Credit cards are convenient but they come with a real cost! Every time you make a purchase on your cards, you are effectively paying more for what you bought in the form of interest owed to the bank.
Do you know how much interest you pay on your credit cards every year?
With the Bright app, you can login to see how much interest you have paid in lifetime on your cards and save the maximum amount based on your spending patterns with the help of Bright’s A.I. tools.
Before you let these figures set in and crush the soul, know that it is very possible to avoid paying interest or to find ways to pay significantly less. Here are the 3 approaches:
Paying lower interest comes with lots of benefits too - You save money wasted on interest costs, disciplined payments boosts your creditworthiness, as well as your banks know you are a responsible person and they often increase your line of credit based on your credit history.
Good credit history helps you when you look out for other loans, such as a mortgage, car loans, or personal loans.
Personal loans can wear off the burden of debt you carry on your cards! But do they actually work?
This is 3 minutes of your time put to great use - get on top of all the terms, figures and percentages in those credit card statements.