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Cooperative Extension Service |
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Agricultural
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Early Childhood
Dale Bumpers College
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Make A Do-It-Yourself Debt Repayment PlanHow much money do you owe others? Some families have no idea. If you've never listed all of your debts and calculated the grand total, now's the time to do so. The bottom line may frighten you; however, don't panic. Instead, develop a plan that will put you on the road to being debt free. PowerPay©, a computer software program, developed by Utah State University, can help you make your own debt repayment plan. PowerPay© will analyze your current debts and print out a calendar that shows you exactly when and how to make debt payments. The analysis also shows how much money you'll save and how many months it will take to repay debts by making "power payments." When you make power payments, it means that as soon as one debt is totally repaid, the monthly payment for that loan is then applied to another debt. Money from repaid loans continue to be combined and used to pay off other debts until all are totally repaid. You may be able to reduce debt sooner by making larger payments on accounts that have the highest interest. You can design a personalized repayment plan using Extension’s PowerPay program. PowerPay features online financial calculators to help you design your best money management plan. Go to https://powerpay.org and select the "Arkansas" tab. More information about paying debts can be found in: |
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University of Arkansas • Division of Agriculture |
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