Apps like Tally are aiming to get everyone on the fast track to financial freedom. Money management is vital but can become a little muddled when credit cards and loans are added to the mix.
The Tally app can help you manage you reduce your credit card debt and help you avoid future debt. Tally is an integrated personal finance management application that focuses primarily on debt management.
You’ll also get tips and tricks geared specifically for the types of cards you use and the things you spend money on. Our editors have looked into Tally to find out how it works. You can learn all about how you can use the app’s features to help you reduce that tally of your debts to nil.
How to Use Tally to Manage Your Credit Cards
According to a survey done in 2019, an average American consumer holds 3 different credit cards at any given point in time. In fact, many people report owning 10 or more cards.
The benefits of owning multiple cards are obvious. However, it takes a lot of tiring effort to manage these cards and make the best out of them all.
With the Tally app, you can do the drill easily. You can simply add all your credit cards to the Tally app, and the app will do all the hard work for you. With all your cards in one place, managing the debts, transactions, and due dates could never have been easier.
How Tally Acts as Your Personal Advisor
Once you integrate all your cards with Tally, the app can do a lot more with it all. It will act as your personal debt advisor and guide you at every point, with exclusive tips & tricks to save money and make smart financial decisions.
For example, Tally will analyze the pertaining user charges as well as offers on different cards and suggest the best deals available to you at any given point in time.
How to Pay Down Your Credit Cards Fast
The Tally app’s credit line is probably one of the fastest ways you can pay off your debt. Credit Cards often charge abnormally high fees and rates of interest, which makes their use a lump in the throat for many. Based on an in-depth analysis of your several credit cards and a detailed calculation of your credit score, Tally offers you a credit line (a loan).
This credit line by Tally is at an interest rate considerably lower than what is charged by credit card companies, so you can pay your credit bills using the money. In the process, you can save substantial amounts of money that would have otherwise gone into paying the higher interest.
How to Stay Protected From Late Fees
Another really cool hack on the Tally app that protects you from a lot of hassle is its automated bill payment mechanism. With your prior permission, tally automatically pays the bills of all your credit cards before the due dates.
You no longer have to keep track of the payment dates and suffer financial losses for missing any of them. This feature of Tally becomes even more helpful when you are dealing with a large number of credit cards that you use frequently.
Conclusion
Using these Tally app tools, you can manage your debts pretty efficiently. The money management exercise which would have taken you hours every week to cope with can be done automatically by the app. Furthermore, if you are serious about getting out of debt and can manage your cards, then the Tally credit line might be right for you.