Undebt Simplifying Loan Tracking to Empower Users

Undebt is a mobile app designed to simplify debt tracking and management for recent graduates and individuals with multiple debts. The app helps users track their debts and create personalized repayment plans, ultimately saving money on interest and achieving financial independence.

Recognizing the financial challenges faced by recent graduates, our team of three design students collaborated to create Undebt. Our goal was to design a mobile app that aids in tracking debts, creating repayment plans, and achieving financial independence.

"The total outstanding student loan debt in the United States exceeded $1.7 trillion as of 2021."

Problem Statement

Recent graduates often face the burden of repaying loans taken out for education or living expenses during college. Despite numerous resources for tracking and planning expenses, there is a lack of user-friendly tools to manage debts or credit card bills effectively.

"Debt feels like a weight I carry everywhere—it's overwhelming trying to keep track and figure out how to pay it all off."

Common Challenges Faced

Recognizing the financial struggles of students and recent graduates, we engaged with our campus peers through in-depth conversations to understand their debt management challenges. These discussions revealed several key issues they face.

To ensure we developed a solution that truly addresses the needs of recent graduates, we conducted a thorough market analysis. This step was crucial to understand the existing tools available, identify their shortcomings, and validate the demand for a more comprehensive and user-friendly debt management app.

By examining the gaps in current offerings, we aimed to create a unique solution that effectively supports graduates in managing their debts and achieving financial independence.

Project Goals

Brainstorming

Site Map

Design Strategy

Based on our insights, we developed Undebt as a mobile app designed to simplify debt repayment and foster savings. It uses the 'avalanche method,' prioritizing high-interest debts to save users money on interest.

Our approach focused on creating a user-friendly interface that would make debt management less intimidating and more accessible to young adults who might be managing significant debt for the first time.

Our design process was iterative, incorporating user feedback at each stage to ensure the final product truly met the needs of our target audience.

Key Design Features

1. Debt Dashboard: A centralized view of all debts with key information such as balance, interest rate, and monthly payment
2. Repayment Strategy Calculator: An intelligent calculator that recommends the most efficient repayment strategy based on the user's financial situation
3. Progress Tracking: Visual indicators that show progress toward debt freedom, providing motivation and a sense of accomplishment
4. Financial Education: Integrated resources to help users better understand debt management and personal finance

Undebt revolutionizes debt management with personalized repayment plans and comprehensive debt tracking, empowering users to take control of their financial future.

Main dashboard showing debt overview and repayment progress

Key Features

Debt Tracking

Easily add and monitor all debts in one place, with visual indicators of progress and upcoming payments. The intuitive interface makes it simple to manage multiple loans, credit cards, and other debts with minimal effort.

Smart Repayment Plans

Personalized repayment strategies based on the avalanche method, helping users save money on interest. The app calculates the optimal payment order and amounts, potentially saving users up to 40% on total interest payments.

Data-driven financial insights

Goal setting and tracking tools

Integrated educational resources

Financial Insights

Data-driven insights that help users understand their financial situation and make informed decisions about their debt repayment strategy.

Goal Setting

Tools to set and track financial goals, keeping users motivated on their journey to debt freedom with clear milestones and rewards.

While Undebt was a student project and not launched commercially, the user testing and feedback we received validated the need for such a solution and the effectiveness of our design approach.

Key Takeaways

• Financial management tools need to balance functionality with simplicity to avoid overwhelming users
• Visual progress indicators are powerful motivators for long-term financial goals
• Educational content integrated within the app experience helps users develop better financial habits
• Personalization is key to engaging users in financial management apps

Impact

The Undebt project highlighted the significant need for better financial tools targeted at young adults managing debt. Our research and design process revealed that with the right tools, users feel more empowered to take control of their financial situation, potentially saving thousands of dollars in interest and achieving financial independence sooner.

"This app would have saved me so much stress when I was first trying to figure out how to manage my student loans. The clear visualization of progress is exactly what I needed to stay motivated."