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
