Redwood City, CA (PRWEB) December 1, 2009 -–
BillShrink.com, the independent free online service that gives personalized money-saving recommendations on everyday bills, announces it has found $1 billion in savings for more than 1 million users this year.
In an economically turbulent year that has seen credit card rates increase more than 20% and household debt climb to $13.7 trillion, Americans are aggressively seeking ways to lower expenses. BillShrink’s study of more than 1 million users reveals that eight out of 10 people overpay for services like credit cards and cell phones. The savings are substantial – the average BillShrink user now saves $1000 by switching to a better credit card, another $300 by choosing a more suitable wireless plan and $200 by selecting the least expensive gas stations.
BillShrink is the decision engine that shoppers rely upon to simplify the complexities of today’s marketplace. BillShrink’s proprietary technology effectively accomplishes the time-consuming task of comparison shopping in mere seconds. Instead of struggling through fine print, hidden fees and overage charges that most people encounter on their bills, BillShrink visitors are given immediate and unbiased results with accompanying analysis that shows why each recommendation is a good fit.
As banks, credit card companies and wireless providers compete to gain more customers and market share by continually rolling out new deals, BillShrink ensures that people stay informed of best options by sending personalized alerts when rates, policies or plans change in their favor.
“BillShrink’s growth is a testament to Americans’ growing desires to spend more wisely,” said Peter Pham, CEO of BillShrink. “It also speaks to people’s skepticism about all the fine print associated with common bills. Our users tell us they are frustrated by the confusing and often misleading ads they see from banks and cell phone companies. They turn to us to sift through the millions of options to make the financial match that’s best for their wallets.”
BillShrink most recently launched a savings service that tracks and indexes 300 constantly changing bank and CD rates to recommend the best rates to help people meet their savings goals. BillShrink plans to continue its efforts to help people save money by adding a number of new services in the coming months.
About BillShrink (http://www.billshrink.com)
BillShrink is the free online money-saving service designed to help people lower their bills. Every day, thousands of people come onto the site and find an average of $1500 in savings on their most common bills.
In an era when eight in 10 Americans overpay for expenses like credit cards and wireless bills, BillShrink empowers and inspires people to become savvy shoppers by simplifying all the complex pricing structures to show what true cost of ownership means for their wallets. The company has found $1 billion in savings for Americans in 2009.
BillShrink is a decision-oriented site that helps users discover and determine the best money-saving options. Think of BillShrink as a personal finance matchmaker. After answering a few simple questions about spending and savings behavior, BillShrink users see savings recommendations tailored to their unique needs. In order to provide individualized and unbiased recommendations, the company tracks more than 10 million cell phone plan combinations, 300 bank rates, 240 credit cards and 150,000 gas stations, to present the best money-saving options available. BillShrink then keeps the savings coming by alerting users when a better deal comes along.
BillShrink was named one of the “Best Web Sites” by Kiplinger’s and has been featured in the country’s leading news sources including The Wall Street Journal, The New York Times, Consumer Reports, Fortune, The Today Show, CNN, ABC and CBS. The company publishes the popular “Shrinkage is Good” blog, which features commentary on the latest economic news and savings tips.
The Silicon Valley-based company was founded in 2007 by Schwark Satyavolu and Samir Kothari. For more information, please visit http://www.billshrink.com. Follow us on Twitter (http://www.twitter.com/BillShrink) and become a BillShrink fan on Facebook (http://www.facebook.com/BillShrink).