Round Up and Pay Off Your Debt With Cents
Apps that allow you to round your purchases up are nothing new. You’ve got apps like Acorn that allows users to round up their spending and put the money in an investment account. There are a wide variety of apps that allow you to round up for charity and then there’s Cents.
Joel Ehorn was using a round up app that invested his spare change in stocks. One night he went to look at the app and found that he had actually lost $1.50. As many of us do, Ehorn shrugged it off and went about his business. Later on that night he sat up thinking what if you could use that rounded up change to actually pay down your debt, and the idea of Cents was born.
Cents is a new round up app that let’s you round up for something really important to you, your debt.
The best things in life aren’t free, in fact they typically cost a lot of money and come with monthly payments. Most of those monthly payments, especially for the important stuff, are calculated with compounded interest. With loans like your mortgage payment and your car note, the best way to get them paid off quickest is to pay towards the principal as often as you can.
With the Cents app, you don’t even need to think about it. Simply set up your Cents account and you’re off to the races. Then, the next time you go to buy groceries or a new outfit, the change is automatically used towards your big compounded interest loans.
As Cents pays off your debt it kills compounded interest. It’s the simplest way to get out of debt. Cents takes a $3 flat fee to facilitate the transaction but it doesn’t matter if you’ve saved up $97 to pay off debt or $45 it’s still the same $3 fee making it easy for everyone.
Cents will be at The Collision Conference in New Orleans, April 30-May 3. You can also find out more about them at centsapp.com