Credit Card & Debt Paydown Tool
in progress
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Robert
Love the App so far but I think this would be a fantastic feature to add. I’ve created a goal to pay down as much debt quickly and i think if you could integrate that into the tech and design of the app so many people could get great utility from that. It would be a great marketing feature for you as well as so many personal finance professionals push the idea of paying off debt as a means for wealth building. Integrate that into a net worth tracker and your app would become so much more valuable.
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Katrina
this is why i downloaded your app. hoping to have CC education, tips on paying down cards and getting out of debt
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Nicole
Would love to see a credit card pay down tool.
John Randazzo
Yeah this would be eccelent. As of today, there is a big problem where CC payments look like expenses instead of debts paid... if i spend 500 using a credit card then pay that same card down 500 from my saving accounts, rocket sees it as if i just spend 1000 dollars instead of having created a debt of 500, and then paying it off.
This is an enormous issue. As the main motive I use this app, is to manage my debt expenses as I almost exclusively use my credit cards.
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Xenia
I agree
jake smith
If we could sort asc/desc by APR, balance, most recent interest fee amount, percentage credit used, annual fees, etc.. This would be helpful. General guidelines like prioritizing paying off lowest balance cards to lessen the number of payments due each month, then tackling the largest balance, high interest fee, or the highest APR account. Maybe a line graph that has sliders for each debt account, that can be adjusted for how much you plan to pay off that month, that then shows how these change will affect your debt over time. My retirement account with voya can do something similar with projected retirement funds based on contributions and retirement age, so something similar should be possible. It may not be 100% accurate but being 99.9% accurate while giving people a way to visualize their debt better would go a long way and entice people to pay a subscription fee for this app.
As of right now, this app basically allows me to see my debt landscape all at once, which saves me from logging into several different bank websites, but other features like what I mentioned above would take this from a centralized login aggregator to a real personal finance tool.
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Vinnis
100% agree with this.
Jeremy, R$ Product Team
in progress
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Michael
Jeremy, R$ Product Team: is there a target release date?
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Manuel
This feature would be Super Fantastic why haven’t Rocket addressed it yet?
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Jean
I’m on board with adding this feature too. I’ve been researching a way to set up the debt snowball method in rocket money app. Very frustrating to have to do this manually outside of this app.
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Nicole
Jean: I agree
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Rory
Yeah I would love this as well. Right now I have to map out when we’ll get paid and exactly how much of each credit card to pay down each month based on the amount of cash we would like to have available in 2-4 weeks time. I do it in excel in combination with the recurring bill views. But it would be so nice to look at when bills are do and categorically pay down 50% of each of my credit cards and see if I have enough cash on hand to do that. My wife and I get paid bi-weekly, but our bills don’t work that way so it’s bit of a hassle to go through and make sure we have enough money to cover the desired amount of each bill on a monthly or bi-weekly basis.
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