Are you experiencing difficulty paying credit card bills? Do you want to reduce the amount of time and money required to repay existing debts? Rutgers Cooperative Extension has a computer program called "PowerPay" that will calculate the fastest way to repay your creditors while paying the least amount of interest. They program assumes that no new debt is incurred and at least minimum monthly payments are made to all creditors indicated in an analysis.

The principle behind PowerPay is that, as one debt is repaid, the monthly payment from that previous debt is applied to remaining creditors until all debts are repaid. Depending on the number of creditors owed and the outstanding balances, the amount of money saved by following the PowerPay program can range from several hundred dollars to well over $10,000.

With the PowerPay program, the total amount spent monthly on debt repayment remains the same. Calculations can also be done of "scenarios" with optional additional monthly payments (e.g., $25). Persons requesting a PowerPay analysis receive a calendar indicating the amount that should be paid to each creditor until all debts are eliminated. Up to 30 separate debts can be analyzed in calculations done with PowerPay.

To obtain a PowerPay analysis, contact Rutgers Cooperative Extension for a PowerPay enrollment kit. Included is a worksheet with spaces to provide information about the names of creditors, the monthly payment, the interest rate, and the outstanding balance. The cost of a PowerPay analysis is $2.50.

To obtain a PowerPay worksheet, send a check for $2,50, made payable to "Home Economics Programs and Bulletins," to Rutgers Cooperative Extension, 129 Morris Turnpike, Newton, NJ, 07860. For additional information about PowerPay and other Rutgers Cooperative Extension financial education programs and services, visit the Web site www.rce.rutgers.edu/money2000 and click on "Resources."