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.
How Did We Pay Off Debt So Fast?
We’re often asked in interviews, “How did you pay off debt so fast?” We have two answers for this amazingness. The first is that we figured out what we most wanted in life. While club thumping and disco dancing every weekend were fun and distracting, they ultimately weren’t what we wanted. So, the first answer is we figured out what it is we most wanted in life.
The second answer is that we came up with systems to pay off our debt fast. These systems included tools like the Debt Free Guys’ Spending Analysis Worksheet, Spending Reduction Plan, and Money Chunking Strategy. These, too, are FREE!
Having systems in place made it easier to pay off debt so fast. They removed the day-to-day and month-to-month thinking. This eliminated the numerous opportunities we had to make poor decisions that would’ve prevented us from paying off our debt so fast.
When we were paying off our debt, we didn’t have a tool like PDMD. If we had, we would’ve paid off our debt even faster. That’s why we’re excited to share this new tool with you so you, too, can pay off your debt fast.
How will PDMD help you pay off debt so fast?
Straight from PDMD’s website, it says:
Funds to pay your loans are deducted from your account biweekly, or bimonthly and paid according to the terms of each loan.
By setting up smaller, but more frequent automatic debits to pay your loans, Pay Down My Debt reduces the total amount of interest you have to pay.
Your balances decrease faster, so less interest accrues.
Our system makes the equivalent of an extra monthly payment on each loan every year. This also reduces your balance faster, again with less interest going forward. It’s a win-win!
Here’s an example: On a 30-year, $325,000 mortgage at 4% interest, Pay Down My Debt can save you more than $36,000 in interest and pay off your loan 51 months earlier. You save more than four years of mortgage payments – how’s that for money in the bank!
Why Paying Off Debt So Fast is So Fabulous
It doesn’t take a math wiz to know that saving $36,000 in interest payments and 51 months of payments is pretty damn incredible! That’s more than enough emergency savings for most people. It’s an Audi four years early or 18 average vacations paid in advance. That’s a $9,000 raise. Who wouldn’t take an Audi, 18 vacations or a salary increase?
Please note that it costs $9.99 a month to use PDMD to pay off three loans, but $119.88 a year is worth it for an extra $9,000 a year or $8,880.12 a year.
When we paid off our debt, we gave ourselves a $10,000 raise because of our high credit card interest payments on $51,000 in credit card debt. It was amazing to us how much more fabulous our lives were being debt free with an extra $10,000 a year to save, invest, and play with than how fabulous we thought our lives were when we were living on credit card debt.
So, the faster you pay off your debt, the faster you too can have the fabulous life that most of us only think we have.
More articles for you:
- 10 Things We Cut Down to Pay Off $51,000 in 2.5 Years
- Budget Cuts: The Road to My Audi Part 3
- Do You Believe You Can Payoff Your Debt and Be Debt Free?