PALO ALTO, Calif.--(BUSINESS WIRE)--EarnIn, a pioneer in on-demand pay, announced today that the company relieved over $10.6 million in consumer debt through a partnership with ForgiveCo. With American household debt totaling over $17 trillion by the end of Q1 2024, consumers are still facing an uphill battle with high rates of inflation and rising daily costs, and EarnIn is addressing this debt crisis head on. EarnIn’s debt relief impacts multiple sources of debt, primarily credit cards and auto loans, which are two major categories for Georgia residents. On average, Georgia residents hold $6,265 in credit card debt, which puts the state as the eighth highest in terms of personal debt. In terms of auto loans, Georgia has the fourth-highest percentage of loans over 90 days in delinquency, which is 30% higher than the national average.
“Debt is a big barrier to financial freedom, forcing too many people to make difficult trade-offs between today’s needs and tomorrow’s dreams,” said EarnIn CEO and Founder Ram Palaniappan. “Often, the only tool available to consumers in managing debt is to take on more debt, which is the number one obstacle to financial freedom. We believe financial momentum should be accessible to all, and EarnIn is dedicated to offering innovative financial solutions that meet the realities of the needs of working Americans. We want to help consumers break the debt cycle and alleviate the emotional burdens that are often coupled with having debt.”
Today’s debt relief recipients are Georgia residents in households earning less than $100,000 annually, a majority of whom have debt considered to be ‘active,’ meaning it is less than seven years old, and still active on their credit history. EarnIn’s partner, ForgiveCo, a Public Benefit Corporation, works with companies to alleviate consumer debt relevant to each company’s mission. Through its “Debt Transformation Service,” ForgiveCo uses industry knowledge to purchase large debt portfolios for a fraction of the original cost, creating up to a 50x impact. There is no cost to the debt relief recipient.
“Georgia residents experiencing increased levels of debt are prevented from reaching financial success and forced to make difficult tradeoffs that impact their lives daily,” said ForgiveCo’s CEO and Co-Founder Craig Antico. “EarnIn has abolished over $10M of debt in Georgia and Atlanta, impacting more than 8,800 residents. That’s over $1,200 of debt abolished per individual. We applaud the work that EarnIn is doing to build financial stability and are thrilled to partner with the company to relieve these debts and enable people to achieve some financial and emotional relief.”
Atlanta residents benefiting from this debt relief program will be notified as early as May 28, 2024, with a ForgiveCo branded and customized letter, email, and direct text message. To learn more about EarnIn’s debt relief initiative, please visit http://earnin.com/debtrelief.
Today’s news builds upon the company’s medical debt initiative from 2023 where EarnIn abolished $22 million in medical debt in three states: Bexar County, Texas; Maricopa County, Arizona; and Clark County, Nevada.
About EarnIn
EarnIn lets you access your money as you earn it — not days or weeks later.
We're on a mission to reimagine the way money moves to empower every person’s potential. That starts with payday every day and builds with tools like automated Tip Yourself accounts1, Credit Monitoring, and Balance Shield, a low-balance alert feature. All with no interest, no credit checks, and no mandatory fees2. So our customers have as many opportunities as possible to spend and save on their terms.
EarnIn’s pioneering Earned Wage Access app is backed by world-class partners like A16Z, Matrix Partners, and DST. Since our founding in 2013, 3.8 million customers have given it over 380,000 5-star reviews for helping them access over $15 billion in earnings.
Learn more at EarnIn.com
About ForgiveCo
ForgiveCo is a Public Benefit Corporation that provides business advisory services to corporations, non-profits, and brands for the acquisition, administration, and cancellation of consumer debt, and advisory services in the fields of branding, goodwill creation, and bulk debt management – Transforming debt into goodwill. ™ To learn more about ForgiveCo, please visit forgiveco.com and follow ForgiveCo on all major social media channels.
1Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit https://www.earnin.com/evolve-bank-and-trust/tip-yourself/account-terms
2EarnIn does not charge interest on Cash Outs and/or membership fees. Restrictions and/or third party fees may apply, for more information please review our Terms of Service available at http://EarnIn.com/TOS
