LOS ANGELES--(BUSINESS WIRE)--DebtWellness.com, an online destination to help Americans better understand their financial situation and overcome their debt, is now widely available. The site is a source for budgeting tactics, community, financial education, all in one place, at no cost.
At the end of 2022, American household debt hit a record $16.9 trillion, up $2.75 trillion since 2019, according to the Federal Reserve, leaving many stuck in the revolving door of debt, with no way out. In addition, consumer credit card debt in the United States eclipsed $1 Trillion for the first time in history. This coupled with the Fed raising rates and driving the average rate on credit cards up by a whopping 25% year over year, increasing from 16% in 2022 to 20% this year means people’s debt is costing them more every second. Debtwellness.com makes financial tools and resources available to anyone who has debt and wants to gain a better understanding of how debt works, how it’s impacting their overall finances and lives, and give them the tools, including a free debt calculator and report called Debt Check, to regain control of their financial well-being.
Americans are already finding value in the tools and resources at www.debtwellness.com
“I found the website super easy to use, it clearly laid out all of my information making it easier for me to understand how much of my income is going towards my debt. Then I did the verified report so I could see it all! It laid out my biggest debt to the smallest which I loved! Not that I’ve accumulated much debt at my age but it was nice to be able to plugin in some basic info and see it all in one place.” - K. from Michigan, USA.
Within just 30 seconds, Debt Check unlocks a free detailed and verified report showing consumers where they are losing money unnecessarily every month. The free tool helps Americans better understand how much money they are paying in interest toward their combined debts. Debt Check saves them from the tedious and time consuming process of calculating all of their different interest rates, payments, etc. on their debts, month-over-month. It factors in monthly payments, including credit cards, student loans, car loans and more, providing any American with a clear view of their situation. Debt Check updates your verified report every month and even sends you updates about important changes in your debt wellness.
“Between credit cards, car payments, mortgages, and other bills, Americans are piling up more debt through hidden fees and interest payments month after month. Many Americans, including those we talk to every day, don’t have accessible tools and resources to help them understand the debt traps and how to avoid them,” says Karl Jacob, Co-Creator of Debtwellness.com and Co-Founder and CEO of LoanSnap. “We hope that all Americans who are feeling the weight of debt try our free debt calculator tool to gain a better understanding of where their finances stand.”
DebtWellness.com is a completely free resource of tools for financial information and community, designed with the goal of empowering Americans to save money and take control of their financial wellness. The site is a source for budgeting tactics, community, financial education, all in one place, free of charge.
LoanSnap is a debt wellness company founded by Karl Jacob and Allan Carroll with a mission of improving the finances of every American. The company invented the world's first smart loan technology that uses artificial intelligence to analyze a person's finances and shows simple ways to benefit from a smarter loan now and into the future. By working with LoanSnap, users can save money, time and feel confident that their smart loan will safeguard their financial future.