Payoff: Smart Debt Planner

Payoff is an application that helps individuals create a personalized debt payoff plan in just a few minutes. It can be used for various types of debt, such as credit cards, student loans, mortgages, and more. The app does not require access to your bank account, making it a secure and convenient option for managing your debt.

The app works by allowing users to enter their current balance, annual percentage rate, and minimum payment for each debt. Payoff then calculates a debt-free date and creates an optimized payment plan. Users can also set a monthly budget and track their progress through a payoff chart that updates in real-time.

One of the unique features of Payoff is its AI debt coach, which acts as a financial advisor in your pocket. This coach provides personalized advice based on your specific debts and can help you make decisions such as where to allocate a bonus or which debt to pay off first. It's like having a financial advisor available 24/7 without any judgment.

The app offers seven different debt payoff strategies, including the popular Debt Snowball and Debt Avalanche methods. It also includes a 60-second personality quiz to help users determine the best strategy for their unique situation. Additionally, Payoff offers a "Focus Mode" for when users feel overwhelmed, allowing them to hide all balances and focus on one simple action at a time.

Payoff also goes beyond just debt payoff and offers features for life after debt. Users can track their savings goals, such as building an emergency fund or saving for a dream vacation, and even plan for investments and retirement. The app also has a "Partner Mode" for couples to manage their debts together and a budget planning feature to track expenses and see how they connect to the debt payoff plan.

The app is free to start, with the option to upgrade to a premium version for access to unlimited debts, all seven strategies, and additional features such as a balance transfer advisor and custom colors. According to Payoff, the average person with a debt payoff plan can eliminate their debt 2-3 years faster, making it a valuable tool for anyone looking to become debt-free.