Even Staff

2016-03-16

Interest Is A Budget’s Worst Enemy

A growing number of Americans are struggling to manage their finances, and few seem to realize how easy it is to reduce one critical part of a typical monthly budget. According to NerdWallet, the average U.S. household is paying a total of $6,658 per year in interest alone! Broken down, that amounts to $554 per month that Americans pay and get nothing in return. The good news is, even if it will take you years to pay off the principal of your debts, there are several easy ways to minimize your monthly interest payments.

 

Refinance your mortgage

 

Mortgages are such a large debt to take on that most people make sure to get the best interest rate at the time they take out their mortgage. However, interest rates change over time and even a 1.0% drop in interest rates came mean thousands of dollars saved on a six-figure mortgage. The Federal Reserve recently issued its first rate hike from historically-low levels since the Financial Crisis, and rates will likely continue to rise in coming years. If you haven’t taken the time to refinance your mortgage in recent years, now may be your last chance to take advantage of cyclically-low rates.

 

Improve your credit

 

Sometimes, something as simple as growing older or moving to a different zip code can allow you to qualify for lower interest rates on loans. However, improving your credit score is one sure-fire way to qualify for lower-rate loans. To boost your credit score, make sure to make payments on time and be mindful of your debt-to-credit ratio (the lower the better).

 

Consolidate and prioritize your debt payments

 

Credit card debt is usually the worst type of debt to carry in terms of interest rates. The average credit card rate is currently around 15%, much higher than mortgage, student loan or private loan rates. By taking out a private loan from an online lender like Prosper or Lending Club, you can pay off your high-rate credit card debt and replace it with a single lower-rate loan. Any debts that remain should be prioritized in terms of their interest rates, not by the size of the balance, and higher-rate debt should always be paid off first.

 

Take advantage of card promotions

 

What’s even better than paying lower interest rates? Paying no interest at all. To get some breathing room in the short-term, look for credit cards that offer extended interest-free promotions and no balance transfer fees. The Chase Slate card currently offers an introductory 0% APR for 15 months and no balance transfer fee for 60 days.

 

Takeaway

 

Life has plenty of expenses, but at least when you pay the electricity bill or do the grocery shopping, you are getting products or services in return. Money spent on interest is completely wasted, and yet Americans are still paying $554 per month in interest alone. The first step to eliminating your debt burden is to stop the bleeding from high interest rates. You might be surprised how far an extra $554 per month could go.

Disclaimer: 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. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.   Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”   Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”   Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.   The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.   “Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.   Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.    About Even Financial Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.  About Figure Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.   Media Contact media@evenfinancial.com
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PYMNTS
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Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
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