An app helping to pay and organize your credit cards, has finally launched. Tally handles every permutation of users’ credit profiles, balances, cards, promotional rates and behavior, with advanced algorithms to help maximize their savings and protect them from credit card interest costs and fees.
Tally, the new app,seeks to automate consumers’ financial lives, beginning with what according to the Consumer Financial Protection Bureau (CFPB) is the largest and most complex market of any financial product:credit cards.
The vast majority of consumers who carry credit card balances experience “moderate” to “severe” anxiety managing their credit cards, according to April 2017 research by Tally. However, the stress doesn’t end there, with more than a quarter of consumers who do not carry balances reporting the same emotions. There is more than $1 trillion of consumer credit card debt in U.S., and one of the most common ways people try to deal with it is through consolidation.
However, these solutions aren’t helping. Nearly 70% of people who transferred balances or consolidated debt are in the same or worse position than they were in three years ago3—and 71% of those respondents feel more stressed than before.
Tally is now available to residents in California, Florida, Illinois, Ohio, Massachusetts, New York, Texas and Wisconsin, which constitute half of all U.S. consumers. Tally will be available to more than two-thirds of U.S. consumers before the end of 2017.