To help consumers make an important New Year’s Resolution into a reality, a newly updated iPhone (News - Alert) app has been unveiled on the Apple App Store. The Pay Off Debt iPhone app is currently available through the App Store in the Finance category in the United States, Canada, the UK, and Australia. A Pay Off Debt for iPad version is also available.

It was revealed in a release that the newly updated Pay Off Debt iPhone app helps achieve “Get out of debt” resolutions. This will benefit a lot of consumers as getting out of debt is one popular New Year’s Resolution made by many every year.

Pay Off Debt is a newly updated iPhone app that leverages the debt snowball method that guides users to pay off one debt at a time till they achieve the status of becoming totally debt free. Pay Off Debt helps users maintain the motivation to pay off debts.

According to company sources, this customizable Pay Off Debt iPhone app offers an accurate estimate of when users will be debt free based on their preferred method of debt repayment. Consumers may use any method to repay debts such as the ones on the basis of lowest balance, highest interest rate and so on.

This enables a person to decide which debt is top priority to be dealt with first regardless of interest rate or balance.

The app features newly added amortization tables and charts that let users to see how the plan works and the progress they have made so far with their debt repayment progress. The associated Debt Myth web site from within the app reveals more details with respect to additional support and information available with some encouragement.

Users have commented that the app helps them stay motivated to keep that snowball rolling. It also brings family members together to deal with debts fast and efficiently. It seems to be the best Debt App manager in the app store, according to officials and consumers.

In a December 2010, Jackie Beck, creator of the Pay Off Debt app for the iPhone and Android (News - Alert) phones, announced that becoming debt-free is one of the most life-changing things people can do for themselves and their family.