Good morning everyone. A few weeks ago, I wrote Trim Saves Money on Monthly Cable / Phone / TV / Internet Bills (Negotiates Discounts on your Behalf). In that post, I showed how Trim negotiates down your cable / phone / TV / Internet bill and charges you a percentage of the yearly savings. Trim has just launched a new feature called Debt Payoff. With Debt Payoff, Trim will negotiate down your APR (interest rate only, not principle balance), create a customized payoff plan (where you pay off your highest APR credit card first) and provide expert advice along the way. According to Trim: “Trim is able to save the average user more than $250 per year by aggressively attacking their debt.” To learn more about Debt Payoff, create a Trim account here.
Here is more information about the Trim’s Debt Payoff Service:
- Payoff Plan & Debt Calculator. As a first step, Trim’s AI sets up a personalized payoff plan, based on the credit card balance and APR information from the accounts that you link.
- APR Negotiation. Then, Trim will set up a call to negotiate the interest rate (APR) on your existing credit cards. This is NOT negotiating the principal amount, and it won’t have any impact on your credit score. Hopefully, this step WILL save you hundreds of dollars in interest charges going forward. For many banks, Trim can remember to call and negotiate the APR every 3-6 months.
- Personal Coaching. Starting on Day 1, and extending until you’re finally done with debt, Trim’s Financial Coaches can help guide you and answer any questions you might have. Many users report that the power of having an expert alongside them is a huge motivational boost to getting out of debt.
In exchange for offering this service to member, Trim charges members $10 / month, until you cancel the service. Trim offers a 90-day refund period, so if you are not satisfied with Debt Payoff, you can cancel the service and get your monthly fees refunded.
I do not have any credit card debt, so I am unable to test out the service. With Trim’s 90 day refund period, I would definitely try out Debt Payoff and see how the service works for you. If you have any questions about Trim’s Debt Payoff Service, please leave a comment below. Have a great day everyone!