Mvelopes Launches New Debt Center Feature
Mvelopes, the flagship product of Finicity has added new features to help users effectively eliminate debt more quickly. The Debt Center uses the roll-down principle allowing members to more quickly eliminate their debt and potentially save thousands in interest charges.
Draper, UT (PRWEB) November 12, 2009 -- Finicity has added a new feature to Mvelopes, its flagship product. The Debt Center will help Mvelopes members to manage their debt more effectively and eliminate it more quickly. A recent analysis conducted by Experian® shows that individuals and families are falling further behind on their debt obligations. Mvelopes recently published a blog post showing the percentage of past due credit accounts that are 30 days or more past due. From 2007 to 2009, these percentages have grown, showing that now, more than ever before, people need better tools to assist them in managing and eliminating the burden of debt.
Past Due Credit Card Accounts
"Finicity's goal is to help members take control of their money, rapidly eliminate debt, and eliminate the stress often associated with financial management." said Steve B. Smith, Finicity President and CEO. "Mvelopes helps our members accomplish all of these things, but the new debt center will also help them to focus more quickly on debt elimination so that they can improve their financial position."
The Debt Center will allow members to list their debts and make a plan to pay them off. Because the debt center is a fully integrated part of their envelope money management system, it's more than just a debt calculator. After assigning their transactions to their envelope spending accounts, the debt center updates automatically. Members will always have a clear picture of where they stand and the progress they are making toward eliminating their debt.
The Debt Center uses a roll-down principle that will apply the planned monthly payment of a debt, once its paid in full, as extra payment to the next highest priority debt in the list. Using the debt roll-down principle will allow members to more quickly eliminate their debt and potentially save thousands in interest charges.
About Finicity
Finicity specializes in online budgeting management tools and resources for personal and business use. Finicity's flagship product, Mvelopes, was named one of PC World's 100 Best Products of 2006 as well as a finalist in the 2008 IQ Awards for innovation in consumer products. Recently, Finicity was identified as one of the top ten fastest-growing companies in Utah, ranking ninth on the MountainWest Capital Network's Utah 100 list. Founded in 1999 and headquartered in Draper, Utah, Finicity is a privately held company.
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