Bright Money: A New Debt Solution
Juggling payments and deadlines on multiple credit cards can be overwhelming. And if you're trying to build your savings too, it's hard to even know if your finances are on track.
Bright Money is a new app that uses AI to study your finances, debts and goals, and then moves money when it makes sense for you, making smart card payments automatically and reaching your financial goals faster.
Bright's revolutionary new system, dubbed MoneyScience™, uses 34 algorithms to learn your spending habits and analyze your card debt, looking at APRs, balances and interest charges. The system builds a personalized Bright Plan for each user, a step-by-step guide that moves funds and makes payments for you, automatically.
Week by week, Bright Money analyzes your credit cards and delivers smart payments, even adjusting automatically whenever your finances shift. Bright typically makes multiple card payments throughout each month, using smaller installments. It's a method that keeps your payments on time and boosts your credit score faster than one large payment at the end of the month.
You can even choose how you want Bright to pay off your cards. The Bright app offers three ways to manage debt repayments: the Avalanche method, the Snowball method and Bright's own MoneyScience™ method.
The Snowball method focuses on paying off cards with the lowest balance first, so you clear one card after another fast. Bright at least makes the minimum payments on all your cards every month — but it pays more on the card with the lowest balance every month. If you did the Snowball method on your own, after you clear one card, you'd apply the minimum payment on that card to pay off the next one faster. It takes some math every month, in addition to juggling payment deadlines. But when you choose the Snowball method with Bright, the app handles the math and the payments, adjusting as you go.
The Avalanche method focuses first on tackling cards with the highest interest charges. With this method, Bright also makes minimum payments on all your cards — but pays more on the card costing you the most money every month. The goal is to save money by minimizing your interest payments, but it might take longer to pay off your card debt. If you've ever done the Avalanche method on your own, you know the work involved: studying every statement each month and doing a ton of math. But with Bright, it's all done for you, adjusting payments automatically month by month.
The MoneyScience™ approach offers the best of both worlds. After learning your spending habits and studying your cards' APRs, balances and interest charges, Bright's AI creates a plan based on your needs, does the math week by week, and makes smart payments for you, always on time and optimized to get your debt-free faster. On average, Bright pays off cards up to 8 times faster than users can on their own.
No matter which method you choose, Bright does the math, adapts to your shifting finances and makes payments for you. You can switch methods any time, and you can adjust Bright whenever you want, going faster or slower by controlling how much you allocate to card payments every month.
Bright also works to build more savings automatically. On a weekly basis, Bright moves funds from your checking account to your Bright savings funds, always based on what you can afford and usually in increments you may not even notice. As a result, you end up saving more regularly than you probably can on your own. With Bright, you can also set your own savings pockets for anything you want to do — like a vacation or a new car — so your efforts stay focused. Or you can follow Bright's suggestions, based on your personal spending habits.
Another upside to Bright: you're always in control of your money. You can adjust how much you want to pay every month or set new savings goals any time you want. You can set a minimum balance limit, when Bright will stop moving money from your checking account, and you can pause Bright's card payments all together for a designated period. Best of all, any funds held by Bright are always available to you. You can transfer money back to your checking account at any time.
Navigating personal finance can be treacherous and time-consuming, with lots of confusion and missed opportunities. So why not rely on Bright's MoneyScienceTM AI, a smart system that adapts to you, moves funds for you and offers options and control every step of the way? Download Bright and see what it can do for you.