OAKLAND, Calif.–(BUSINESS WIRE)–Spinwheel, the leading smart integrated debt platform, today launched Spinwheel CRED, holistic solutions combining VSredit + Personal Loans, Rreal-time debt repayment, Eintegrated financing, and Dan overview. This new bundled suite of personal loans and credit cards is designed to put borrowers back in the driver’s seat when it comes to debt management. Given tough economic times for many people and a potential recession looming, the new offering makes it easier to pay down debt in all categories.
This follows the launch of Spinwheel CARES, the company’s newest student debt API solution created to help financial services and apps prepare customers for the end of the student loan payment pause. With real-time debt repayment, integrated financing, and data insights, Spinwheel offers the only comprehensive debt management platform that improves outcomes for businesses and borrowers.
“The personal debt crisis will only get worse as many people have already dipped into their savings and are now facing higher interest rates for personal loans and cards. Our goal is to simplify debt management to reduce personal debt and prevent a deeper financial crisis,” said Spinwheel CEO and co-founder Tomás Campos. “Spinwheel continues to innovate and enable businesses to easily integrate debt management solutions and provide on-demand service to their customers.”
Credit card debt topped $887 billion for Americans in the second quarter of 2022, while personal loan debt soared to a new all-time high of nearly $178 billion in unpaid personal loan balances. guaranteed.
Spinwheel’s new bundled suite tackles credit card and personal loan debt by:
- Get the best rates: Inflation has been a double whammy for debt accumulation as rising prices push consumers to put more spending on their credit cards while the Fed fights inflation by raising interest rates interest. The average rate today for new credit card offers is 21.4%. Spinwheel pulls consumers out of this downward debt spiral by finding rates 12% or more lower.
- Pay on time: The number of credit card users who are at least 30 days past due on their credit card payment has increased for three consecutive quarters. Carrying a balance past its due date makes debt management increasingly difficult as interest costs rise. By simplifying direct payments of credit card balances, Spinwheel provides the tools needed to eliminate chargebacks and get consumers back on track.
- Enabling Precision Payments: Borrowers have an average of four different credit cards per person with different balances and APRs. Spinwheel ensures that debt is optimally repaid to minimize interest owed and provide greater visibility of account data with increased financial literacy and confidence for customers.
- Optimize the use of credit: Spinwheel improves credit scores by helping consumers manage their credit cards and optimize their revolving debt. Refinancing and paying off credit card debt helps keep credit card usage below 30%. If a borrower has a lot of credit card debt, their credit rating can be negatively affected if usage exceeds that. Spinwheel also helps borrowers prevent cards from becoming inactive.
Spinwheel makes it easy for Americans to make smarter debt decisions and take action through a combination of data, insights, management, and payments. Their debt API and no-code modules enable fintechs, banks, personal money management tools, employee benefits providers, and loyalty platforms to quickly create a seamless experience for their customers within their existing applications. Spinwheel is headquartered in Oakland, CA, and was co-founded by Tomas Campos and Tushar Vaish in 2019. For more information, find us on Spinwheel, LinkedIn, or our Developer Portal.