Up To 3x Faster with Bright - The average user pays off credit cards 3x faster with Bright as compared to not using the service. We calculated the estimates based on Bright’s records for users who enrolled between the range of 8th Dec 2019 and 4th March 2022. We compared how long it would take for a user to pay off their credit card debt if they had used the Bright Service to how long it would take for a user to pay off their credit card debt without Bright paying only their minimum payment. Actual pay-off rates will vary based on factors such as each user’s credit card APRs, the total payments made, and additional credit card charges

How does Bright calculate our average payment?

Bright calculates and makes payments using our MoneyScience™ system, which analyzes your debt and targets the card with the highest interest charges, while also making at least the minimum due on all your connected cards. Bright also studies your checking account balance, your spending habits; and your recurring bills and adjusts payments to your goals and what you can afford. Our average payment was last calculated in April 2021, using data for users who enrolled between January 2020 and March 2021 and assuming users weren’t adding to their debt over the projected period. Payments always vary between users, because Bright tailors payments to your individual finances, debts and goals.

How does Bright save money for users?
‍
One of the ways Bright saves money for our users is to lower the interest charges incurred while paying down debt. Bright’s MoneyScience™ system makes smart payments on your debts, making sure high-interest debt is paid down first, a method that lowers your interest charges. Bright also always pays at least the minimum due on all cards connected to Bright, making payments on time, so users also avoid late fees. When we calculate our users’ average potential savings, we use the difference between using Bright versus paying just the minimum due. We also assume users aren’t adding to their debt over the period we’re estimating savings. Average savings are calculated on an annual basis, and when we estimate lifetime savings, we use data for users who joined us between January 2020 and March 2021. The amount you save with Bright will vary based on several factors, including payments you make yourself, your credit card balances, APRs, other card charges and fees Bright can’t control, and other activities.