|By Business Wire||
|January 16, 2014 08:04 AM EST||
Debt can be daunting, especially for those saddled with high credit card balances. Mint, the leading personal finance app from Intuit Inc. (Nasdaq:INTU), can help consumers get their budget back in shape in 2014 and offers tips to eliminate credit card debt.
Mint users can select or create their own financial goals, such as paying down credit card debt. Over the last three years alone, the “Goals” feature has helped more than 1 million Mint users pay off more than $20 billion in debt. Mint links users to more than 20,000 different banks, credit cards, loan and investment accounts, allowing them to view their financial statements in one place and better understand the amount of money coming in, how much is going out and how much remains to pay down debt.
“The first step to paying off debt is getting a clear picture of where your money is going,” said Vince Maniago, group product manager for Mint. “Mint guides consumers every step of the way with free, personalized financial insights and goal setting to help users get out of debt and back in control of their money.”
Four Steps to Trim Credit Card Debt
Mint offers four debt-reduction tips to help consumers:
- Make a plan. Take the first step to pay off credit card debt by creating a plan that complements your budget and doesn’t overextend finances. After totaling up debt, look at spending. Subtract expenses from monthly income and see what’s left to start paying bills. If this amount is too small, look for ways to reduce spending such as cancelling or modifying a cable subscription, buying generic versus name brands or carpooling.
- Pay down credit cards. List debts in order with the smallest payoff or balance first. Paying the little debts off first provides quick feedback, making it more likely for consumers to stick with the plan.
- Pay more than the minimum. Break the habit of paying only the credit card minimum required each month. When possible, increase the minimum payment to reduce interest rate expenses over time, or put that tax refund toward paying off debt.
- Curb spending. When paying down debt, leave the credit cards at home and avoid temptations like cash back and purchase rewards. Mint’s budgeting feature allows users to see where their money is going and when to spend less to save towards being debt-free.
Mint is free to download and use from the App Store on iPhone, iPad and iPod touch as well as for Android smartphone and tablets at Google Play and on the Amazon Appstore. Mint is also available in the Windows Store for Windows 8.1 and the Windows Phone Store for Windows Phone 8.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2013. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
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