If you have a mix of loans, credit card debts or other borrowing, it can be hard to see just how much the interest rates and fees are costing you. A new app – currently only available in the UK but with plans for international expansion – takes a really interesting approach to this.
Link Pariti to your bank accounts and credit cards, and it will show you the total costs of your debts. If peer-to-peer lending would offer a better deal, it then offers you the option of consolidating everything into a single loan at a lower rate. The company says that while credit cards typically charge interest rates in the 16-25% range, it can get the APR down to single digits.
The app also helps you monitor your spending, and optionally set goals which it tracks. It will also warn you about upcoming bills so that you know exactly how much of your money is already committed between now and your next pay day.
Given the UK-only launch, and the limited number of card companies with which Pariti partners, the app is of limited use right now, but it definitely seems a smart idea.
If you’re in the UK, Pariti is a free download from iTunes.