Nummo, a leading personal financial management platform and app, announced today an expansion of its growing suite of online features with the launch of the Debt Repayment Calculator, the first to go beyond just credit cards.
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Nummo Debt Repayment Calculator (Graphic: Business Wire)
So many Americans have multiple debts – credit and store cards, auto and student loans, medical debt, mortgage, etc.– and the Nummo calculator now gives users the ability to measure the best way to pay off any of these loans.
Once users connect their accounts on Nummo, any debts are automatically categorized for easy review. The Debt Repayment Calculator provides both a single overview of all loans and details on specific ones, including remaining terms and accrued interest. From there users can use the feature to work through which debts can be paid off first and how long it will take them to become completely debt-free. Personal loans can also be added manually to provide a full and realistic financial picture.
To test payoff or debt reduction scenarios for a specific loan, users will highlight the loan and its interest rate using the calculator and then enter various amounts in the payoff section. The calculator will adjust the number of months remaining and show the accrued interest, an amount that can build up over time.
“Personal debt in the US has reached record levels with the New York Federal Reserve reporting that it now tops $14 trillion, a very worrying situation for American consumers,” said Roi Y. Tavor, CEO and co-founder of Nummo. “It’s our responsibility as an industry to help make it much easier for people to reduce their debt and find a way to take back control of their finances. All our products and features are developed from the user perspective. Paying down debt is a top concern, which is why we developed the Debt Repayment Calculator,” he added.
Nummo is a personal financial management platform that empowers individuals to live better lives by helping them manage, maintain and improve their financial health. The company does that through its website nummo.com and an app with a suite of features that allow them to consolidate accounts and manage their money in a completely transparent and conflict-free environment. To learn more visit www.nummo.com.