Pariti is an app that help you get out of debt quicker. It is a personal finance mobile app that helps you keep an eye on your spending and tracks how much you are paying out servicing existing debt, such as overdrafts or credit cards. It then suggests changes you can make to pay off that debt more quickly. This mobile app connects to users’ existing banks and credit cards to analyze the financial standing and calculate whether the users can save on their debts.
I think this new app is very practical and helpful for most people. Since most of us have credit cards and loans to pay, it would be better if something more professional can help us to make plans for spending and saving. And this app can also help people to be aware of the true cost of the money they have, or borrowed. In addition, this app can also help lending partners get more accurate pictures of consumer suitability, affordability and credit worthiness about their customers and do corresponding adjustments for the lending rules. There is no doubt that this transparency of finance can help consumers to realize their true situations.
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Even though this mobile app is more convenient in terms of tracking spending on groceries and on loans, giving your personal information to a third party seems relatively dangerous. I felt the same way when I signed up for Mint.com, which is a service owned by the company Intuit, that also owns the TurboTax service. In deciding which mobile app you want to give all of your personal financial information to, I would consider why that company would be more reliable over managing your finances yourself on separate sites.