Utah State University’s PowerPay is a powerful debt elimination software program. Developed by university faculty, the goal is to help people make a plan to pay off debt. The program is free and site user information is not sold or shared with others, so no worries about spam or unsolicited offers.
A “power payment” means that as a debt is paid, the payment amount is allocated to another debt. Utah faculty designed the tool so that even people making minimum payments on credit cards could map out a debt reduction plan.
Powerpay allows users to analyze their debts and calculate:
- Month and year each debt will be eliminated
- Total cost of paying off each debt
- Impact of making extra payments
- Interest cost of different payment options
PowerPay offers features you wouldn’t expect from a free site:
- Password protected account users can save and update
- User accounts are stored on a secured web site, but the only identifying information requested is an email address
- A user can add over 30 loan accounts
- It is completely non-commercial. No products or services are promoted anywhere on the site.
You can find PowerPay at www.powerpay.org. In addition to the PowerPay debt tool, it features PowerSave calculators like “invest a lump” and “fixed savings payment.” These help analyze interest rate, target date, and amount to save in order to achieve a financial goal.
Join us for a webinar on April 29 at 12:00 pm EST to find out more.
Webinar: PowerPay Debt Away
We will demonstrate Utah University Extension’s free, non-commercial PowerPay debt management software program and discuss debt management strategies.