Let Extension Help You Get Out of Debt

— Written By Janet Owle and last updated by
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Person holding money

As the new year approaches, many of us are thinking about healthy habits we want to incorporate into our lives. Financial health is usually at the top of the list, but the process can feel daunting. PowerPay can help you develop a plan to get out of debt.

What is PowerPay

PowerPay was developed by the Utah State University Cooperative Extension. It is an online program that will give you the tools you need to develop a personalized debt elimination plan and best of all, there is no cost.

What You Will Need to Get Started

Before starting the program, you will need to gather the following information: who you owe; the balance that you owe; how much you pay each month; and the interest rate you are paying.

Once you have all your information together, sign in or create an account on PowerPay and begin entering your information.

What PowerPay Will Do For You

PowerPay creates a plan you can follow to pay off debt faster and save money from monthly interest charged by the lender. The plan will show you:

Who to pay each month until your debt is paid off.

How long it will take to pay off your debt if you continue paying the amount you are currently paying.

How PowerPayments can help you pay off debt faster. PowerPayment is the technique used by financial experts to help families gain control over their debts faster. This means that as soon as one debt is paid off, the money reserved for that payment is applied to the next debt. This process continues until all debt is paid off.

PowerPay will also show you how applying an “Extra Payment” can help pay off debt faster. Extra money can be from a tax return, bonus, etc. that you may receive.

Just remember, for this plan to work, you must make a commitment to follow the plan as PowerPay has laid out. Also, it is important to stop borrowing or charging until the debt is paid off.

To Learn More

Contact me at jsowle@ncsu.edu or call me at 828-359-6937.