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