Empower helps the 40% of Americans with credit card debt get ahead

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At Empower, we are on a mission to democratize access to the world’s most sophisticated and best financial advice. We believe this advice should always be free and should be available to everyone. The latest rollout of our app is designed to help the 40% of Americans with credit card debt get ahead financially. By creating a suite of tools — including Credit Card Pay Down, Spend Tracker, and AutoSave — Empower wants to help Americans get unstuck and get on a course towards establishing sound financial footing.

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How to save and how much?

It’s a fact that Americans are struggling to save. 44% of families[1] would not be able to come up with $400 in an emergency. Changing habits around money can be especially painful. We believe saving is a key step towards building wealth and achieving financial freedom, that’s why we built AutoSave: Every time you get a paycheck, Empower can take a bit of extra money out so long as you can afford to and use that money to build your savings, invest, or directly pay down your debt. If we can help people get on top of their credit card debt, in particular, Empower can do a lot towards helping people build some extra capacity in an emergency situation.

 

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Get Out of Debt card

Credit cards have become so commonplace in America that we often forget they represent borrowed money. The average American has a whopping 3-4 credit cards.[2] Sometimes, though, the best investment you can make is paying down your debt. So we’ve made it seamless to pay down any U.S. credit card from right within the app. If Empower can help make a dent in the $1,293 that the average American family pays in credit card interest each year,[3] our app can have a huge impact on helping people get ahead financially.

Saving and getting out of debt are arguably just two sides of the same coin. With each new feature, we strive to make managing your finances easier with Empower. We are here to help if you feel stuck or are nervous about taking the first step — that’s at the core of what we’re trying to do at the end of the day.