Inspiration

People in today's society lack the resources to help them pay back their debt. Their mortgage, their student loan, their children's student loan, these are all contributors to the overall complication of the process of paying back their debt. As such, most people resort to methods of debt repayment such as paying off the load with the lowest principle value, such that they feel that there are less to do later on. However, these methods are sometimes not the best way, meaning that the amount of debt incurred from interest tend to be greater than the lowest possible value. Due to these apparent scenarios, we aimed to design an android app that makes this entire process easier to carry out, while also determining the best method to repay the debt. Basically, we help people save money.

What it does

Calculates potential methods of repaying the debts, and optimise the user's experience by making the process much easier and cheaper.

How we built it

Android studio is the most important part of our android app, as it was the software that we mainly used for the back-end and the front-end design. For the app to functionally be competent, we also had to do extensive research on methods of calculating debt repayment to optimise for the outcome of the total loan repaid based on the interest and the principle amount of debt.

Challenges we ran into

Initially, we tried to manually determine which method of repaying the loan will save the customers the most money. However, it is physically impossible to consider all possible cases manually. As such, we tried to search on various websites and engines to look for expert advice. However, expert advices conflict and it was difficult to decide on which method to trust. To resolve such issues, we started testing out different cases using expert advices, and we chose the method that provided a best outcome.

Accomplishments that we're proud of

Being able to complete the application ahead of both external and internal deadline of the project.

What we learned

The importance of making the right decisions in the process of repaying multiple loans to optimise the outcome.

What's next for DebtDestroyer

Optimize for credit scores and help the customers get the loans that they want.

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