A Simple Way to Pay Off Your Most Expensive Credit Card Debt

A new smartphone app launching this week claims it can help you be smarter about managing credit card debt. Here鈥檚 what you should know.
How it Works

After scanning pictures of all your plastic, Tally performs a credit check. If you鈥檙e approved, the service helps you pay off your high-interest cards using a new line of credit with a lower rate. Simply pay Tally once a month, and they say they鈥檒l take care of the rest. (You can still log into your issuers鈥 site to check rewards, for instance.)

Tally 鈥 founded by Jason Brown and Jasper Platz, with capital backing from Shasta Ventures and Cowboy Ventures 鈥 offers credit lines to customers with at least a 660 FICO credit score. However, you鈥檒l need one a lot higher to receive its best annual percentage rate, which is 7.9%. (Currently, the highest rate is 19.9%.)

鈥淎 Tally line of credit operates just like a credit limit on a card,鈥 said Brown, who serves as Tally鈥檚 CEO. You can use whatever card you want, and 鈥渋t always does mathematically what鈥檚 best for you鈥 using a complex algorithm. 鈥淚t takes out all the hassle and anxiety of managing credit cards.鈥

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