In a Nutshell
The Tally app can help you pay off credit card debt with a credit line. But maximum interest rates are high, you may have to pay an annual fee — and using the app could put you at risk of taking on more debt.Who is the Tally app good for?
If you’re overwhelmed with credit card debt and want to simplify the way you pay it off, the Tally app may be worth a look.
If you don’t qualify for Tally’s credit line — or if you don’t want it because your terms include high interest rate and fees — you might consider using Tally’s only for its debt payoff features that help you design a repayment plan and automate payments for you.
You also might want to explore these other debt consolidation options.
Personal loans for debt consolidation
A personal loan for debt consolidation can help you manage multiple debts by consolidating them into one loan at an interest rate that’s lower than the rates you’re currently paying. Make sure to compare the APRs on your credit cards versus the rate and other costs of any personal loan you’re offered — and calculate whether you’ll achieve any savings.
Be sure to consider the length of your loan term. Increasing the time you have to pay off your debt can means you’ll pay more for it over time, despite a lower interest rate.
Balance transfer cards
A balance transfer card is another potential way to manage credit card debt. With a balance transfer credit card, you can transfer multiple credit card balances onto it, so you’ll have a single account and payment for all your debt.
Many balance transfer cards offer introductory interest rates — often 0% — for a limited period of time, giving you a chance to catch up on debt from multiple cards more quickly. Just note that while you’ll get a break on interest, there’s typically a fee to pay when you transfer a balance.