Episode•May 24, 2022•24 min

Debt Payoff Planning with Brady Benware and Chris Schuermeyer | Ep. 105

The co-creators of the Debt Payoff Planner app, Brady and Chris join Tiffany in this episode to share how and why they started their app, and how this can help you in your journey to debt-freedom! About Our Guests Brady and Chris are the co-creators of the Debt Payoff Planner app, which has helped over one million people create a plan to become debt-free and then stick to it. Debt Payoff Planner has had several appearances on Good Morning America and was the 2021 Best Debt Management app award winner from the Motley Fool. Brady and Chris believe that apps like Debt Payoff Planner and the continued blending of software automation, personal finance, and human psychology will unlock new levels of financial freedom for millions more and they are passionate about making that a reality. Connect with Brady & Chris Twitter: https://twitter.com/debtplanner Instagram: https://www.instagram.com/debtpayoff/ Facebook: https://www.facebook.com/debtpayoff/ Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Debt Payoff Planner gives users a clear destination and timeline
Users often feel out of control because they lack a plan and don't know when they'll be debt-free
Plugging debts into the app instantly shows exactly what to pay, when to pay it, and the projected debt-free date
Seeing an end date transforms despair into relief and motivation
2
Progress tracking and micro-celebrations keep users motivated
Seeing payments reduce balances in real time provides immediate positive feedback
The app retains historical totals so users can see how far they've come (e.g., Tiffany's $50k+ payoff visible alongside current balance)
This visibility turns the journey from drudgery into a series of small wins
3
A plan allows balance between debt payoff and quality of life
One user delayed foot surgery for three years believing she couldn't afford it; after using the app she realized she could still pay down debt and get needed medical care
Knowing exact numbers removes the fear that "everything must be sacrificed"
Users move from "out of control" → "relief" → "impatience to finish faster"
4
Technology can scale personal-finance help to hundreds of thousands simultaneously
Chris notes that a single well-built feature can benefit tens or hundreds of thousands of people at once
The founders see software + psychology as the next frontier for unlocking financial freedom at massive scale

Intro

Tiffany interviews Brady Benware and Chris Schuermeyer, co-creators of the Debt Payoff Planner app, about the origin story, psychology, and real-world impact of their debt-management tool.
Brady and Chris built Debt Payoff Planner, an app that has helped over one million people create and stick to a debt-free plan; it has appeared on Good Morning America and won the 2021 Motley Fool Best Debt Management App award.

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– Origin Story – Brady's Spark

Brady traces the idea to a Thanksgiving conversation with his brother-in-law who worked in debt restructuring. Hearing stories of people not succeeding with conventional services convinced him there had to be a better starting point: simply getting a clear handle on debt and options.

There must be a better way to help folks and tackle that.
– Brady

– Chris's Personal Journey & Motivation

Chris and his wife cycled in and out of debt—tires, vet bills, dinners—until a financial-literacy class taught them simple principles they had never learned in school. The ability to help thousands at once via software is what excites him most.

If we implement a feature and do it right, tens of thousands, hundreds of thousands of people can benefit.
– Chris

– What the App Actually Does

Two core problems the app solves: (1) users don't know when debt will be gone; (2) they lose motivation without visible progress. The app instantly generates a personalized payoff schedule and then tracks every payment so users see the balance drop in real time.

Setting out on a journey without a map... that's exactly what people are faced with when they find us.
– Brady

– Emotional Journey: Out of Control → Relief → Impatience

Surveyed users repeatedly use the phrase "felt out of control." After entering data they report immediate "relief." That relief quickly turns into impatience to finish sooner—prompting behaviors like negotiating bills.

From this state of out of control to relief... it's so fascinating.
– Chris

– Standout User Story – Surgery & Perspective Shift

A woman believed she would "die in debt." After six months on the plan she had paid off nearly half of $45k and realized she could afford foot surgery she had postponed for three years. The app gave her both a finish line and permission to care for herself while paying down debt.

– Where to Find the App & Creators

Search "Debt Payoff Planner" in the Apple App Store or Google Play; the icon shows a dove carrying cash. Website: debtpayoffplanner.com. Social handles listed in show notes.

Resources

Topics

debt payoffpersonal finance appsfinancial psychologymotivation & habit formationstudent loansbudgeting toolsfintechbehavioral finance