Nationwide Biweekly Administration

Bi-Weekly Loan Payments – Nationwide Biweekly Administration

An over-accumulation of debt is becoming a problem for many Americans.  I have a relative who works and lives in Italy, and she said you can easily identify the American tourists because they charge EVERYTHING; even a $4 cup of coffee.  She said it’s strange (and annoying to shopkeepers) because the Italians aren’t used to it yet, but here in America nobody thinks twice about it.  Fifty years ago, credit cards were fairly un-common.  Now though, pretty much anyone can get a credit card and it isn’t all that difficult to get a loan either.  With today’s economy, individuals’ debt has started to accumulate faster than ever before…mortgages, second mortgages, car loans, student loans, credit cards; the interest payments start to add up.  What if there was a way to get out from under your debt sooner than you thought was possible? Well there is, and it isn’t difficult.

Most people pay off their debts with a monthly payment.  Simply switching to a bi-weekly (every two weeks) payment plan will enable you to pay off debt more quickly and with less hassle than a monthly payment plan. We’ll look at how this works in a minute, but the obvious question is why don’t all lenders use a bi-weekly payment plan?  Well believe it not, there are a lot of lenders that don’t even offer a bi-weekly option.  Lenders make their money on keeping interest as high as possible and payments coming in for a long as possible.  They usually don’t look for ways for borrowers to pay back their loans more quickly.  An intermediate business need arose and companies such as Nationwide Biweekly Administration (NBA) with their Interest Minimizer Program leapt into action.

So, let’s look at how bi-weekly programs work.  Normally, twelve payments are made on a yearly basis on whatever type of credit or loan you have.  Since there are 52 weeks in a year, a bi-weekly program would break down into twenty-six equal payments.  That’s more than the twenty-four payments you would make if you just split your monthly payment in half and double your payments.  At the end of a year, you would have essentially made a 13th monthly payment.  The extra money you have paid to the lender gets applied directly to your principal, driving it down.  This simple, non-intrusive switch can potentially save you thousands of dollars depending on the size of your debt.  The theory sounds good, but what do the actual numbers looks like.  Let’s say you have a $10,000 car loan at 5% interest for 5 years, which is based on a monthly payment plan.  If instead, you enrolled in a bi-weekly payment plan you would pay off the car in four and a half years, saving yourself the final 6 payments.  You will actually have that fantastic new car paid off half a year sooner than with the “normal” payment plan.

Bi-weekly payment programs were first created to help homeowners save money.  The bigger mortgage loans and longer period of repayment offered even bigger savings.  Homeowners can chop between six and eight years off their original thirty-year plan. The homeowner’s program was such a success that programs such as the Interest Minimizer Program from NBA were created to save their customers money across a range of loan types.  The Interest Minimizer Program has made switching to a bi-weekly plan simple, fast, and easy.  Through direct bank transfers, all your loan payments can be taken care of.  Today’s economy is so unpredictable that you deserve to have the opportunity to reduce your own personal debt in a quick, straightforward way. Connect with Nationwide Biweekly Administration – Facebook | Twitter | LinkedIn