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#AI Debt Coach

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Noom for Debt

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  • News 3
  • Updates 33
  • Comments 6
 Progress

AI Debt Coach is in Stage 2: Research

info_outline In Stage 2, we are fleshing-out potential solutions, researching competitors, building clickable mock-ups, interviewing potential customers, and testing audiences.

 The Unmet Need

Large numbers of people have considerable credit card debt that they feel unable to get out from under.

The financial industry provides debt consolidation and credit counseling but these are not good solutions for many people.

Debt consolidation - whereby the borrower consolidates all of their credit card debt into a single loan, with a lower API - seems smart in principle but, in reality, borrowers do not consider the monthly cashflow required to make the payments on the new loan, and end up running-up balances on their credit cards again. In other words, consumers have been told that the way to get out of debt is to get more credit, which is clearly not a good solution.

Credit counseling is presented as a mechanism for borrowers to lower their APR but is often provided by the credit card companies themselves to keep borrowers paying interest rather than consolidating into loans or filing for bankruptcy.

There is a lot of shame, anxiety, stress, and depression caused by indebtedness. Providing financial management tools to help borrowers manage track expenses, build and manage a budget, etc might help some proportion of borrowers get on top of the problem. However, many people just stick their head in the sand and hope the problem will go away. People know they should create a budget and stick to it but don't.

This is no different to tackling weight loss - just having a bathroom scale doesn't solve the problem for most people. You have to have the courage to step on the scale every day and the tools to change your eating habits.

What is needed is a solution that gives borrowers the courage to tackle the problem, build healthier habits around financial management, and helps drive long-term behavioral change.

groups People

follow_the_signs Followers:  Jeremy Burton Brett WischowAG Amy GuarinoCM Chris MacOmberLD Lara DruyanJM Jack McMackinGC Grace ConnorsLG Luciano Giannini Patrick O'SheaRC Ryan Cody Merrick Clark Lissette AriasBG Bill GodwinAP Aurelio PérezHD Hannah DopicoAM Abhishek MishraCA Carol AlexanderJB Jean-Paul BonjourMP Michael PatockSJ Scott JessupVA Victoria ArchCP Cristin PacificoCA Chukwuemeka AmadiAH Andy HunnJM Jim MasonEo Elijah ogbonnia Augusto Alves

 News
Wells Fargo tells customers it’s shuttering all personal lines of credit

Wells Fargo CEO Charles Scharf has been forced to make hard decisions during the pandemic, offloading assets and deposits and stepping back from some products.

It's just a happy place 😁

Embedded Lending

This post is the first in a series of SciFi Theses. In this series, we will share ideas for companies that we at SciFi think should be built.

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toll  Megan Hanley received 100 Option Points for completing a Help Request • about 1 month ago

{"ops":[{"insert":{"mention":{"index":"1","denotationChar":"@","id":"1219","value":"Daniel Jimenez"}}},{"insert":", this afternoon I spoke to "},{"insert":{"mention":{"index":"2","denotationChar":"@","id":"56045","value":"Augusto Alves"}}},{"insert":". He worked on a related idea 10 years ago. He had a great quote which I think you'll like:\n"},{"attributes":{"italic":true},"insert":"\"Giving someone living on $200 a week Mint, is like giving someone who can't drive a Ferrari.\""},{"insert":"\nHe also has some great ideas around real-time budgeting. Hopefully, he'll be in here soon too to share more thoughts.\n"}]}
{"ops":[{"insert":"One of the biggest considerations here is CAC. \nIf we bid for users against debt consolidation loan providers, we will end up being outbid or paying hundreds of dollars for each user. The value of each customer to a loan provider is quite high but our ability to monetize each user is lower.\nTherefore, we are searching for alternative acquisition strategies and plan to run some experiments here.\n"}]}