Debt Payoff Planner Review: An App for Tracking and Managing Multiple Debts
Review
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Bottom line: Debt Payoff Planner is a good choice if you want a free app that allows you to track and manage different types of debt easily.
| iOS app rating | 4.7/5 stars |
|---|---|
| Android app rating | 4.5/5 stars |
| Cost | Free with ads. Ad-Free Pro version is paid: $10 for two months; $6 per month or $24 per year for individual access, or $9 per month or $36 per year for friends and family access (a total of five users). |
Debt Payoff Planner is an app that helps manage your debt and pay off your loans. For individuals struggling with significant debt, whether credit card debt or loan debt, this app can help you prioritize and quickly pay off the amount you owe.
To begin using Debt Payoff Planner, you must create an account and log in. You'll need to add each debt along with details, such as the starting balance, minimum payment amount, and APR. You'll also need to note how much extra money you can put toward your debt.
After doing this, you'll be presented with a debt-payoff plan. You can find this under the Plan section of the app. Debt Payoff Planner will show you how quickly you can pay off your debt and give you insight into how extra payments can help you settle your loans quicker. It will also calculate when your debt will be paid off, assuming you follow the plan.
Within the Strategy portion of the app, you can toggle between three methods of debt reduction -- debt snowball or debt avalanche, or custom -- which allows you to organize your debts in a custom order of your choosing. You'll need to manually update the app when you make payments. Doing this will keep your payoff plan accurate and help you track your progress. You can record and track payments under the Track section of the app.
Debt Payoff Planner offers two app versions, an earlier version (DPP1) and a newer version (DPP2). For the following Debt Payoff Planner review, we will focus on the features included in the latest app version.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
There are lots of things to like about Debt Payoff Planner. We offer more details below.
If you're struggling to pay off debt, you may not want to commit to a paid app right now. You can use Debt Payoff Planner without spending any money and get many benefits out of its features. Other debt payoff apps require a subscription, so this perk stands out.
This app features three different options to help you with your debt reduction:
Having three options gives you control over your debt-payoff plan. Some people prefer to see a personal loan with the lowest balance paid off first, as it can be more motivating. Others prefer to tackle a credit card balance or other high-interest debt first to avoid paying extra long-term interest charges. With a custom payoff strategy, you get to choose the order or your debts, allowing you to decide which debts you want to pay off first.
Debt Payoff Planner includes a graph of your total debt. The graph will break down everything you owe so you can visualize your progress. The app also shows your entire debt-payoff progress as a percentage. These visual representations can help keep you motivated throughout your debt-payoff plan.
Debt Payoff Planner allows you to map out extra payments. If you have extra money to throw down toward a personal loan, this is a great way to pay off debt and improve your credit score more quickly. This debt-management app will show you how much faster you can pay off your debt if you make regular extra payments.
The app includes links to educational resources to help improve your financial literacy. This will allow you to learn more about the different types of debt-payoff strategies and other helpful financial tips and personal finance resources.
TIP
Use our debt snowball calculator to estimate your expected payoff dates using the debt snowball method.
There's no such thing as a perfect personal finance app. These are a few areas we feel Debt Payoff Planner has room for improvement.
While many excellent features are included in Debt Payoff Planner's free version, some limitations exist. You'll need to upgrade to the app's pro version if you want an ad-free experience, advanced planning tools, more detailed graphs and charts, and the ability to export and print your plan.
If you get annoyed by seeing ads within apps, you should know that the free version of Debt Payoff Planner has ads. You must upgrade to the app's pro version to eliminate this feature.
Debt Payoff Planner doesn't integrate with your outside financial or bank accounts. Instead, you'll have to make manual payments outside of the app and then record them in the app. If you want to automate your debt-payoff plan, this app won't make that possible.
You'll need to enter everything you owe to get the most out of this app. This includes details like the type of loan, the starting balance, the minimum payment amount, and APR.
Monarch Money is a good alternative for anyone who already has a good handle on monthly payments and needs a robust, comprehensive, and customizable financial management tool.
2025 Award Winner
Rocket Money is a good alternative for anyone looking for a budgeting tool that can help reduce unnecessary subscriptions, negotiate bills on your behalf, and monitor your credit.
2025 Award Winner
Debt Payoff Planner has a free app version with some limitations. The free plan uses ads to cover the cost. A pro version without ads is also available as an individual or a friends and family subscription. An individual pro plan costs $6 per month or $24 yearly. A family and friends pro plan, which you can share with four other people, costs $9 per month or $36 per year.
Debt Payoff Planner is an excellent choice for anyone ready to take action and tackle their debt. The app provides users with a payoff strategy, shows debt-payoff progress visually, and educates you on how extra payments can pay down debt faster.
A free, ad-supported version of the app exists. If you prefer an ad-free experience and want more advanced debt payoff features, you can upgrade to a paid pro plan within the app. An individual pro plan costs $6 per month or $24 yearly. A family and friends pro plan, which you can share with four other people, costs $9 per month or $36 per year.
With Debt Payoff Plan, you can organize and track your debt payoff progress. The app will present you with a suggested payoff plan, and you can toggle between different payoff strategy options. Debt Payoff Planner will show you what steps you can take to pay off your debt faster. The app also includes helpful visualization tools to track your progress and stay motivated.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
