PowerPay Debt Analysis
The computer program PowerPay is a helpful tool for generating options to gain control of your debt. Using the principle of "PowerPayments," as soon as you pay off one of your debts, you apply the amount of the monthly payment, called a PowerPayment, to another debt. This sequence continues until all debts are paid. For the program to work, you must make a committment NOT to assume any new debts during the repayment period or charge any items on existing accounts.
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Advantages of PowerPay
An analysis of debt load
Requires no increase in monthly debt payments
Reduce interest payments
Shortens the amount of time required to repay the debt
Puts you on a path to being debt-free
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How Does the Program Work
PowerPay calculates the repayment time and interest cost as entered from the Credit Payment Worksheet. PowerPay also calculates repayment time and interest cost using three different methods:
- Pay off creditors with the highest interest rate first
- Pay off creditors with the lowest balance first
- Pay off creditors with the shortest term first
PowerPay (and PowerSave) is available from:
Utah State University Extension--Utah County Office
51 South University Avenue, Room 206
Provo, Utah 84601
email:
fax: 801-343-8069
phone: 801-370-8469 or 801-370-3468 (Mountain Time Zone)
for $20.00 (Includes shipping and handling)
Click here to see a PowerPay Example
