This New Approach Will Help You Pay Off Rising Credit Card Debt

How you can get paid to meet your financial goals!

Rising credit card debt is a problem that affects many Americans. In fact, the average American household has over $5,500 in credit card debt. Credit card debt has reached pre-pandemic levels, increasing by 15% from last year. That can be a lot to manage, especially if you're on a tight budget. But there's hope! Introducing Debbie, a new behavior-based app that can help you get your finances under control. Here's how it works.

How behavioral science helps your finances

Behavior-based apps are designed to help users become more aware of their habits and patterns. Headspace and Noom are popular apps to help you meet your health and wellness goals. Debbie is the first behavior-based finance app that incentivizes individuals to pay off their debt. It calls itself the "the Noom for financial health."

Debbie uses cognitive behavioral therapy (CBT) and behavioral psychology to help you change your spending habits and get your credit card debt under control. The app works by tracking your spending patterns and learning what triggers you to overspend. After you link your bank accounts and credit cards to the app, Debbie helps you visualize your progress towards paying down your debt.

Cash rewards for meeting your goals

Once it has this information, Debbie provides you with personalized recommendations for changing your behavior. Every week Debbie sends you tasks and money challenges to help you build better money habits. Once you hit your goals, Debbie will reward you with cash incentives. Its goal is to give you real-time rewards to gradually shift your financial behavior. Debbie partners with financial institutions to provide the rewards.

In addition to providing personalized recommendations, Debbie also offers helpful tips and articles on financial management. These resources can help you better understand your spending patterns and make more informed decisions about your finances. Best of all, Debbie is free to download and use! Debbie hasn't officially launched yet but you can request to get early access to the website.

Do behavior-based apps work?

Behavior-based apps are designed to help users become more aware of their spending habits and create healthy financial habits. By tracking users' financial activity in real time, these apps can provide personalized tips on how to reduce expenses and manage credit cards more wisely. There are other apps out there that use behavioral finance, but Debbie is the first to provide cash rewards when you meet your financial goals.

Many banking apps have added features such as allowing users to opt into an automatic savings program or setting up automatic transfers. Mint and Rocket Money help you gain insight into your spending habits and make more informed decisions about your finances. Acorn is an app that rounds up your purchases made with credit and debit cards to the nearest dollar and invests it. These apps can be a great resource for those struggling with managing their finances.

If you're struggling with credit card debt, behavior-based apps like Debbie can help. This free app uses behavioral science to understand your spending patterns and provide personalized recommendations changing your behavior. With this user-friendly app, consumers can get the help they need to manage their finances and stay out of debt for good.