Student debt runs rampant... Can I help?

Do you have any debts? I have student loans to pay back and they weigh on me.

I've used apps like Undebt.it, Unbury.me, Payoff.io, and spreadsheets to try and plan out my debt payment journey.

It's great to get a plan and to see the timeline of payments. The problems I run into are that the tool is too complex, doesn't have the features I want, doesn't keep me engaged enough to stick with it, or another de-motivator.

Since I have debt, I have been scratching my own itch by building an app that shows progress AND projects future payoff. I can track my debt journey and potentially build a side business to help pay it down faster.

However, I have concerns about this idea. Maybe some seasoned indie hackers can help me out.

My concerns

  1. I can't compete on price because these other tools are free. But too many features will make a complex product that I also can't ship quickly.
  2. B2C apps charge lower prices, have more users to support, and generally are more difficult to make money with than B2B.
  3. While there are players in the space, they're all free so I don't know if people are willing to spend money for a solution.

What do you think? Is this idea worth shipping as a paid SaaS? Are my concerns legitimate or am I overthinking it?

  1. 2

    Companies like Mint and Credit Karma make money by introducing the user to CCs, refinancing options, etc that are more beneficial than what the user has now.
    If you can help students refinance their loans, or lowers other costs, e.g. get them a low interest CC, you could monetize those.

    1. 1

      Thanks for the reply @ksp. I hadn't considered pointing users to other services. I'll have to explore that option! +1

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