High School Student Creates App to Help Cut Credit Card Debt

January 8, 2015, Written By Justin Hefner
pencil erasing the word-debt

Antonio Ferris, a 15 year old Arizona high school student, has developed a smartphone app that helps credit card users see the true cost of their credit card debt. The program illustrates how long it will take a person to pay off debts with a minimum monthly payment and how much that action will actually cost.

The idea behind the app is nothing new. After all, one of the provisions of the CARD Act of 2009 requires all credit card statements to show those exact figures. But there is one modification that makes Ferris’s app a little different.

In addition to showing people what minimum monthly payments will do, this app has an option to add $10 to the monthly minimum to see how much of a difference that small amount can make. In some cases, it can cut the payoff period and overall interest penalties in half.

Ferris has been a life-long fan of mathematics, and has tapped into that passion to create the equations used in his app. He comes from a long line of savvy spenders, and hopes his creation will teach others to do the same.

Ferris’s app, called “Cost of Credit Calculator”, is free to download on Google Play. Ferris said it would be unfair to charge people for an application which helps people learn how to control debt.



The information contained within this article was accurate as of January 8, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.