How they describe themselves: If you follow the news you know consumer debt is the biggest social challenge facing America today, affecting 45% of households. You may also think you know the best solutions to help these borrowers, but you’d be wrong. Contrary to popular belief, for most people the biggest challenges to getting out of debt aren’t insufficient cash flow, high interest rates, or lack of a spending plan. The biggest challenges that borrowers face are the complexities of tracking 10-30 debt accounts and creating and following a pay-down plan. DebtGoal.com, is the only online tool that meets these borrower needs, enabling users to organize their debt and create and track a personalized, dynamic debt reduction plan. To simplify this process and to save time, DebtGoal automates two of the most time-consuming steps: updating financial information and making payments. We recognize that nothing ever goes strictly according to plan, so the DebtGoal program dynamically changes to accommodate real world events like credit card slip-ups or missed payments. In addition, DebtGoal.com is the only solution to provide personalized recommendations to accelerate debt reduction by advising them how to negotiate lower rates with lenders, restructure debt, and find sources of cash. Customers following the DebtGoal program can save tens of thousands of dollars in interest by optimizing payments, without paying more than they do today.
What they think makes them better: DebtGoal.com is the only company focused on addressing the most pressing goal (according to CNN) of the massive lower / middle financial market of Americans that fall into the unprofitable and unaddressed market space between financial distress (debt settlement, credit counseling, or bankruptcy) and mass affluence with investable assets. DebtGoal.com combines a unique blend of finance and behavioral psychology to build an application that is fun to use, teaches positive behavior, and improves rather than destroys a user’s credit.
Executives: Scott Crawford (CEO), Steve Richmond (Co-Founder), Gene Volovich (CTO)
Investors: New Cycle Capital (www.newcyclecapital.com)
Board Members: Ben Black (Partner, New Cycle Capital)
Advisory Board Members: Bruce Cornelius (CMO, Creditreport.com), Ed Ojdana (Founder, Consumerinfo.com), Sean Budde (Former head of subprime credit cards at Capital One)
Partnerships: Will announce key partnerships at FinovateStartup09
Biz Dev and Sales: Steve Richmond, email@example.com, 415-722-9018
Press: Jackie Volovich, Matter Communications, 415-984-6281, firstname.lastname@example.org
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