There’s the saying that “money is the root of all evil.” One area where most people are likely to believe that’s true is when it comes to the topic of debt. It’s one of the major barriers that keeps people from achieving more in life. From going back to school (or maybe the debt is from university life) to buying that first home to traveling around the world, debt is the sickness that keeps things from moving forward.
One company looking to help out with debt is Pariti, a mobile app developed in London which tracks everything from current bill payments to ensuring the cash flow to debt ratio is kept in check. It works through a calculation that helps users determine whether or not users can save on currently owed debts. Pariti also allows users to apply for consolidation loans via its lending partners.
Pariti’s Founder Matthew Ford commented on the app’s algorithmic feature and its lending partners’ inner workings to TechCrunch: “Through their transactional data, we spot all fees and charges to show what is the real monthly cost of their debt. Based on that data, we calculate how much users would be able to save every month if they were to replace that debt through a loan. With a near real-time view of a user’s financial standing, and our own proprietary assessment approach, Pariti can help lending partners get a much more accurate picture of consumer suitability, affordability and credit worthiness, and users can engage and improve their situation more transparently.”
With student debt in the United States alone reaching $1.3 trillion in 2017, the target audience for an app like this may just be millennials who’ve just graduated or those from Generation Z who are about to start university life.