PowerPay exhibited at the 2023 AFCPE Symposium. Learn more about exhibiting →


For 30 years, PowerPay has been used and recommended by financial counselors and educators, Extension professionals in multiple states, and utilized by the military and large corporations such as Fannie Mae, America Saves, and NeighborWorks Training Institute. A newly designed website with enhanced tools was released during the AFCPE symposium last week. All accounts will be migrated to the new design. Below you will find 5 common consumer debt questions that PowerPay can help provide the answers.

Should I prioritize paying down the highest Interest rate or lowest balance?

An effective debt elimination model is commonly referred to as “debt snowball” or “debt avalanche.” The debt avalanche method involves making minimum payments on all debt, then using any remaining money to pay off the debt with the highest interest rate. On the other hand, the debt snowball method involves making minimum payments on all debt, then paying off the smallest debts first to get them out of the way before moving on to bigger ones. If you are unsure as to which route to take for the fastest amount of time or most amount of savings, PowerPay shows you the calculations and takes the guesswork out of your debt repayment plan! 

Do I wait to save until my debt is paid off?

Having an emergency fund for a rainy day is important for financial security. PowerPay has a tool built in to help people establish an emergency savings fund without disrupting a debt elimination plan. Funds for emergency savings become available when an extra payment is made or when the first debt is paid off (this is called a “rollover” or “Power Payment”). It is so important to help people build savings to reduce their reliance on credit for emergencies, and PowerPay can help calculate emergency savings.

What if I pay more than the minimum balance each month?

Whether it’s paying more than the minimum balance or using windfall funds to pay down debt, PowerPay has an extra payment computation. Use the extra payment function to answer your questions such as, “How much sooner will I be out of debt if I pay $25 more each month?” Simply, click on the add extra payment button after entering all your debt information. 

Should I consider a consolidation loan?

PowerPay has a feature that helps you determine if debt consolidation is right for you. After you decide upon which debts you want to consolidate it does all the calculations for you and you can compare the results and see which option is best for you! **Knowing the fees and interest rate of the consolidation loan is needed for accuracy.**  

How can I free up more money to pay down debt?

PowerPay provides a personalized spending plan tool. Keeping track of where your money goes month to month is one way to discover how to stay out of further debt now and get out of debt in the future. 

PowerPay is free and Utah State University Extension is proud to provide this tool for financial counselors and educators to help consumers build a debt elimination plan that will save them time and money. Make your free account at Powerpay.org.  

About the Author

Written by Melanie D. Jewkes, Extension Professor and McKenzie Walsh, Homebuyer Education Program Coordinator, Utah State University


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