Although credit cards are useful for paying purchases in an emergency situation, it can also be used to purchase other items. However, if your balance is regularly being revolved, you could end up spending thousands or hundreds more in interest. It can be confusing to keep track of different payment due dates, APRs, and other details. The average American has four credit cards according to Experian. 

Get in touch An app called Tally that makes it easier to pay off credit card debt. Tally makes it easy to consolidate your monthly credit card bill into one single payment. 

Tally operates in the following way: Users receive a loan, and it then pays their credit cards bills. Tally loan payments are the responsibility of users. Tally is a revolving credit line that allows users to borrow money without restrictions, just like credit cards.

Tally’s one-year subscription can be expensive and Tally users must also pay an annual percentage rate (APR) on any Tally credit line. Although the Tally APR should be less than any interest rates on your other cards, it’s not guaranteed that you will save more money using Tally.

Select examines Tally, the monthly charges, and how to decide if it is right for your needs.

However It doesn’t regard itself as an “a” debt consolidation serviceThe service works exactly like one. Tally allows users to link their various credit cards and pays the minimum payments on each card. Tally will increase your monthly payment if your Tally loan is greater than your debt.

Tally will repay all your credit cards if you are approved for credit line that exceeds the amount you have in credit card debt.

Daisy Kong (director of communications at Tally), says, “If your credit line is lower than your balances on your cards, then we will only be able pay the amounts you approved for.” To help you save the most interest and fees, we use an algorithm to determine the ideal amount you should pay for all of your Tally card payments.

Tally will then charge users for their monthly payments. These include Tally fees, interest from your Tally loan and 1% of the user’s Tally principal. Tally will pay your bank balance.

Tally is a requirement in order to qualify for Tally. soft credit checkThis does not affect your credit score. All users must possess a FICO scoreHigher than 580 To determine your Tally loan APR, it examines both your credit report and all credit card APRs. Tally loans can have an APR of 7.9% to 29.9%. This is lower than credit cards APRs and is much higher than credit cards’ highest rates.

Anthony Schrauth (Vice President of Product, Tally) stated that the APR on Tally loans is set to be lower than those offered by credit cards. Tally offers the possibility to use the Tally loan without having your credit card charged an APR higher than your Tally loan.

Tally has also a feature called “My Payment Off” that gives you the ability to make extra payments towards your credit card debt. Tally can automatically allocate money to credit cards according to the payoff strategy that you select with ‘My Payoff. There are three options for payoff: the avalanche or snowball, and credit score factors.

The avalanche approach pays first the most expensive debt. This is the avalanche method. snowballThe method will pay off all your credit cards in the order they are paid, with the largest balance being first. The credit score factors approach focuses on paying down the highest amount of debt first to improve your credit score.

Users can pay the balance of specific cards through the app.

Barbara Ginty, CFP® and host of the Future Rich PodcastAccording to, people should only use services like When they are certain that it will help them save money. Ginty advises people to create a spreadsheet, or list, of all the debts they have. This should include the balance of those debts as well as the minimum payment value, the interest rate, and the due dates. 

You should calculate the cost of your debt, and then compare this to Tally’s offer. You will see the APR as well as the fees. Although facing your debt is difficult, it can also be a crucial step towards reducing it. 

Ginty notes also that individuals should be aware of how long it takes to repay their debt. People tend to focus on low interest rates when they can. debt consolidationGinty informs that customers often overlook the fact that paying more for a longer term could result in higher total payments.

Instead, consider a personal or 0% APR loan.

Ginty suggests that those who are able to pay their credit card debt within less than twenty months, and have good credit scores, opt for a credit card with a 0% APR intro period.

Users can enjoy a 0% APR credit score card that allows them to receive an 0% interest rate for new purchases. This is typically available between 12-20 months. You can rotate your balance monthly without incurring interest.

New cardholders may transfer balances to another card if the balance transfer rate is 0%. Cardholders have the option to repay the balance at no interest for the duration of the 0% promotional period. The 0% APR credit cards can be charged a surcharge. balance transfer feeThis is usually 3 to 5%. likely worth paying the feeIf you are in serious credit card debt.

Choose the ranked Citi Simplicity® CardThe U.S. Bank Visa® Platinum CardThe Citi® Double Cash CardSome of these are also available on the best balance transfer cards. You will need to have a credit score of at least good or excellent to be eligible for these cards.

A second option is to consider a personal loan. You can get a personal loan to help you pay for your expenses. lump sumA bank account will be credited with cash that can then be used to pay any kind of debt. You will need to have a better credit rating in order for you to be eligible for a personal loan that has a low interest rate. However, personal loans will generally have lower interest rates than credit cards.

You may find that personal loans have longer repayment terms than credit cards at 0% APR. This means you might be able to get a loan for many years if your repayments are long. But, there are other options. number of feesThese are the things you need to know when applying for a personal loan. These are origination feesLate fees, prepayment penalties and a fee to pay off the loan early.

Pick a ranked SoFi Personal Loans, Upstart Personal Loans Marcus by Goldman Sachs Personal LoansSome of these are also available on the best personal loans for debt consolidation.

If you are unsure whether or not you can afford the Tally monthly payments, there may be other ways to pay off your debt. Tally can make it more expensive to use your credit cards or Tally loans if you miss payment.

This service is ideal for those who are able to ensure that they pay less than without it and can afford one monthly payment.

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