tally is an incredibly unique platform designed to help you dig your way out
of credit card debt way faster and save thousands of dollars in the process but
is this platform truly worth it and can it actually save you time and money when getting
out of credit card debt well today let's find out alright let's jump right into it
what is going on everyone i hope you were all having a fantastic day so i've spent a lot of
time on the channel talking about the importance of using credit cards properly by paying them off
on time every time every single month and not overspending as well but unfortunately that's
not the case for a lot of people and if you're watching this video then that might not be the
case for you so if you have gotten yourself into a mountain of credit card debt first i want to say
take a deep breath it's going to be all right and you are not alone and the platform we're looking
at in today's video might actually be able to help you out quite a lot so let's take a look
at how the tally platform works but first i want to clarify that there is an affiliate link down
in the description where you can sign up for tally if you do want to help support my channel however
as you have all come to expect this is going to be the fully open and honest review that i always
give on my channel okay so the way that the tally platform works can get a little bit confusing and
i've seen a lot of questions and confusions surrounding the platform online in researching
this video so first i want to explain what tally is in the most basic and easy to understand way
that i can so first of all when you sign up for tally they are going to review your credit history
including all of the lines of credit that you have and the balance and interest rates on each of
those that you owe from there their fancy computer algorithm is going to determine whether or not you
are eligible for a line of credit through tally and if so how much are they able to give you and
if approved they are essentially going to offer you a line of credit to pay off your existing
debts now just wait before you go firing away in the comment section i understand that the big
question here is why in the world would i take out a loan to pay off a loan and that is a very valid
question that actually took a lot of research on my end to truly get to the bottom of so the
ultimate goal of tally is to hopefully offer you a lower interest rate than what you're currently
paying on your various credit cards and honestly that shouldn't be too difficult in most situations
because credit cards are notorious for charging ridiculous interest rates that can easily go
as high as 20 or more now they are not able to guarantee that they will get you a lower interest
rate so obviously you will want to take a look at the interest rate that you're currently paying
and compare that to the offer that tally gives you but in most cases they are going to come out ahead
which depending on your situation and your numbers that could easily save you thousands and thousands
of dollars in the long term in fact tally actually estimates that its average tally plus member saved
hundred and 4 five dollars over just five years of using this platform which is pretty nuts if you
think about it so for the sake of simplicity let's say you've got a mountain of ten thousand dollars
of credit card debt across multiple credit cards and your average interest rate is 24 which is
very realistic that means that all other variables being equal and obviously excluding any other fees
that we don't know about you would pay roughly 2 400 per year on your 10 000 of debt at a 24
interest rate but now let's say you take out a line of credit from tally who pays off those
credit cards and you now simply have to pay tally back the 10 000 at say a 14 interest rate well
again assuming all other variables stay exactly the same you would now owe roughly fourteen
hundred dollars in interest on your ten thousand dollars of debt throughout a full year meaning
in this example you saved one thousand dollars of interest that you would otherwise be paying
to the credit card providers had you not used tally to basically refinance your credit cards
now again this is just one very rough example and there are tons of other variables that you
need to take into account and consideration before actually making a decision on whether or not tally
is able to help you get rid of your credit card debt but thankfully tally does have a really easy
to use debt calculator on their websites where you can easily input every credit card that you have
including the balance and current interest rates and they can immediately give you a rough estimate
on how much you can save by using tally and what i love most about this feature is if they don't
think that they're able to save you money then they are happy to just let you know that straight
away which is probably good to know up front because again the goal here is to save money and
get out of debt faster so outside of the financial savings that this platform will hopefully be able
to offer you depending on your numbers the other huge advantage is obviously the fact that you now
only have to make one individual payment to tally rather than keeping track of multiple payments
that you've probably been juggling for multiple credit cards and other lines of credit as well
and hopefully this means that you'll be able to consistently make those on-time payments which
will be good for your credit score factors in the long term plus if you opt for tally plus which
we'll talk more about in a second they're actually able to effectively lower your apr by around four
percent after you make 12 on-time payments which if you do the math that is a pretty substantial
benefit if you have a large amount of debt all right so hopefully you are following me so far
and essentially while tally doesn't consider themselves to be a debt consolidation service
it is going to work in a very similar way in the sense that they are taking multiple debts
in this case credit cards that you may be juggling and they are consolidating it under
one easy to use platform and hopefully saving you some money in the process a few things i want to
clarify before we get into the different account options and prices though if you are approved by
