is a great feeling, even if it might be further off than some people would like.

While it’s very tempting to ignore the debt, Debt Free makes it easy to confront it and manage it wisely. It certainly feels worth the $0.99 outlay and there’s always the lite version for those with only a couple of debts to their name.


Posted in: Finance, iPad Apps and Games, iPad Finance, iPhone Apps and Games, Reviews

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