Watch Your Savings Add Up With Biweekly Loan Payment

biweekly loan payment

Did you know that the average American household with debt owes more than $130,000?

That’s a tremendous burden for many families, and it can put them in a very precarious position when unexpected expenses or medical bills arise — not to mention the negative impact it can have on retirement. Money expert Dave Ramsey says that it’s crucial to eliminate debt as soon as possible to be able to take advantage of your most powerful “wealth building tool,” your income, in the years leading up to retirement. Biweekly loan payment can help you to do just that.

But can anything really be done to significantly reduce cut costs on that much debt? AutoPayPlus has created this useful infographic that shows how making just one simple change to the way you pay all of your loans can help you break free from excessive debt, save tens of thousands of dollars in interest payments to your lenders and get you started on the path to debt freedom and a richer retirement.

 

Source:

http://www.fool.com/retirement/general/2016/05/08/the-average-american-household-owes-90336-how-do-y.aspx

http://www.bankrate.com/finance/financial-literacy/spotlight-dave-ramsey-on-debt-in-retirement-1.aspx

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