This blog post is part of the Pay Down My Debt (PDMD) blog tour, sponsored by US Equity Advantage. PDMD is a solution that accelerates debt payoff and helps consumers monitor their credit and make smarter purchasing decisions. If you’re looking to pay off debt find out how they can help.
I’m facing a debt dilemma. After paying off my student loans, I took on a mortgage. I am woefully behind on saving for retirement, so I wanted to focus my attention on accumulating a healthy nest egg before I started aggressively paying down this new house debt. But, I wanted to make some progress. In the face of not being able to do it all, my options seemed few.
I do not like having debt, so I explored the limited number of options.
I could have made paying off the mortgage a priority, but it didn’t feel right. I exerted a lot of energy when I was paying off the student loans, and I wanted to take some time to live a life. I was looking for an answer that moved me forward, but didn’t propel me in a rapid or dangerous way.
Enter the bi-weekly payments.
Way back in the way back when I’d owned a house before, the bank that both owned and serviced my mortgage offered a system that managed bi-weekly payments. When I thought about it for my new house, I contacted the new bank that both owned and serviced the mortgage. I’m very fortunate that everything is in one place. I wasn’t so fortunate to have a bank that offered the service this time around.
“We don’t offer bi-weekly payments,” the representative said. “You could make them on your own, but we’re not going to manage them for you.”
I thought that was the end of it, until I heard about Pay Down My Debt.
Pay Down My Debt is a service that helps people pay off their debt. They don’t consolidate your loans or offer a refinancing option. They help you make multiple payments. It doesn’t have to be toward a mortgage, per se. You can choose a student loan or car note to pay down. You can also choose your own timeline.
It’s pretty simple:
- Select and enroll up to three loans.
- Choose a payment schedule from the weekly, bi-weekly, bi-monthly, or monthly options.
- Watch your loan get paid on your selected schedule from the Pay Down My Debt dashboard.
- Get out of debt faster.
You’ll also have access to benefits like credit monitoring, as well as the ability to see your transaction history and an adjusted amortization schedule.
What happens when you make multiple payments?
Well, in my case, my mortgage would get paid down more quickly, and without my attention focused on making extra payments. If I were to choose the bi-weekly option, then every other week, a payment would be made toward my loan. That would save me thousands of dollars in interest over the 30 year term.
For the low price of $9.99 a month, Pay Down My Debt puts my payments on auto-pilot. I can build my nest egg and still make progress on paying off my home. They’ve been around for 14 years, and over $1.5 billion of payments for their customers.
New customers who sign up for their introductory offer through this link get their first month FREE (although there is a $2.45 activation fee.) No cancellation fee, though.
You’ll be able to set up payments for three loans for the $9.99 price. Any extra loan costs an additional $1.00.
What are you waiting for? Get it set up and pay down your debt.