July 7, 2015
Power Pay is a computer debt management program created by Utah State University Extension. All you need to run the program is information about each debt you have. The program will compute how long it will take you to get completely out of debt. If you only make the minimum payments, it can take almost a lifetime to get out of heavy debt.
The idea behind Power Pay is that once you have paid off one debt you roll that payment onto another debt thus increasing the payment made on the second debt. This pattern continues until all the money you are paying in a month on debt is going to pay off the last debt. Power Pay will calculate which debt will be in your best interest to pay off first, and provide you with an amortization chart. The amortization chart will give you month-by-month instruction on when and how much to pay which creditor.
Power Pay is a very useful tool. However, you must be the motivation, and you must not acquire any more debt for Power Pay to truly work. You can receive help running Power Pay by contacting your local Extension office or you can access it yourself by visiting their the Power Pay website for more details to get started right away!