Household Debt: The Good News
Since its peak in 2008, the level of debt owed by American households has seen a steady decline. While this fact has slowed the overall economic recovery, it is generally good news for those who owe less today. Many of the individuals with success in lowering their total debt have done so with the use of a loan payoff calculator such as the mortgage payoff calculator we provide at Half A Payment™.
Most consumers find their debt to include all or part of the following items:
- Auto loans
- Credit cards
- Student loans
- Equity loans
- Other types of debt
Each of these categories of debt can present challenges if they are allowed to get out of balance with household income. Regardless of the type of debt, however, it is possible to approach each one to develop a plan for its elimination. A loan payoff calculator that is designed to deal with the issue can be a tool that motivates and provides a clear picture of the situation. For example, either a mortgage payoff calculator or a credit card payment calculator uses the information for your particular situation. It will take your personal input and immediately show what you can save in time and money.
Working for Your Rather than Against
Whereas the principles of interest and time value of money work against you in normal debt situations, Half A Payment™ uses concepts that can turn those tables around. We apply two basic approaches to legally and ethically help you reduce the principal owed and the total interest you pay. By making half of a monthly payment twice a month and adding a small amount to each payment, our mortgage payoff calculator will amaze you by showing the years of payments and tens of thousands in interest that you can save. The same principles work with our credit card payment calculator.
We have found that one of the most important things for the individual struggling with debt is to provide a vision for a way out of the problem. Instead of allowing the issue of debt to cause worry and stress, turning to an easy-to-use loan payoff calculator at Half A Payment™ can provide the motivation you need.