Power Pay

Jeanette A. Tucker, khester, Hester, Katina M.  |  1/28/2005 4:12:56 AM

Are you experiencing difficulty paying credit card bills? Do you want to reduce the time and money required to repay existing debts? If you answered "yes" to either of these questions, there is help--a computer debt-reduction analysis called PowerPay that will calculate the fastest way to repay your creditors while paying the least amount of interest.

To obtain a PowerPay analysis, visit the PowerPay Web site. You will be asked to provide information about the names of creditors, the monthly payments, the interest rates and the outstanding balances. Your debt reduction analysis will be computed, and you will receive a payment schedule. The site also offers calculators for housing expenses, loan qualification, mortgage comparison, transportation expenses and emergency savings.

When you use PowerPay, as soon as one debt is paid off, its monthly payment is applied to remaining creditors until all debts are repaid. Depending on the number of creditors owed and outstanding balances, the amount of money saved by following the PowerPay program can range from several hundred dollars to more than $10,000.
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