Undebt

Undebt: Redefining the way you manage debt.

Scope: Mobile App Design

Contribution : Research and UX-UI Design

Team : Vishwa Akshay Thesiya,

Sai Charan Kankipati, Rebecca Benjamin

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.

Timeline : 4 Weeks

CONTEXT

Recognizing the financial challenges faced by recent graduates, 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.

-Federal Reserve

Is financial management a pressing need for young people?

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

Jack Patrick, Software Engineer

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.

Manual Debt

Tracking

Many students track their debts manually, resulting in repetitive calculations and considerable memory strain.

Losing Track of Total Debts

With multiple debts to manage, individuals often lose track, leading to financial disarray and increased stress.

Multiple Payment

Apps

The necessity to juggle multiple payment apps complicates financial management, making it difficult to stay organized.

Absence of Debt Records

Many students do not keep comprehensive records of their debts, leaving them unaware of interest rates & payment terms.

Hindered Savings

Continuous interest payments without a structured repayment plan hinder their ability to save, worsening financial instability.

Additionally from our secondary research we found out that 60% of Americans having less than $1,000 in savings without structured repayment plans. By listening to the users and given statistics we were able to pinpoint these specific pain points, which guided our approach in developing Undebt to address these challenges effectively.

Additionally from our secondary research we found out that 60% of Americans having less than $1,000 in savings without structured repayment plans. By listening to the users and given statistics we were able to pinpoint these specific pain points, which guided our approach in developing Undebt to address these challenges effectively.

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.

MARKET ANALYSIS

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 Goal

Our goal is to help users effectively track debts, achieve financial independence, and create personalized repayment plans all through a single mobile app.

Centralized Debt Tracking

Financial Stability

Personalized Repayment Plans

Brainstorming

Site Map

SOLUTION

Based on our insights, we've developed Undebt, 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.

Undebt revolutionizes debt management with personalized repayment plans and comprehensive debt tracking.

Our Solution