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How Bright calculate average potential lifetime savings?

We calculated this saving in January 2020 by looking at average credit card APRs across the US of 21% (source Wallet Hub) and assessed the impact of paying an extra $25 a month towards your credit card balances over a 5 year period.

We identified that a majority of Bright customers could pay an extra $6 a week or $25 a month. We assumed that any interest savings were reinvested in further debt paydown accelerating debt paydown and consequent interest savings.

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