There’s a new way for recent and future college grads to manage money, and it’s DEBX, an app that allows you to build credit while also not racking up a ton of debt. Many young people avoid credit cards but then realize that having a credit history is important when it comes to simple tasks in life like trying to rent an apartment or get a car loan. The problem is that credit cards come with high interest rates, and the average American has $5,290 dollars in credit card debt, so the idea of getting one is scary. With DEBX however, recent grads can leave those worries behind.
“When college students graduate, they are often unsure how to build their credit or manage their personal finances, and are maybe even a little intimidated,” says Ben Psillas, Founder of Debx. “They leave school with tons of student loans, and they want to avoid getting deeper in debt. But, they need to start building their credit history, and credit cards are one of the best ways to establish that.”
DEBX simply links users’ credit cards with their debit accounts so that after every credit card purchase the amount used can be automatically paid off with the push of a button. There’s also a shutoff balance feature, where the auto-payment feature is stopped if the checking account balance goes under a certain amount. The app also allows users to see all their credit cards and where all of their money is going, allowing for them to keep an eye on their spending habits.
DEBX isn’t on Android devices yet but is available free in the iTunes store. It links with most major credit card lenders including American Express, Capital One, Bank of America, Chase, Wells Fargo, and a lot more.
This is an original press release from UWire.
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