If you are looking for a tool that will help you get out of debt, Undebt.it might be exactly what you need.
This tool was created by Jeff Donaldson, who was struggling just like you may be now. He used to think that debt was simply a part of adult life, until he realized that it didn’t need to be like that.
Donaldson worked super hard to get this tool put together to help him get out of debt, and now he’s shared it with everyone.
To show you a bit about Undebt.it and what it has to offer, we’re going to cover:
- What Is The Undebt.it App?
- How Does Undebt.it Work?
- Undebt.it Features
- Undebt.it Debt Payoff Plans
- Additional Features of Undebt.it
- YNAB Account Integration
- Undebt.It Premium vs Undebt.it
- Try Undebt.it Today
What Is The Undebt.it App?
Undebt.it was designed to help you get rid of debt by using various accelerated debt payoff methods. The app allows you to easily and conveniently create your own payment plan.
Currently, there are 2 versions of the app. You can choose between the free version, and Undebt.it+, their premium version.
Both versions of the app will allow you access to their different debt payoff plans. Of the debt payoff plans, the Debt Snowball Method and the Debt Avalanche Method remain the most popular.
How Does Undebt.it Work?
Through the app, you’ll pick a payment plan that works for you and your personal situation. You’ll be able to track your progress while following the plan.
Undebt.it will even show you when you’ll have paid each debt off, and when you’ll be completely debt free.
Here’s how to get started:
Create an account
We suggest you start with the free version to try it out and see if it’s a good fit for you before committing to Undebt.it+
When creating the account, you’re going to asked to set a budget. Make sure that you’re not putting more than you can afford to pay each month.
Then you’ll be prompted to…
Add your debt information
This is where you’ll add information about all of your accounts.
You’ll need to know:
- Your current balance
- Interest rate
- Minimum payment amount
Undebt.it will not link to your accounts, nor collect any passwords to your accounts.
It works strictly based off of the information you provide. You have the ability to add all the accounts you wish, no limits. And with every account you add, you have the option to edit or delete it later.
Once all of this information is put in place you will…
Go to the Dashboard
The Dashboard is the main place you’ll be spending your time. This is where you’ll see an overview of how everything is going.
- The dashboard will show you lots of information, including:
- When you will pay off the debt
- How much you will pay on interest
- When payments are due
- Record of past payments
How cool is that!
After you’ve reviewed the dashboard, you can look into the details page and…
Review the Debt Snowball Table
This tool will automatically route you to the debt snowball method. You will have the ability to make changes and choose the best method for you.
When you select the method you prefer, you will be able to see a table that shows a detailed summary of each month’s payments. It will show you how the method you’ve selected really works, and how quickly you’ll payoff your debt.
Plus you’ll be able to export the tables to an excel file if you’d like to store this information somewhere.
- Undebt.it can be used on computers, tablets or phones.
- You can add and manage an unlimited number of accounts.
- You have the ability to choose between multiple debt payoff plans, or even create a custom plan.
- Ability to sort and export your payment history.
- See your projected payoff dates and the total amount of interest you’ll pay for each account.
Undebt.it has multiple payoff plans you can select from, so let’s look into these and see what they have to offer.
Undebt.it Debt Payoff Plans
Don’t worry! Repayment plans are not set in stone. So, once you have selected a plan, you can easily switch to another.
If you select this method, you will be paying off your debts off starting with the one that has the lowest balance and working your way up to the highest.
By tackling your debts from lowest to highest, your smaller accounts will be paid off sooner. This is a great motivating factor for most people as they love to see an account back to $0.
If you select this method, you will be paying off your debts in order of interest rates. So, you’ll begin paying down the card with the highest interest rate first while maintaining minimum payments on your other accounts. Then, you’ll move onto the next highest, and so on.
Debt Hybrid (Debt-to-Interest Ratio)
If you select this plan, you will be using a combination of both the snowball and the avalanche method together. This plan will help you eliminate debt, while keeping you motivated through the process.
Highest Monthly Payment
This plan is for people that are looking for some flexibility when it comes to their budget. It will allow you to free up money in order to make higher monthly payments.
Highest Credit Utilization
If you select this plan you will start paying down the accounts where you are closest to meet the maximum credit limit.
Your credit utilization plays a very important role in determining your credit score. This plan is most beneficial for those who are looking to increase their credit score.
Highest Monthly Interest Paid
This method centers around the amount you are paying each month, as opposed to the percentage rate.
This plan is focused on having you pay less interest, which makes it similar to the Debt Avalanche Method.
If you opt to create a custom plan for yourself, you’ll be able to manage it through the app. Within the custom plan selection, you have 2 choices to begin building from:
- Highest number first – Means you will pay off highest number first
- Lowest number first – Means you will pay off lowest number first.
Both of these can be seen in the Debt Details page.
If this is your idea of financial planning, you may want to rethink your strategy.
You shouldn’t rely on luck to improve your #Finances.
