Debt

Pay Debt The Easy Way

April 14, 2017
Learn how to pay debt fast, the easy way. Pay down debt tips.
This post may contain affiliate links. See disclosure policy here.

 

This blog post is part of the Pay Down My Debt (PDMD) blog tour, sponsored by US Equity Advantage. PDMD is a solution that accelerates debt payoff and helps consumers monitor their credit and make smarter purchasing decisions. If you’re looking to pay off debt find out how they can help.

 

Debt got you feeling blue?

Well, you’re not alone. Not by a longshot. There are plenty others dealing with crushing amounts of debt. And we’re not just talking one kind of debt either.

There’s the average U.S. household whose carrying over $16,000 in credit card debt. Then there are the folks carrying around $49,000 (on average)  in student loan debt. Throw in about $28,000 in auto loans and $176,000 in mortgages and you’ve got a big ole pot of debt gumbo.

Doesn’t sound appetizing, does it? Debt is seriously limiting our choices. It keeps us from living that whole carefree lifestyle we’re after.

You know, the lifestyle where you don’t have to worry if you’re going to have money in the bank to pay your bills. The kind of life where you don’t have to go into a building for 8 hours and do a job you absolutely hate all because your finances aren’t solid.

Wouldn’t it be great if there was a way to pay down debt quicker? You know, turn on the garbage disposal and quickly get rid of that debt gumbo without it clogging up the pipes and creating another bill for you to worry about?

Well, fortunately, there are tools that can help you. There’s an easier way to pay debt and you can save money while doing it. Saving money is the part we’re going to talk about today because who doesn’t want to save money, right?

 

Learn how to pay debt fast, the easy way. Pay down debt tips.

 

Pay Debt The Easy Way

 

Make Bi-Weekly Payments

 

One of the most effective ways to pay debt quickly and save money in the process is by making bi-weekly payments.

Essentially, by making payments twice a month, you’re shortening the term of your loan and you’re saving a whole heap of interest in the process.

Most standard loans (for example your mortgage) requires one single payment per month. A bi-weekly payment would divide your total payment in half. For instance, if your mortgage was $800 per month, you would pay $400 twice per month.

Since there are 52 weeks in a year, you would be making two extra-half payments that would go towards your principal balance. This will reduce the total amount of interest owed and you wouldn’t even feel a budget crunch in doing so.

So, just a quick recap – paying bi-weekly will:

  • Shorten the term of your loan (Forget about that 30-year mortgage, it will be shorter).
  • Save you thousands of dollars in interest (Money you can use on other things).
  • Help build equity faster (If you ever decide to sell your home, this would be a good thing).
  • Get out of debt faster (No explanation needed)!

Benefits of Using a Bi-Weekly Plan Provider to Pay Debt

 

If bi-weekly payments are better, why isn’t everyone doing it?  Good question.

The problem is, some of us have good intentions to carry out a bi-weekly plan ourselves, but fail to follow through on setting it up.

Also, some banks and financing companies will give consumers the option to set up bi-weekly payments, while some of them don’t. If the banks don’t present bi-weekly payments as an option, some people might not even know the option exists.

So, there’s the reason why everyone isn’t doing it. Lack of information or simply failing to follow through with the intention of doing it on our own.

For people who have never heard of bi-weekly payments or their creditor doesn’t offer it, using a bi-weekly plan provider can help you through the process.

A bi-weekly plan provider offers the convenience of making sure your payments are applied correctly and on-time. You’ll be getting out of debt quicker and essentially eliminate the headache of keeping up with some of one of your bills.

 

Who is Pay Down My Debt and How Can They Help?

 

Pay Down My Debt (PDMD)  is a debt management advocate whose been around since 2003. They have transmitted over $1.5 billion in payments on their customers’ behalf and saved them millions of dollars in the process.

By using PDMD, you are able to set up a strategy to pay off your debts (like your mortgage, auto, student loans, etc) quicker and help you save money without drastically changing your lifestyle.

You’ll also receive access to financial planning tools like free credit monitoring and real-time vehicle value monitoring from Kelly Blue Book.

 

How Can I Get Started

 

The best thing about all of this is that it’s extremely affordable. You can get started with a monthly subscription charge of just $9.99, which includes three loans!

So, for instance, if you have a mortgage, student loan, and car loan – you can have all of these managed through PDMD for one low monthly price.  If you have more than three loans, you pay an additional small fee of $1.00 per loan.

But guess what? For you, my dear reader, you’ll only be paying a $2.45 account activation fee for the first month. Plus, there are no cancellation fees either.

