How Our In Debt Nation Could Benefit from Debt Dog

With a national debt that exceeds $15 trillion and consumer credit card debt totaling $793 billion, it’s fair to say America has a spending problem.

Of course it’s unfair to generalize debt totals and collectively castigate debtors as the individual reasons for credit card debt may be a sudden illness whose treatment an insurance company refuses to cover, or financial obligations like groceries and utilities that offer no latitude to the unemployed. Nevertheless, we all need to learn a thing or two about fiscal responsibility, a thing or two, or more, which may be gleaned from the Debt Dog app for smartphones.

Debt Dog is a leading financial app that’s designed to educate its users about the financial burden of their credit card debt by calculating the new total balance, minimum monthly payment amount, and length of time required to pay off the card each time a new purchase is made.

The primary reason Debt Dog is a useful app is because credit card users often forget about interest charges. It’s easy to view credit cards as an extension of your wallet, but in reality an item’s price tag is inflated when it’s bought with a credit card because of the interest rate charged monthly to an outstanding balance — unless, of course, the balance is paid in full each month.

The average interest rate for non-reward credit cards stands at just over 15%. That means an item that costs $80 if paid with cash will actually cost $92 with a credit card that offers no incentive like points redeemable towards a future purchase. The Debt Dog app automatically does calculations of this type for its users, helping them to determine if the longterm cost is really worth it.

Another benefit of the Debt Dog app is that it highlights for the user which of their cards have the lowest interest rates. These are the cards worth keeping for longterm use, while those with higher rates should be paid off and even closed if one desires financial freedom.

One factor worth considering, though, is if your card’s rewards program, such as that offered with the Chase rewards card, offers rewards such as cash back or points redeemable towards a future purchase. In such instances, the rewards may offset the slightly higher interest rate.

Overall, Debt Dog is the prefect app for tracking and controlling your spending and credit card debt.

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