1. If you consolidate debts onto a different credit card, for example for a lower interest rate, for a debt consolidation loan, it reads whatever you "paid off" as an amount that's available to throw at everything else.
2. Perhaps a savvy developer of this app will see the benefits of it.I love this app!! I have all my debts listed and have put a snowball option on them, that shows me that I will be out of debt in 8 years ( including my house)! I never could figure out how to calculate that on my own.
3. So it can't accurately calculate the total cost or suggest the most optimized payment plan.This app is great!!!! Highly recommend for those of us trying to go through a plan to get debt paid off.
4. However, when I make a payment it adds what I had available to pay to the next debt for the same month! IE, I have one card I paid $699 on and another was for the minimum payment.
5. Once you understand the issue, it's easy enough to work around though.I love that this is simple and can follow Dave Ramsey's debt snowball.
6. And entering new payments made is a breeze, I feel like I'm getting somewhere! I get weekly emails showing how much I have paid during that week and it's nice to see that amount because I never tracked that before.
7. But there is also a free version!This app is highly beneficial for managing simple interest debts, like car loans, credit cards, and personal loans.
8. Mortgage payments often involve complex amortization schedules, where a significant portion of the interest is paid upfront.
9. Will update rating with reply / fix.The 'snowball effect' has been a proven debt elimination technique for decades.
10. I don't want to delete the old debt--like I have done previously - - because then I lose the proof of how much debt I've actually paid off.
11. You can choose to either attack your debt service either by sorting from the highest APR or starting with the lowest running balance of a debt.