These apps can help you save thousands of dollars.
- Tally is a debt repayment app that helps you get out of debt up to 2x faster.
- Truebill instantly cancels unwanted subscriptions for you, helping you save more so you can pay off your debt faster.
- Mint gives you personalized insights into your spending, providing you with recommendations on where you can save more money.
Credit card debt in the United States reached $841 billion in 2022. The average American household owes nearly $6,500. Credit card debt in the United States as a whole hit an all-time high in 2019, peaking at $930 billion. While average credit card debt per household has fallen about 15% during the pandemic, credit card debt has skyrocketed, increasing about 25% from 2021 to 2022. Here are three financial tools that can help you track your expenses and save more. money and pay off your credit card debt.
Tally: Helps you get out of debt up to 2x faster
Tally says on her website that her debt repayment app can save you up to $4,185 in five years. Tally helps simplify the process of paying off your credit card debt by consolidating all of your monthly credit card bills into one payment. After downloading the application, you add your credit cards. Tally then performs a soft credit check, which will not impact your score, to see if you qualify for Tally’s low interest line of credit. A FICO score of 580 is usually required. Once you’re approved and accept the offer, Tally will immediately pay off your cards with your Tally line of credit, and pay you off Tally in one monthly bill.
Tally’s APR ranges between 7.90% and 29.99% and the annual fee ranges from $0 to $300. Fees are paid directly from your line of credit. Tally has three different membership levels. Everyone on the platform has access to Tally’s repayment and debt planning features with their Tally membership. If you qualify and accept your Tally line of credit, then you have a Tally Basic subscription. Tally’s highest membership tier is Tally+, which Tally says includes deeper discounts and access to a larger line of credit.
Tally says 50% of Tally+ members got out of debt within three years, or 41% faster. Tally may be a good option for you if your credit card APR is higher than Tally’s APR and charges. You also need to determine if you can make your monthly Tally payments. Tally’s free membership provides access to its debt repayment and scheduling features, including setting up automatic payments and payment reminders to help you pay off your debt faster.
Truebill: cancel unwanted subscriptions and negotiate bills
Truebill is a mobile app that can help you control your spending and pay off your debt. One of its main features is to help users identify and cancel unwanted subscriptions. Truebill has canceled over a million subscriptions on behalf of its members.
It can be easy to sign up for paid subscriptions and forget about them, putting an unwanted dent in your checking account each month. Signing up for a service like Truebill could help you organize and reduce your subscriptions without picking up the phone. Truebill learns your habits and saves the right amount at the right time while helping you avoid overdraft fees. The extra money you save can be used to pay off your debt.
Truebill can also help users reduce their bills. This premium service gives Truebill traders permission to secure the best rates for its users. Plus, its concierge service helps you get refunds on overdrafts and late fees, save on cellphone or cable bills, and find better rates on car insurance. Truebill’s goal is to manage the human aspect, so you don’t have to.
Mint: helps you stay focused on your financial goals
Mint states on its website that it is the most downloaded personal finance app. It’s designed to track expenses and create a financial plan — and it even monitors users’ credit scores. Mint also automatically calculates personalized information about users’ spending, providing recommendations on where they can save more money. MintSights™ automatically helps you find the savings you’ve been missing, so you can pay off your debt faster.
Users can connect their financial accounts and calculate their net worth in real time. With Mint, you can also create alerts for payment due dates and set status updates on your monthly budget. Mint also provides financial coaches to help users know where they can improve and what to do next.
As the Fed continues to raise rates, credit card interest rates are also expected to rise.
These three debt repayment tools are just some of the ways to help you pay off your debt faster and save more money in the long run.
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