Power Pay has been revised and is now available on the web. You can complete the forms and will receive electronic reports on your own computers without having to send any financial information in on paper.
Power Pay is a computer debt management program created by Utah State University Extension. The program will compute how long it will take you to get completely out of debt. If you only make the minimum payments it can take almost a lifetime to get out of heavy debt. The idea behind Power Pay is that once you have paid off one debt you roll that payment onto another debt thus increasing the payment made on the second debt. This pattern continues until all the money you are paying in a month on debt is going to pay off the last debt.
Power Pay will calculate which debt will be in your best interest to pay off first, and provide you with an amortization chart. The amortization chart will give you month-by-month instruction on when and how much to pay which creditor. Power Pay is a very useful tool. However, you must be the motivation, and you must not acquire any more debt for Power Pay to truly work.
You can receive help running Power Pay by contacting the Extension office or you can access information at Power Pay online.
jlash/bmr
5/17/2007