PHILADELPHIA, Pa. (WPVI) -- Most of us would like to increase our savings and cut our payments, but it's hard to figure out which banks and credit cards will best help us do that. Now, there's a new website that breaks it all down in simple terms.
It's called MagnifyMoney.com and Nicholas Clements is its co-founder.
He explains, "We've compared thousands of financial products and we've created really simple tools so that you can answer a few questions and based on that, we'll tell you how much you can save by switching products and then we tell you how to switch products.
The site focuses on four main areas. The first is helping you pay off credit card debt.
On Magnify Money, you enter information like how much debt you have and how much you can pay toward that debt, and it'll show you where to transfer that debt and pay a much lower interest rate.
Clements says, "The average American who has credit card debt -- 40% of this country -- they're spending over $1500 a year in interest alone. If you go to the balance transfer page, it's going to ask how much debt you have, how much you can afford to pay each month, and then we'll run the math and we'll show you what offer makes the most sense for you."
Next, if your bank charges fees when you make an over-draft on an account, Magnify Money can help you find one that won't.
And if you're looking for a higher interest rate on your savings, the site will run the numbers on that as well. Most users find the best rates online.
Clements says, "The people who will do the online savings account, I consider this the 'Amazon moment' of banking. You have online banks that don't pay for all the bricks-and-mortar branches, and instead, they give you a much-higher interest rate."
Finally, you can use the site to find credit cards that will give you the most cash-back on purchases you're most likely to make.
To check out the resources on MagnifyMoney.com for yourself, click here.
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