PowerPay Marsha A. Goetting Your Way out of Family ...
PowerPay Your Way out of Debt
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Marsha A. Goetting Ph.D., CFP?, CFCS
?Professor & Extension
Family Economics Specialist
?Department of Agricultural
Economics & Economics
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Credit Financial Concept
Paying only the minimum amount on credit cards costs a lot
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What's the average credit card balance owed by American households?
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Credit Card Balance...
$15,956
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What's the average APR on a credit card with a balance?
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1
Average credit card interest rate
12.8%
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What percentage of credit card holders say they hardly pay the balance in full?
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Hardly ever pay in full
58%
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How many credit cards does average American household hold?
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Credit Cards the average household "holds"
3.5
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PowerPay
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PowerPay Debt Types ? Credit Cards ? Appliance Loans ? Remodeling Loans ? Car Loans
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Debt Payments
? First debt: ? Second debt: ? Third debt: ? Total Monthly
Payment:
$150 $50 $75
$275
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How PowerPay
Works?
? As soon as one debt is paid off, that monthly payment is applied to the next debt.
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First Debt
? When debt 1 ($150) is
paid off, add that payment to next debt.
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First Debt Paid Off
? First debt paid off: 0
? Second debt ($50):
? $150 + $50 = $200
? Third debt:
$75
? Monthly
Payment
$275
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Second Debt
? When debt 2 ($50 +
$150) is paid off, add that payment to next debt.
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Second Debt
Paid Off
? 1st & 2nd debt paid off:
0
? Third debt ($75): $275
($150 + $50 + $75)
? Monthly
Payment
$275
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PowerPay ? Continue combined
payments until ALL debts are paid off.
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Benefit$ of PowerPay
?Reduces time to
pay on debts
? $ave$ interest
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PowerPay Debt "Rules"
? No new debt be incurred ? Total dollar amount
towards debt reduction remains the same
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PowerPay Web site (Utah State UniversityExtension)
Welcome
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User Login
Enter New USscererenInthfaot Arpmpeaatrsion, Click Submit
? If new member, click [New? Sign
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up now]
Folder Tabs
? PowerPay ? Spending Plan ? PowerSave ? Calculators ? Education Center ? About PowerPay
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PowerPay Options
1. Payment Calendar 2. Consolidate 3. Emergency Fund 4. Loan Qualifier 5. Snapshot Projection
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