— Get Out of Debt (@getoutofdebtcom) January 8, 2019
Additional features of Undebt.it
Aside from the standard features, Undebt.it has some cool tools you’ll want to check out.
Let’s take a look:
Use Debt Snowflakes for Additional Payments
The Debt Snowflake tool will allow you to add additional payments to your current plan.
You’ll find this option under the Debt Snowball Plan.
If you were to receive unexpected money, like a bonus or tax return, you can put it towards your debt by entering it under this tool.
Keep track of your payments & purchase
You’ll be able to track all of your past payments and purchases on your Dashboard, as well as on the Details page.
When you add a payment, the system will automatically adjust the due date and your account balance.
You can sort this information as you’d like, and you have the option to export it.
Compare Debt Payoff Methods
With this feature, you can go to the Compare Methods page and see how each plan will work for your personal circumstances. This will allow you to determine if you’ve selected the best option for you.
You’ll be able to compare:
- Time to payoff
- Amount of interest
- Total amount paid
This information helps you see where your at and where you can be depending the plan you’ve selected.
Track your credit utilization
Undebt.it will keep you updated on your credit utilization ratio. You’ll be able to see a pie chart which illustrates your various accounts and where you’re at. This is a great feature for those of you who are visual.
See How Your Debts & Interest Rates Are Distributed
These graphs will show you how your debts are distributed, so you can easily see where your money is going and how it breaks down.
Check Your Debt Payoff Progress
On the Progress page, you’ll be able to see the strides you’ve made to pay off your debts.
You’ll see a list of the accounts that have been paid off, as well as how long it’ll take you to pay off your current balances.
But these are not the only features you have to choose from. They also offer:
- Bill management – with this you’ll be able to manage your recurring non-debt accounts.
- Things like:
- Utility bills
- Things like:
This additional feature:
- Repeat bills every month or year, based on how you set it up
- Record your bill payments automatically
- Allows you to add unlimited accounts
- Text messages with payment reminders
- Show your bill history
- Past due accounts
- Payments due within 7, 14 and over 14 days
The Debt Blaster Payoff Method
This is a debt payoff method that has been developed by Undebt.it.
This is a turbo charged method created to help you excel your debt payoff plan. The way it works is that it automatically increases your budget by a small amount every month, so you’ll be able to pay your debts off quicker. You can do this by either a fixed amount or by a percentage.
52 week saving challenge
This is a popular method that has been known for quite some time now. This challenge will allow you to save by putting away small amounts of money every week.
How It Works: This challenge was created with the intention that you save money every week for a whole year. When you start the challenge you will start by saving $1 the first week. The second week you’ll put away $2, and so on.
You’ll end up putting away $52 during the last week of the year. Once the year has completed, you’ll have $1,378.
Sound good right? In the table below you can see how you’d be saving weekly.
Here is a little of information about the challenge:
- You can select a plan type out of these:
- If you select Standard – You will save from small ($1) to large ($52).
- If you select Backwards – You will save from large ($52) to small ($1)
- If you select Fixed Amount – You will save an equal amount per week of $26.50, so there won’t be any changes to your weekly savings amount.
- Starting Amount: When you start with the Standard plan you will start with a $1 saving, but you have the ability to increase that amount.
- Increase Payment By: If you select to change this field, you will be altering the amount you save weekly. For example, when you start with a $1 saving, you will end up with a saving total of $1,378. But, if you decide to change it to $2, all of your savings will double on a weekly basis. So, by the end of the year you’ll end up with a savings total of $2,756.
YNAB Account Integration
If you have a You Need a Budget (YNAB) account, you have the ability to sync your YNAB account with Undebt.it.
You can select specific accounts, or choose all of them, to sync and track through Undebt.it. Doing this will ensure that your account balances are always up to date.
Get The Guide
Undebt.it wants to you be able to navigate through this useful tool and feel comfortable doing so. So, they’ve created a 40 page Undebt.it user guide for your convenience.
It pretty much explains everything there is to know about the app, and where to find it.
It explains pretty much everything there is to know and where to find it.
They even have a demo account that you can log into and explore and see if this is the tool you are looking for.
Username: [email protected]
Undebt.It Premium vs Undebt.it
Illustrated below are the features that are available with the free version of Undebt.it vs Undebt.it+, their premium version.
Check out all these perks you get with Undebt.it+
To get started and see if Undebt.it works for you, the free version will work just fine. But, if you want to have other options and have access to more features, Undebt.it + might be the way to go.
Based on comparisons, Undebt.it has a lot to offer that other similar tools do not, including more debt payoff plans to choose from than any other app out there.
Try Undebt.it Today
You’ve got nothing to lose by giving Undebt.it a try.
Plus, you’ll probably get out of debt sooner than you were expecting.
So here you have it! All you need to know about the Undebt.it app and how it can help you.
Have you tried Undebt.it yet? Let us know in the comments!
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