Does the SavvyMoney website look familiar to you? That’s because it used to be DebtGoal, a free site dedicated to getting you out of debt. The new site is totally revamped and offers some great tools, calculators, and an easy-to-use interface that will help you knock out your debt fast.
Advantages
One major advantage of this financial tool is that you will quickly become very familiar with your credit score, as well as your interest rates on all debt. When dealing with debt, it’s all too easy to keep your head in the sand regarding how much interest you’re actually paying, but SavvyMoney won’t let that happen. It also keeps a running tab on your credit score, as well as any better interest rates that pop up, which will help you keep real-time tabs on opportunities to save money. It also helps to know just how much extra money each month can quickly improve your situation and help you pay off debt. And this website offers you a way to track your progress, which is an important part of reaching any major financial goal. Other pros to using the site:
SavvyMoney gives you free, ongoing access to your credit score, and explains what factors affect it. The site offers simple actions you can take to improve your credit score. It gives you offers to better interest rates and credit card offers that will save you money, based on your credit score. It does the math for you to show you things like how much money you’ll save by switching to a lower interest rate. It helps you get the lowest possible interest rates on your loans, credit card debt, or other debt, which will help you get out of debt faster. There’s an entire section dedicated to informational articles and videos, which help you learn about your credit, credit scores, how to get out of debt, and more along the way. The site also has several videos that quickly explain some basic financial topics.
Disadvantages
The only downside I see to this site is that the site uses credit card offers to make their money, and as mentioned, signing up for another credit card will not help you get out of debt quickly, despite how low its interest rate may be. Worth noting: if you are careful, balance transfers to take advantage of a lower interest rate can reduce the amount you’re paying in interest, which in turn will help you pay off debt faster. I wouldn’t take this approach until you have stopped using your credit cards altogether. There is a risk associated with transferring balances or debt consolidation since many people continue to use credit cards and end up accumulating even more debt. It is important that you do not do that if you are considering this option. Other cons to SavvyMoney:
Since the company makes it money through the offers, be sure to read all of the fine print before signing up.Signing up for an additional credit card—no matter how good the rate can be—is not necessarily the best way to get out of debt.
The Bottom Line
If you want to have a set place to keep tabs on your credit scores and interest rates, then SavvyMoney may be a good fit for you and your situation. It may be an additional motivator or you may decide that the money could be better spent on getting out of debt. Other pluses? The interface and the tools are easy to use and the customer support is prompt in replying to questions and concerns. SavvyMoney aims to help people familiarize themselves with and improve their credit score, then take advantage of the best interest rates available to them based on that credit score. This will help you get control of your debt and get out of debt more quickly. SavvyMoney isn’t focused on creating a budget like many other financial tools, though there are some articles on the site addressing that topic. It’s more of a tool dedicated to interest rates on debt and how to improve and manage them.