tally for a line of credit that is larger than all of your credit card debts combined then tally is
going to immediately pay off the entire balance of all of those cards which in my opinion is really
the ideal situation because then all of those debts are immediately repaid and taken care of
and you just have to pay back tally again under one platform but where things often get a little
misconstrued by others looking at this platform is if you are approved for a line of credits that is
less than your total balance of all of your credit cards combined in that case you're only able to
pay down your debts up to the amount that you were approved by tally i know that's getting a little
bit confusing so hang with me for a second if you have five thousand dollars of credit card debt and
you're approved for a five thousand dollar line of credit from tally then they will immediately
pay off all of those different accounts and your five thousand dollars of debt will be gone
and you now have to pay back tally so you still have five thousand dollars of debt but again
hopefully your interest rate is now lower and you only have to pay in one place however say you have
that same five thousand dollars of credit card debt but tally is only able to approve you for a
two thousand dollar line of credit well what that means is they are able to pay off 2 000 of your 5
000 of debt immediately and then as you pay tally back they are able to apply more and more money
to your existing credit card balance but again even in that slightly more confusing situation
it is still consolidating all of that into one place to kind of remove that hassle for you so
that you just have to pay tally and they are going to take care of all of the rest of it for you
the reason i'm spending so much time on this is because i've seen a lot of people talking online
about how it makes no sense to pay 25 on a credit card and pay tally 15 and that suddenly means that
you're paying 40 interest that is not how this platform works but i understand that it does get
a little bit confusing depending on your situation and the line of credit that tally is able to offer
you but again it is super easy to walk through the entire process see if they are able to help
you out using that free debt calculator and then make an informed decision from there on whether
or not this will truly save you money in the long term all right enough about all of that
how much is this going to cost well there are actually two versions of tally the first of which
being tally basic however depending on how much credit card debt you have they also offer tally
plus which offers a larger line of credit than you would get with the tally basic as well as a member
discount applied monthly to your principal balance which comes at a price of 25 per month or 300 for
the entire year now 25 bucks per month might sound like a lot and you're right it is if you compare
that to some of the other monthly payments that many of us are currently paying and you might
also say that it's ridiculous for someone who has a ton of debt to pay a monthly fee for a service
like this however i want to remind you that tally plus is for those individuals who have accrued a
ton of credit card debts like tens of thousands of dollars in some cases and with tally plus
they typically are able to offer a line of credit ranging anywhere from between two thousand dollars
to twenty five thousand dollars that's a pretty big range but the reason i mention this to you
is if you have a substantial amount of credit card debt say ten thousand dollars or more and
you're paying maybe 24 interest then just like we talked about earlier you'd be paying roughly 2 400
per year just in interest payments which is why it is so difficult for individuals to dig their way
out of mountains of credit card debt but if tally plus is able to offer you a large enough loan to
pay off that entire ten thousand dollar balance and you now only have to pay say 14 interest
well in that example you'd be saving 1 000 in interest alone so suddenly 25 bucks per month or
300 for the entire year makes a lot of sense since for 300 a year you're basically saving a
thousand bucks again i know that there are so many different variables and combinations to consider
so i would definitely recommend playing around with that debt calculator and if you're really
feeling hopeful about tally then go ahead and apply see what they are able to actually offer you
because only then will you truly be able to crunch all of the numbers and get a proper understanding
of whether or not this platform is going to save you time and money in the long run
it really depends on your situation but for the sake of simplicity i will say that if tally is
able to offer you a large enough line of credits to pay off all of your existing credit card debt
at a lower interest rate then this is kind of a no-brainer regardless of the numbers but if
you've already created a financial mess with your credit cards then there is something to be said
for consolidating it under one platform hopefully getting a lower interest rate in the process and
getting some other advantages as well that tally is able to offer like an easy to use interface and
late fee protection just to name a few so if you are not currently in credit card debt then let's
definitely keep it that way but if you have gotten yourself into a bit of a financial mess with your
credit cards then don't worry it's gonna be okay and i would definitely recommend that
you check out tally and crunch the numbers and see if they are able to help you save money and
time on your credit card debt again if you do want to sign up for the platform then i will leave a
link down in the description below where you can do so and help support my channel which is always
i really appreciate it if you did get value out of this content and you want to help support me
the easiest way to do that is by checking out tally and letting me know what you think of
this platform down in the comment section below and of course by hitting the like button and
subscribe to the channel for more content like this in the future as always thank you so much
for your time i really do appreciate it so much take it easy and i'll see you in the next one