The average credit card debt for those who have credit cards is now at $14,743, which runs on an APR of over 14%. Translation? Over $2,000 annually in interest payments alone, and that doesn’t include the amount your average consumer is paying for their car loan, mortgage, student loans, signature loans, or other borrowed money. It’s expensive to be in debt, but, yes, it’s sometimes necessary – or at least worth it. To help consumers figure out what their best options are and hopefully reduce the hefty overhead of interest, Google has released a service called “Google Advisor.”
Advisor allows you to input the sort of loan you’re trying to get (mortgage, credit card, etc.) or what other financial information you’re looking for (high-yield checking accounts or CDs). From there you input relevant information such as the amount of money you need the loan for, the loan type, the location where you’ll be getting the loan, and your approximate credit rating. As you adjust information Google will automatically provide you with offers in your area that match your criteria. You can, at your discretion, then click on the Google-provided links to find out more or apply for the loan. Google also provides the phone number of the loan institution.
Users can also compare and contrast the loan options by selecting multiple from Google’s list and choosing the “Compare checked” option. Other bonus features of Advisor include the option to subscribe for rate updates on a specific loan type in your area. Whatever you do with Advisor, though, you won’t have to provide your personal information, ensuring you privacy and, more importantly, freedom from the insistent spam messages, phone calls, and other marketing content that rate quotes so often lead to.
[via the Official Google Blog
Credit card information from Credit Card Statistics]