The big reason the app was developed was to help people pay their bills on time with automation. According to a press release, Digit makes it easier to get past the obstacle of debt and better manage it. The new feature, known as Digit Pay, works like this:
- Consumers come up with a “Credit card debt” goal and make it active in Digit Pay. The app will set money aside from the checking account – similar to its savings goals).
- The money is used to pay the credit card bill.
According to the company, the payments are posted within three business days. The Boost command will allow you to save even more money.
Another app that can be used is IFTTT or If This Then That, which will also automate credit or credit card payments or be set up through a bank app. This apps is free where Digit has a recurring monthly fee of $2.99 after the introductory period of 100 days.
Most people have heard the phrase, “pay yourself first.” The premise behind that is to save money before anything else.
The key goal of the app is to ensure money is put aside for you, and any other money is put toward the debt-free goal with no action from you. Digit is very unique, as it looks at a person’s actual spending and bills to determine hcreditow much money can be saved on its own.
What To Be Mindful Of
When using automated bill pay, consumers need to be sure there’s plenty of money in the checking account for the transaction to go through. Digit Pay, however, is different. It only sets aside money a person has and then using that money to pay down their balance. It’s not going to fix a consumer’s total problem but can help them come up with a plan to tackle their debt.
Any person who is deep in debt should reach out to the bank and set up a repayment plan.
Consumers should also set up a payment alert system to ensure they keep an eye on their checking account.