Here’s a sample of the types of debt many American households are saddled with today and how biweekly loan payments can help:
- Second mortgage
- Auto loan
- Credit cards
- Student loans
- Business loan
- Boat or RV loan
Whether or not you currently make biweekly loan payments, your debts can be secured or unsecured, have a fixed or variable interest rate and can vary from a shorter term (such as a 3-year car note) to a longer term (like a 30-year mortgage). When you don’t pay a loan on time, there can be different consequences depending on the type of debt. You might pay just a late fee, get hit with a penalty interest rate or have the full loan balance accelerated. Pretty complicated and scary, isn’t it?
The good news is that there’s one strategy you can use across many types of loans that will help you pay them down faster, save money on interest, potentially build equity quicker, and preserve your good credit by paying on time every time. We’ve created this handy infographic to show you how making biweekly loan payments with AutoPayPlus can help you save on all sorts of loans and help you get out of debt faster. You’ll be amazed at how the savings can really add up. With AutoPayPlus, you can sign up an unlimited number of loans during your open enrollment period, giving you the chance to multiply your savings dramatically. Learn how to stack the deck in your favor with AutoPayPlus.