Enter all the debts you have into the app, like credit cards and loans, and their interest rates and bar graphs show you how close or far you are from paying off each of these. Another bar graph shows progress toward paying off all debt combined.
Debt HD creates a payment schedule for you based on the information entered for each debt and payments are entered by tapping on corresponding check marks. Extra payments can be entered on a custom payment form. The app shows principle and interest for payments, too.
A little more about the snow ball method this app uses: you start by paying off the minimum amount on each debt monthly while paying some extra on the ranked list of debts. Get the first debt paid off, and start using the money you would have paid on it to apply to the next debt on the list. You can choose to pay off debt by highest interest rate, lowest balance, highest balance or set a custom order.
Reports include the Snowball Report, which lets you do different payment scenarios to see how paying extra would work out for saving on interest or reducing the length of the loan. The Remaining Balance Report analyzes the percentage weights of current loan balances.
Other features are mortgage and loan calculators, export to email and payment due date notifications. Data is protected by requiring a PIN to use the app, which is compatible with iPhone, iPad and iPod Touch.