Everyone hates debt. It’s horrible to be in, but great to get yourself out of. Now there’s a nice, little new iPhone app that will help you keep track of your various debts and deal with them quickly and efficiently.

I’m speaking about the Debt Snowball Pro application from the App Store.

You’ll have to pay $2.99 to use this app, which is a little steeper than your typical download. Most range from $0.99 to $1.99. However, the savings you’ll earn from paying off your debts sooner, all due to the easy design of this app will more than make up for it.

One of the most discussed pieces of personal finance advice is how to deal with your debt. Some more mathematically-minded financial gurus will tell you that debt with the highest interest rate should be attacked first, foremost and mercilessly.

However, other gurus have made a name for themselves by preaching an alternative, more psychological approach called the “Debt Snowball.” Dave Ramsey of Fox TV and radio fame is the largest proponent of this strategy (although he isn't associated with this iPhone app, as far as I can tell). The reasoning behind it has to do with an indebted person’s need to overcome small goals sequentially to build motivation for future success.

The app itself does not pigeonhole you in one strategy or the other. The user has the option to choose which method of debt “snowballing” they prefer: to tackle big interest rates first or to start with easy goals.