Using AI to tackle your debt

Feb 13, 2024, 11:38 PM | Updated: Feb 15, 2024, 7:29 am

SALT LAKE CITY — We’ve seen the power of artificial intelligence used to help navigate all sorts of complex problems: Medicine, education and customer service, among many others. Well, it doesn’t get much more complex than Americans grappling with debt.

 The Federal Reserve Bank of New York just released its latest data on household debt. It’s another stunning record – U.S. households now owe $17.5 trillion. 

The solution, all experts agree, requires discipline. Having the right tools can certainly assist you. And few tools are getting more buzz these days than AI.

I’m so passionate on this topic,” said Jeff Mandel, president of monetization and emerging markets at IDIQ and chief executive officer of Credit & Debt  – a company that provides financial coaching and other tools aimed at helping folks out of debt. 

Mandel’s company has been developing debt-reducing AI which uses “personalized AI to understand your finances and help empower you to make better money moves.”

“It’s giving you insights and alerts in advance,” he said.

For example: the AI could look at your finances and see that, in a few days, you have an automatic payment scheduled but, uh-oh, you don’t have enough money in your account. It would alert you! That gives you the chance to maybe move money into the account or to ask your creditor about skipping a payment before they hit you with late fees or overdraft charges if it’s a bank account. 

“To give people information not reactively after something’s occurred, but proactively, so you can take action before something bad happens,” Mandel said.

Like most AI, it’s best when used as a tool by people who know how to use it, Mandel said. His company uses AI to help their human coaches keep their clients on their debt-reducing track. But in the end, your success at reducing debt still comes down to you.

“You got to have that discipline and structure to follow through and see it through at all times,” Mandel said.

His top advice for getting out of debt is to make a plan that sets little, attainable goals that can be measured. He says that really helps people keep their eyes on the prize.  

KSL 5 TV Live

Get Gephardt

Summer travel is about to take flight. That means a whole lot of points and miles being used and ea...

Matt Gephardt and Sloan Schrage

Thieves are going after your frequent flier mileage: how you can safeguard those miles and points

Summer travel is about to take flight. That means a whole lot of points and miles being used and earned, and cybercriminals know it.

12 hours ago

Peggy Lundberg tells KSL’s Matt Gephardt about her experience of having her travel credit stolen....

Matt Gephardt and Sloan Schrage

Thieves stealing airline travel credits: How you can protect them

If someone steals your credit card or hacks into your bank account, federal law says you should get most of your money back. But what protections do you have when someone steals your airline travel credits?

1 day ago

Matt Gephardt looking over the CarShield documents for Scott Dumas....

Matt Gephardt and Sloan Schrage, KSL TV

West Haven man says extended auto warranty refuses to cover costly engine repair

Many drivers buy an extended auto warranty to help keep their car on the road, but when the extended warranty a West Haven man bought refused to cover replacing an engine, he decided to Get Gephardt.

5 days ago

Follow @KSL5TVLike us on Facebook...

Matt Gephardt

How hoarding documents puts you at risk for identity theft

Someone who knows what they’re doing can do a whole lot of damage with the scraps of paper you’ve stashed in filing cabinets, drawers and other various hiding places around your house.

6 days ago

IOC excludes Russian and Belarusian athletes from Paris 2024 Olympics opening ceremonies....

Matt Gephardt

Get Gephardt: How to stay ahead of the 2024 Olympics scams

As Utahns know firsthand from 2002, the Olympics can be a bit chaotic with millions in an unfamiliar place. The situation is sure to entice opportunistic con men with Olympic scams.

8 days ago

FILE: construction zone...

Matt Gephardt

How to avoid hiring a bad contractor

Bobby Main investigates contractors for Utah's Division of Professional Licensing, here's his advice for avoiding bad contractors.

8 days ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Using AI to tackle your debt