Debt Manager 4+

I’ve definitely heard of the Dave Ramsey method for financial freedom, but wanted to do my own version using a little bit of customization.

I’ve been looking at tons of apps for almost 6 months. Looking at top rated ones, free ones, paid ones highly reviewed ones and little know ones. I pretty much gave up. I, in fact, started to program an excel spreadsheet because none satisfied all my requirements....... until now.

This app allows you to input your data then review the lowest balance, highest interest rate AND a custom choice. It allows you to include debts that are not included in the snowball method as well as the ones you are going to use the method on. It lets you have a good grasp on all your financial debt. I just started to scratch the surface, there appears to be some reports but I will be learning that as I get further along.

This app does not disappoint. Is it for everyone? I don’t know. But it is the exact right one for me. It is a paid app but I have more than gotten my money’s worth on this one. In fact, I’m so happy I don’t even begrudge the money I spent on the other apps as it helped me see what I didn’t want and appreciate this little gem! How good is it? Ive already shown it to my son to help him with his debt and talked about it to several of my less financial literate friends! If I could give it more than 5 stars I would!

I like this app because it’s a visual to keep you on track toward bill payoff. Kind of like tracking weight loss I guess...seeing the balances come down continues the motivation to stay the course. My only problem is that once you pick a “balance as of” date and enter that information, you can’t change it without the app backdating itself. As an example, as the Fed interest rate rises, obviously so does the rate on my revolving debt. If I change to the new rate, it “back dates” that rate all the way to when I started the process which in my case has been over a year. This obviously skews current balances. You can’t start with an interest rate on a particular date then change that rate months down the line to be effective on a new date and continue the process. You have to delete your current payment information and re-enter it with all new data (balance, effective date, min payment, due date, snowball amount, etc). It’s not a HUGE deal but you kind of lose the visual of all your previous hard work and are starting with a clean slate all over again. But overall, I really do like the app. Balances maintained pace within pennies of statements and it really is “addictive” in that you do become very motivated to reach your goals.

I really like the app and it has helped me keep things organized and helped me get my payments back on track and on time. As a result, since I’ve been using this since February, my credit score has gone up a little, which is needed since my student loans kill it, and two creditors that had previously decreased my limits (which was fine by me, less temptation) have since raised them again.

I have one complaint regarding entering new payments. I set everything up in February, so all of my charts and individual tables start in February. When I went to add a new creditor, it backdated the “start” date for the payment plan to February, even though it is May. I tried deleting and re-entering and I tried looking in settings but it always goes back to the original month I entered everything. This needs changed.

My interest rates/interest per month have also been out of whack. Some are right on track, some are off by 4 or 5 dollars. So to keep my monthly statements on track with this app, I’ve had to add a bunch of “one off purchases”. I’m not sure why this is happening. I’ve double checked all my balances and interest rates and still am having issue. It’s not a huge deal, but it isn’t working properly.