Everyone says you should talk to your users when building a product. Unfortunatley, this whole process is a bit of a pain. Empathize is a way to schedule customer conversations by sending over a link and managing post-call logistics, e.g. thank you note and a giftcard. It's a simple tool, but a useful one if you're talking to lots of people!
Empathize.com lets you create a plan for getting out of debt, and pay all your cards & loans in one screen. You'll know which cards to pay off first to save money, as well as the exact date you'll be at $0 debt!
Hi PH,
It's Derek & Eric here, founders of Empathize.com.
*** STORY ***
A few years ago, I had $50,000+ in credit card debt and 9 credit cards. I was logging into 9 websites to make payments, and had no plan for getting out of debt.
I had no idea what the interest rate was on any of my cards, and felt completely under water.
We built Empathize.com to solve this.
*** HOW IT WORKS ***
Empathize helps you create an easy-to-follow plan for getting to $0 debt. It shows you the APR on each card, and shows you which cards to pay off first to save money.
You can then pay all your cards & loans in one central place. No more logging into 5+ different accounts.
*** GETTING STARTED ***
1) Go to Empathize.com, and connect your accounts.
2) Use the planner tool to figure out a "get out of debt" plan.
3) Use payments tool to make payments on any credit card or loan.
4) Use the money management tools to keep tabs on your money.
*** Questions? ***
We'll be on PH answering questions all day & all week. If you have any questions, just let us know!
Best,
Derek
And how will the debt relief plan in your app help me? So you think that to get rid of debts I need to spend all my money from my bank account? LOL. I think it doesn't work that way. The plan for getting rid of debts should rather consist of the right investment of funds, which can bring me more benefits. For example, I can invest in stocks, cryptocurrencies, or real estate. Now investing in real estate seems the most reliable way to make money. I talked to a specialist from Mortgage Broker Manchester. He'll help me take out two houses on a mortgage. I'll be able to put people there who will pay monthly rent. This startup is a convenient way to make money, I think.
Looks useful. I like the idea of all cards on one page, but TBH still paying them off separately doesn't seem optimal since I personally still need to do the math on which ones to tackle first. I'd need either:
1) one button to pay suggested cards first w/ however much I'm willing to pay off that month
2) a consolidation account where you just take over my many accounts and I just pay into one
Do you have either of these, or plan to build it?
@erikdoingthings - Thanks for asking!
1) We're working on this. Currently, you can make a plan in one screen, and make payments in another screen. They will soon be linked, so you can plan all at once and pay all at once.
2) We may do this in the future; it's a lot of credit risk to take on though. In other words, if a customer has $80,000 in CC debt, we'd take on that risk if we consolidated it. I think there's some way we can do it without taking on that much risk; we'll have to look into it more.
@erikdoingthings@derekpankaew Even just allowing us to connect our bank and put our plan on autopilot would be nice! Here's the flow I want:
1. Connect my cards/loans
2. Connect my bank account
3. Commit to $X per month
4. Empathize figures out how to split that $X across my accounts (and notifies me if $X is too small to hit the minimum payments for all accounts)
5. Empathize uses my bank info to make the payment for me, automatically
Is this the plan?
@erikdoingthings@techwraith Yep, that's the plan! There will be some edge cases we'd have to account for.
For example, let's say you spend an extra $500 this month on credit cards. Would you want to pay an extra $500, so your balance is going down at the same rate each month? Or would you want that extra $500 to stay on the card, and just continue paying the same amount each month?
There's a lot of little questions like this that we'd have to answer before implementing this feature. It's on the roadmap though :) we just need to figure out exactly how to implement it.
@derekpankaew Makes sense! For what it's worth, I'd suggest that anything above planned should go to the card that will charge you the most interest (in real $, not %) if you don't (not necessarily the highest interest card!).
@thetylerhayes Thanks Tyler! :D
Not sure why Mint doesn't do it. They've slowed their development a lot since Intuit acquired them. Or perhaps we just have different target markets.
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