SOURCE: Credit Sesame

May 26, 2011 09:00 ET

Credit Sesame Reveals One out of Two Homeowners Missing Significant Opportunity to Save Money

Service Now Tracks and Manages More Than $1 Billion in Consumer Debt

SUNNYVALE, CA--(Marketwire - May 26, 2011) - Credit Sesame, the leading free online service that helps consumers make smarter credit decisions and optimize their loans for maximum savings, today announced that one out of two homeowners are missing a significant opportunity to save money.

The company's online service now tracks and manages more than $1 billion in U.S. consumer debt, including mortgages, consumers' loans, and credit card debt. The company's independent analysis of these debts revealed:

  • One out of three consumers -- homeowners and renters -- are missing a significant opportunity to save money by optimizing their debt through refinancing to a lower-rate mortgage or other loan;
  • 46% of homeowners are missing a significant opportunity to save money through optimization;
  • The average homeowner can potentially save $442 per month by restructuring all of their loans and debts;
  • Projecting this savings in the context of $13.4 trillion of U.S. household debt, U.S. households can save $13.9 billion per month and $166.5 billion per year in today's market.

Credit Sesame helps consumers understand their refinancing options better and find healthier and often lower interest rates based on market conditions, including current mortgage rates, their credit profile and their current estimated home value.

According to Freddie Mac's latest weekly survey reported on May 19, fixed-rate mortgages continued to decline this week, with the 30-year loan averaging 4.61% -- the lowest average in 2011. This is good news for Credit Sesame customers looking to get access to lower rate mortgages right now.

"Consumers have an abundance of mismanaged loans and debt. Two-thirds of American households have accumulated debts that simply aren't properly optimized," said Adrian Nazari, founder and CEO of Credit Sesame. "Credit Sesame can help consumers by analyzing their financial situations holistically and offering them access to smarter financial options, sharing insightful information through analytics previously available only to banks."

Beyond helping homeowners find mortgage savings, Credit Sesame analyzes users' full credit profiles and can help them find savings by restructuring their debt, such as credit card balances, through refinancing into lower-rate loans.

In just minutes of signing up at www.creditsesame.com, the web service looks at your full debt and credit situation in one place to find ways (informed by top lending institutions, loan guidelines and rates) to refinance and restructure your loans. Credit Sesame doesn't just look at interest rates alone. It considers the right loan types, terms and unique combinations that are customized for the consumer's goals and personal needs. Our bank-level technology selects loans that people are most likely able to afford over time, so there is less likelihood of any surprises down the road.

About Credit Sesame
Credit Sesame (www.CreditSesame.com) is leading online service that help consumers make smarter credit decisions and optimize their loans for maximum savings. Credit Sesame is the only free online service that helps consumers monitor their credit information and lending market, all in one place, in order to optimize their entire credit and loan portfolio, including mortgages, consumer loans, and credit cards. In just minutes, Credit Sesame provides a complete picture of consumer's credit and debt picture and regularly sorts through thousands upon thousands of loans, mortgages and refinancing options to help consumers save money and achieve their financial goals as things change. It only takes a minute to sign-up for Credit Sesame's free online service. For more information visit http://www.creditsesame.com or join us on Facebook at http://www.facebook.com/creditsesame. You can also follow Credit Sesame on Twitter: http://www.twitter.com/creditsesame.

Contact Information

  • Contact:
    Allyson Stinchfield
    H3O for Credit Sesame
    Phone: 415.618.8803
    Email: Email Contact

    Irene Shubladze
    Credit Sesame
    Phone: 650.539.4143
    Email: Email Contact