Debt Analysis Program Saves Time and Money, Says LSU AgCenter Family Economist

Jeanette A. Tucker  |  6/24/2005 1:26:52 AM

News You Can Use for February 2004

Would you like to reduce the time and money required to repay your debts without increasing the total amount being paid monthly to creditors? LSU AgCenter family economics professor Dr. Jeanette Tucker says there's a computerized debt reduction analysis program that will help you do just that.

Available free through parish offices of the LSU AgCenter, a computerized debt reduction analysis can calculate the fastest way to repay your creditors while paying the least amount of interest.

"PowerPay" computer debt reduction analysis will help you gain control of your debts without changing the total amount being paid to creditors each month. It analyzes current debts and prints out a calendar that shows you exactly when and how much to pay on each debt.

"The analysis also shows how much money you will save and how many months it will take to repay debts with and without making ‘power payments,’" the LSU AgCenter family economist says.

Tucker adds, "When you make power payments, as soon as one debt is paid off, its monthly payment is then applied to another debt." Money from repaid loans continues to be combined and used to pay off other debts until all are totally repaid. The total amount of money paid monthly toward these debts remains constant until all are paid. It is not necessary to come up with extra money to be successful.

To obtain a debt reduction analysis using the programthe program, Tucker says to contact your parish family resource management agent at the LSU AgCenter office. Along with the software, you will be provided with a credit payment worksheet on which you list all of your current debts, the balance owed, the amount of your monthly payments and the annual percentage rate charged for each debt.

Return this information to the parish office to receive a plan for repaying your debts that will save you money and help you to pay off debts months earlier. Along with your repayment plan, you will receive a fact sheet to help you interpret it. Private consultations to discuss your analysis may be scheduled if desired. All personal information is confidential, Tucker says.

For local information and educational programs in related areas of family and consumer sciences, contact an extension agent in your parish LSU AgCenter office. Also, visit the Family and Consumer Sciences section under the Louisiana Cooperative Extension Service at the LSU AgCenter Web site: www.lsuagcenter.com

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On the Internet: LSU AgCenter FCS site: www.lsuagcenter.com/Inst/Extension/Departments/fcs/ 
Source: Jeanette Tucker (225) 578-1425, or Jtucker@agcenter.lsu.edu.

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