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?
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:
- Select the loans you want to enroll.
- Decide on a debit schedule – weekly, biweekly (every other week), bi-monthly (two fixed dates in the month), or monthly.
- 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.
- 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.
Join the LAAB Email List
Subscribe to our email list and receive a free copy of our e-book, Your Roadmap to Becoming Financially Carefree.