*How does Bright save money for users?
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Bright calculates potential interest savings in relation to debt pay down. We calculate these yearly, and lifetime savings estimates are based on the records for users who joined us between January 2020 and March 2021. Bright’s smart system makes payments on behalf of its users towards their debts, making sure that high-interest debt is paid down first. The pay down goal estimate ensures the user pays more than just the minimum due. The average potential savings is calculated as the difference between paying Bright’s payment goal vs paying just the minimum. We assume that the debt does not increase over time. The savings will vary based on different factors, including payments made, credit card balances, APRs, card charges, and other activities.

How does Bright calculate payments? 

Bright calculated paydown estimates in April 2021, based on Bright’s records for users who enrolled between January 2020 and March 2021. We estimated the income and expenses for the users, and Bright’s systems developed a paydown goal for every user using estimatesd built on multiple factors, including the user’s checking account balance spending habits; and recurring bills. We assumed the debt does not increase over time at the time of monthly goal estimation. Actual payoff amount will vary for users.