Half A Payment™ bi-weekly payments schedule provide benefits many people don’t realize. Not only can you pay off credit card debt, you can also make bi-weekly mortgage payments that will eventually help you eliminate your debt much faster than you expected.
Bi-Weekly Payments – The Basics
One of the unique perks of paying a mortgage or other loan payment on a bi-weekly basis is the extra payment that is made on months that have five weeks. The extra payment is taken directly off of the principal instead of being used to pay off the interest rate of the loan. For months that have the fifth week, it also helps you save money if you manage wisely during the other weeks.
Bi-Weekly Payments – Budgeting
Bi-weekly payments also make budgeting much easier to accomplish. Breaking bill payments up by week instead of month allows you to take a portion of each check and delegate it towards a specific bill. This prevents you from struggling to come up with an entire payment out of just one pay period.
Bi-Weekly Payments – Type of loans
Consumers who choose to use bi-weekly plans can pay off a variety of loans. Credit card bills, student loans, car loans and mortgages qualify for this type of loan repayment plan. No matter what kind of loan you have, it can be converted into bi-weekly payments.
Bi-Weekly Payments – Easiest and convenient way to save
Bi-weekly mortgage payments can help you shave years off the term of a conventional mortgage loan. By paying two or three times a month, more money is directed to the principal. Not only does this offer convenience, it also makes it easier to figure how much money is going to the interest and how much is actually applied to the principal of the loan. Choosing a bi-weekly pay plan can help you do this for all of your loans, including credit cards and other short term loans.
Bi-Weekly Payments – Match your pay check cycle
Many companies have chosen to pay their employees on a bi-weekly basis. This means loans paid every other week can be taken directly from a person’s check if that is how they choose to make their payment. It ends up being less work for all involved and the consumer doesn’t have to worry about incurring a late fee.