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On this episode of the Bourbon Friday Show, we had the opportunity to talk with Kiley Summers, Founder of SpenDebt.
Do you have student loan debt?Check out our show today to learn about how SpenDebt helps you "spend away your debt." We're sitting down today with Founder Kiley Summers to learn about this innovative company and their solutions for helping people improve their financial health.Tune in to the Bourbon Friday Show every week at 4:30pm!
Posted by EQ – Entrepreneur Quarterly STL on Friday, May 10, 2019
SpenDebt—Saving by Spending
In America there’s over $1.5 trillion dollars of student loan debt accrued by borrowers, now surpassing credit card debt, and rightfully being named as one of the biggest financial crises Americans have seen.
With many people in the hole with debt that surpasses annual earnings, it’s easy to feel defeated.
After graduating from school, Summers and his wife found themselves in a similar situation and hired a financial advisor to help them come up with a plan to tackle their debt. Not long after, they decided to create a tool to help others with debt—and through a lot of hard work and research, Summers and his wife began SpenDebt.
“SpenDebt is a financial technology company designed to assist people to pay off debt by leveraging of micropayments through everyday transactions” explains Summers.
“Right now in the marketplace, you can spend and save, like most banks, or you can spend and invest with financial technology companies. But we’ve created a third category allowing people to spend and pay off debt at the same time.”
With SpenDebt you are able to add a micropayment, $0.50 or more, to every purchase you make and at the end of the month all of those micropayments are added up and put towards your debt.
By breaking down debt payments into more bite-sized increments on purchases you make every day, it makes the task of paying seeming insurmountable debt seem more manageable.
Though still in the beta phase, SpenDebt has helped many people pay off debt of all shapes and sizes. And with the help of the Arch Grants program, SpenDebt will soon be graduating out of beta phase and offering their service nation-wide.
As always, the Bourbon Friday team does their best to choose a fitting drink for the occasion.
The drink of choice was Koval Single Barrel Bourbon Whiskey. Like SpenDebt Koval is made by a husband and wife team who returned to town where their families had deep roots to start and grow their business.