Even Staff

2015-09-23

9 Ways To Reduce Your Credit Card Debt As Painlessly As Possible

9-ways-to-reduce-your-credit-card-debt-as-painlessly-as-possible

There’s a million ways how and why you might’ve gotten yourself into this mess ­­ underemployment, gambling, overspending on Apple products ­­but what matters most is you’re here now, and on the path to recovery. Plenty of others have walked this road before ­­ there’s hope for you yet! Here are nine ways to get rid of a stupid amount of credit card debt.

 

1. Budget and reduce your spending.

How’d you get here? Take a good hard look at your habits. Cut back in obvious ways and be diligent about where you put your money. Cancel that gym membership you never use, watch Netflix and chill instead of going out ­­ the less you continue to spend upfront the less you have to pay back.

 

2. Use your debit card... ...so long as paying off debt is a bigger priority than raising your credit score, as this won’t help you build credit or gain reward points. But actively using your debit instead of credit card will force you to keep better tabs on how much you spend.

 

3. Inform yourself. Learn how long it will take you to pay something off by using a debt calculator!

 

4. Pay more than the minimum. Sell boondoggle keychains on Etsy, make a blood donation, sell a kidney ­­ do whatever you need to do to pay over the suggested minimum. Heck, make an extra payment each month! The smaller your principal, the less interest you’ll pay.

 

5. Prioritize payments. If you have a balance on more than one card, don’t pay the minimum across the board on all cards. Check your statement to find out which card has the highest interest rate, and pay that one off first. One paid off card will cut down on how much you pay overall, and also make you feel like you accomplished something. Which is a back patting you may or may not deserve. I don’t know your life.

 

6. But if that doesn’t suit you, consolidate, consolidate, consolidate. Use peer-­to-­peer lending companies like Prosper to consolidate credit card debt at a lower interest rate. Fixed interest rates here can sometimes be 20 to 30 percent lower than a lot of credit cards.

 

7. Automate payments. Some credit cards and loans will give you a break on the interest rate if you do this. Lenders like the trustworthy. It also just encourages you to pay things on time and be conscious of your balance. You’ll think twice before spending $4.75 on a matcha latte if you know a big chunk of cash will be withdrawn automatically at the end of the month.

 

8. Ask creditors for lower interest rates. The success of this will definitely depend on if you have a good credit score, but a simple call with a hard bargain might just be the ticket. Tell the issuer you got a better deal from a competitor­­ it’s worth a shot!

 

9. Abstain​. Don’t use your cards while you lower balances. This has been proven effective.

 

Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.

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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom

Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.

Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform

Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency.  The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more.  “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”  LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance.  Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings.  Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem.   About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: media@evenfinancial.com

Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter

Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!