5 Ways FinTech Can Help Decrease Credit Card Debt

These days, we use technology to stay connected to our friends and family, store information on the cloud, and even find answers to questions with the all-knowing Google. However, the rise of Financial Technology, aka FinTech, could now mean that your technology could assist with decreasing credit card debt too. 

Here’s your guide to just some of the ways Fintech can transform your debts. 

1.  Online Banking

One of the most significant changes that Fintech delivered to the financial world is the opportunity to check your bank balance and track your spending online. If you’re living from one paycheck to the next, then access to a banking app on your phone can ensure that you don’t spend any more than you intend to. 

2.  Easier Budgeting

Speaking of apps that can help you to accomplish more when you’re struggling with debt, there are also smartphone tools out there that can help you with establishing a budget. Budgeting tools can give you the guidance you need to break discretionary and mandatory spending down into manageable chunks. 

3.  Create a Payoff Plan

While some apps help with budgeting, and therefore help you to see how much money you have left after you’ve made your repayments each month, others are designed to help you finish making your repayments more quickly. Tools like Unbury.me allow you to list out all of your debt on an app, then create a payment plan that’s suited to your needs. 

4.  Pay Debt Automatically

Speaking of apps that assist you in paying off your debt faster, there are also tools on the market that you can use to pay off your balances without realizing it. The Qoins app, for instance, rounds up the costs of each purchase to the nearest dollar, then applies the change to things like your credit card debt. 

5.  Managing Future Debt

Fintech can also help you to avoid future issues with debt by giving you a better overview of your cash opens and credit rating. You can use online apps to check your credit score like Credit Karma, and even find apps that help you to compare and contrast borrowing options so that you can avoid choosing the wrong loan options for your needs.  

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