# Overdue Update...WHAT A RIDE! | PaydownHero

- Canonical URL: https://wefunder.com/feed/159530
- Entity ID: wefunder:feed_item:159530
- Published at: 2022-11-22 15:05:38 UTC
- Updated at: 2025-07-09 03:22:38 UTC

## Author
Kenneth Sargavakian

## Subject
PaydownHero

## Content
Well, first things first. Good morning!It's Thanksgiving week, and we felt an urgent need to 'give' an update to all of you who have believed in us and helped get our company, Paydownhero, to this very day.It has been a tremendous year+ since we closed our round with WeFunder, and in addition, Mucker Capital, who added additional fuel to our funding fire. 2021 into 2022 was a very exciting time here at Paydownhero. We dove right into additional development, re-branding of our colors and logo, in an effort to 'speak' more towards our demographic. We re-did our website, we launched the Android version of the app, AND launched a waitlist for our highly anticipated debit card REWARDS card, that is oh so close to its own respective launch...What a year!We added a few team members, and sprinkled in much advice along the way of those who have come before, and the more brains involved, the faster we've run.So, it brings us to the last month of 2022, and a the climate of debt in the United States has changed DRASTICALLY since this time last year.Let's see some key notes-Auto loan debt has ECLIPSED $1.55 TRILLION dollars in 2022, a HUGE burden on American families-YoY inflation CPI (if you believe it :) is 5.75%-Total household debt surpassed $16 TRILLION dollars-Credit card debt by household has BALLOONED to it's highest YoY in 20 years! (15%+!!!)All of this has laid the groundwork for a coming storm of debt squeeze...When you look at your bank account, and the money just isn't there anymore to pay those bills, what do you do? How do you combat this overwhelming storm?We have fought with that question all year. WHAT will help Americans? Well...we've believed this from the start. I, Kenny Sargavakian, the CEO and leader of this Paydownhero team, have believed this from the very kernel of this businesses infancy: GET OUT OF DEBT, NOW! Much of that is predicated on the individual or families own doing, and we want to help and push people into understanding that what appears as a basic monthly payment (your auto loan) with gobs of interest on top, is KILLING your financial well-being, and continuing the burden of heavy shouldered 'bad' debt. We want to end that, AND FAST!So, in closing, we appreciate the support, the effort, and time, those have made for us along the way. We implore you (if you have not already) to download our app you have invested in, and help us, help you, help your friends, help your family members, in spreading the word, the message, the BENEFIT to crushing this debt, as soon as possible.Download iOS: https://apps.apple.com/us/app/paydownhero/id1450757989Download Android/Google Play: https://play.google.com/store/apps/details?id=com.paydownheroThank you, have a safe and beautiful Holiday.Cheers,Kenny SargavakianChief Executive OfficerPaydownhero, Inc.