Sep. 6, 2011 at 1:26 PM ET
Last week Tim borrowed $20 from you, then you borrowed $40 from Michelle the next day, and then you paid for everyone's lunch which means that you now owe ... uh ... they owe ... umm ... you need to pay ... carry the two, divide by five — can I borrow someone's calculator?
Actually, forget the calculator and the pesky math — there's a simpler way to keep track of who owes whom money. It's called PayMeBack and it's a well-designed iPhone app made specifically for this task.
PayMeBack can be downloaded from the Apple App Store for a buck and it will help you sort out where your other dollars are or need to go. The app allows you to easily maintain credit and debit notes for friends, divide debts equally among multiple people, keep details on why money is owed, and send reminders to the people who owe you something.
No word on whether future versions of the app will allow you to automatically dispatch an intimidating gentleman to visit anyone who fails to pay a large debt in a reasonable amount of time.