Debt is a major burden, and if you’re struggling to get rid of it, you’re not alone. Recent statistics show that the average American family with credit card debt owes around $16,748, and student loan debt averages nearly $50,000. These numbers reflect a serious financial issue that’s holding people back from achieving their dreams and limiting their financial freedom.
Why Paying Off Debt Should Be a Priority
Getting rid of debt can completely change your life. When you owe money, you’re essentially spending money on things you don’t really want or need—money that could be put to better use. Debt drains your finances, making it harder to save, invest, and enjoy life. Once you start eliminating debt, you’re essentially giving yourself a raise, allowing you to save and invest more in the things that truly matter, like traveling or building wealth.
In our own experience, paying off debt was a key step toward financial freedom, and it’s a journey that’s entirely possible for anyone willing to put in the effort.
The Secret Trick to Paying Off Debt Faster
Paying off debt can feel overwhelming, but it doesn’t have to be. A simple yet effective strategy is to pay off your debt in smaller, more frequent installments. Instead of making monthly payments, consider switching to bi-weekly payments. Here’s why it works:
Typically, you make 12 payments a year. But by splitting your payment in half and paying every two weeks, you’ll make 26 payments instead of 24. That extra two payments per year may not seem like much, but it can save you thousands in interest and help you pay off your loan faster.
This simple change can reduce the term of your loan and significantly lower the amount of interest you pay over time.
How to Automate the Process
While paying bi-weekly sounds great, it can be hard to keep track of all the payments. That’s where automation comes in. Using tools like Pay Down My Debt (PDMD) makes the process easy. PDMD allows you to set up automatic bi-weekly payments for credit cards, student loans, mortgages, and car loans. Once you sign up, the app will make the payments for you, so you don’t have to worry about manually scheduling them.
With PDMD, those extra payments are applied directly to your principal balance, reducing the amount you owe and the interest you pay. The best part? It’s all automated, so you don’t have to think about it.
PDMD Pricing and Features
For just $9.95 a month, Pay Down My Debt offers a variety of helpful features to assist in your debt repayment journey:
- Automated payments on up to three loans
- Accelerated debt repayment
- Monthly updates to your credit score
- Credit monitoring services
- Additional loan payments for just $1 each
At such an affordable price, this service can help you pay off debt faster without having to manually keep track of payments. It’s a small cost for a huge benefit.
Final Thoughts
If you’re serious about getting out of debt, using the bi-weekly payment method can be a game-changer. By automating this process, you ensure that you make extra payments every year without even thinking about it. This method may not be the quickest, but it’s a reliable and effective way to pay off debt while saving money on interest.
So, if you like the idea of paying off your debt faster but aren’t confident in your ability to stick to a plan, automating with PDMD could be the perfect solution. Let me know how it goes—good luck, and here’s to becoming debt-free!
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