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Startup Tackles Trillion Dollar Credit Card Problem
[March 21, 2018]

Startup Tackles Trillion Dollar Credit Card Problem


BETHESDA, Md., March 21, 2018 /PRNewswire/ -- According to a recent survey, Americans fear debt 13 percent more than death*, a shocking statistic considering consumers racked up a record-setting $1.02 trillion** in credit card debt in 2017. 

While most consumers view this crippling debt as a dangerous issue, one area startup is taking it as a challenge.

Debx, a personal finance app launched today, combines the best of credit and debit. By automating payments of credit purchases as they happen, Debx helps consumers earn credit card rewards responsibly, build credit with low utilization, and avoid crippling interest and late fees. Debx was founded by Ben Psillas, a serial fintech entrepreneur, who created Debx out of his own frustration when using his debit and credit cards.

"Every time I made a purchase using my debit card, I had this negative reinforcement that I wasn't earning rewards or building credit," said Psillas. "On the flip side, I loved these perks when using my credit card, but always hated the large monthly bill, high-interest charges and fees." Fueled by this love/hate relationship with his debit and credit cards, Psillas has combined the best of both worlds through Debx.

To enroll, consumers simply link their existing credit card(s) and checking account and set payment rules to automatically determine what is paid off daily. Paying off purchases daily helps consumers stay in control of their finances and build their credit score. Debx offers users a simple solution to track their "True Balance" across all their financial accounts while removing the friction of making frequent payments. 

When designing the app, Psillas and his team sought to help users take control of their finances by allowing them to manage their credit card budgeting, payments and rewards in one place. "Many personal finance apps offer budgeting, bill pay or other planning features, but few combine all three as effectively as Debx. We allow users to know exactly how much they're spending, the balance of their accounts and automatically take action to ensure they're always in control of their finances, never the other way around."

Debx is free to use and currently available in the iTunes Store. Enrollment takes less than 0 seconds and Debx links with most major credit card lenders, including American Express, Bank of America, Capital One, Chase, Discover, Wells Fargo and many more. 



To learn more about Debx, click here.

About Debx: 


Debx is a free personal finance app that automatically pays off everyday credit card purchases as they happen to help consumers avoid debt. Debx links users' existing credit cards and checking account to help them earn more rewards, build credit, avoid interest charges and fees, and enjoy better consumer protections. For more information, visit debx.co or follow the app on Facebook, Twitter or LinkedIn. 

About the Founders:

Ben Psillas (CEO): Ben describes himself as a serial uphill runner and personal finance life hacker. Debx is his third fintech start-up; he founded his last company Allpoint, a surcharge-free ATM network, because he hated paying ATM fees. Today, Allpoint currently serves more than 60 million cardholders and has saved users more than a billion dollars in ATM fees globally.

Chad Crutchfield (Head of Growth): Chad was previously general manager of New Initiatives at LivingSocial helping conceive and scale new products.

Purvesh Patel (CTO): Purvesh is an experienced technology executive and serial entrepreneur. As for the former CTO of Cardtronics, Purvesh was responsible for managing 190,000 ATMs globally and over 1.7 billion transactions annually. Previously, Purvesh was also the founder and CTO of Locator Search (acquired by Cardtronics).

Tim Klanke (COO): Tim formerly was an associate of Chertoff Capital, where he advised on nine M&A/capital raising transactions valued at $1.1 billion. Tim is a graduate of Brown University.

Media Contact:

Ben Psillas, Founder: [email protected] or 202-297-3596

Sources:  

* Credible.com, Feb. 13, 2018, Survey: Millennials Fear Credit Card Debt More Than Threat of War and Dying

** MarketWatch, Aug. 8, 2017, "American's Now Have the Highest Credit Card Debt in U.S. History". Federal Reserve

Related Files

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Related Images

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Debx Logo
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Debx Education Screen 1

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Debx Education Screen 3

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/startup-tackles-trillion-dollar-credit-card-problem-300617342.html

SOURCE Debx


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