So, this service is pretty darn cheap compared to the interest you’ll be paying if you stick with monthly payments.

So, here’s how you can get started:

  1. Select the loans you want to enroll.
  2. Decide on a debit schedule – weekly, biweekly (every other week), bi-monthly (two fixed dates in the month), or monthly.
  3. Once you enroll your loan and set up your debit/payment schedule, you will be able to view your early pay off tracking, payment schedule, transaction history, and adjusted amortization schedule.
  4. There are also some other great benefits like credit monitoring. Pay off your loans early and focus on improving and monitoring your credit score.

Wrapping Thangs Up

 

Pay Down My Debt is a winner over here on LAAB. Paying off debt is no joke and the process can be downright grueling.

Any reputable company that has reasonable fees and is able to help me get out of debt quicker and save money in the process is awesome in my book!

The benefits of using a bi-weekly payment schedule on any loans are obvious. You shorten the length of time you owe someone money and you save money on interest.

If you don’t believe you can stick to a bi-weekly schedule on your own and you want to get out of debt fast, I can’t recommend Pay Down My Debt highly enough.

After all, you won’t be left eating years old debt gumbo for much longer once you make a decision to utilize bi-weekly payments.

You’ll be working towards better finances and you’ll be on the road towards some of that carefree living you’ve always dreamt of having.

If you try it, good luck and please let us know how it’s going! You could be the next big debt inspiration story here on LAAB 😉

Get started with Pay Down My Debt here.

 

Latoya Scott
CFEI/Social Entrepreneur
Latoya Scott is a Certified Financial Education Instructor and personal finance writer with a mission to help millennials learn how to stop living paycheck to paycheck so they can become financially carefree.

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  • Kita April 14, 2017 at 11:40 am

    I am working on paying off everything. I don’t even have credit cards. The least amount of debt the better.

  • Keisha April 14, 2017 at 1:29 pm

    Debt can be stressful. PDMD sounds like a great resource. Thanks for sharing!
    Keisha recently posted…Friday Favorite | Tea Time | African Honey Bush TeaMy Profile

  • Tanya April 14, 2017 at 4:17 pm

    You always have great tips! We usually add $10-20 to every payment. This way it’s not so painful.

  • Jay Colby April 15, 2017 at 12:39 pm

    Paying off debt can be stressful. But the tips you’ve given are great steps in that process.

  • Bree Davis April 15, 2017 at 5:38 pm

    Man- I just finished up graduate school so I’m adding on the school loans piece to my credit card debt plus I’m trying to not go into debt for a wedding! It’s hard to manage it all! If I keep up my efforts things will turn out great, but its nice to know of this resource in case I need some assistance.

  • TC Mason April 16, 2017 at 6:16 pm

    Thanks for the tips! And yes paying debts is really stressful especially if you do not have resources to pay.

  • Jamila April 16, 2017 at 11:09 pm

    Thanks for sharing, paying off debt can become very stressful.

  • Cleverly Changing April 17, 2017 at 9:53 am

    Very useful advice. FYI, one of your headers may need to be revised, “Who is Pay Down My Debt and How Can They Help?”
    Cleverly Changing recently posted…Strategies to Help Refresh Your Body and Rejuvenate Your SoulMy Profile

  • Kiwi April 17, 2017 at 9:58 am

    Great tips on how to get out of debt easier. I am manifesting that I will be out of debt real soon and live the life you spoke of in the first few paragraphs in this post. We all deserve that.
    Kiwi recently posted…Cheers & Celebrating LobsterFest at Red LobsterMy Profile

  • Mimi Green April 17, 2017 at 10:15 am

    I’ve paid my car notes biweekly for the past 12 years. It has cut down on interest and allowed me to pay my loans off quicker.
    Mimi Green recently posted…What Kind Of Chocolate Is In Your Easter Basket?My Profile

  • ShaBree H. April 17, 2017 at 10:29 am

    Debt can be stressful. These are great tips. Looks like a good option to really tackle debt.
    ShaBree H. recently posted…3 Clever Tips for a Stylish and Stress Free WeddingMy Profile

  • Felecia Monique April 17, 2017 at 11:13 am

    School loan debt is the devil! I rebuke it…but in all seriousness this was a very informative post. Thank you! I am currently trying to curb my debt and prepare for buying my first home.
    Felecia Monique recently posted…I Cheated…So What!My Profile

  • Michael Welter May 7, 2017 at 9:53 am

    Paying off debt especially if you have a low income can be a challenge, but with the right attitude and commitment, everyone can do it. Find what works for you and use every extra dollar you earn to help you achieve debt freedom that much quicker.

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