Little Known Secret: Eliminate your Mortgage in 23 years or less! – Mortgage
Little Known Secret: Eliminate your Mortgage in 23 years or less!
Tom Levine
Wanna know a little secret There is an ingenious method you can use, to pay off your 30 year fixed rate loan, in 23 years or less. It
Eliminate Debt Fast! – Mortgage
Eliminate Debt Fast!
Ephram Lucas
How would you like to be debt free in only a few years, including zero mortgage debts! Sounds too good to be true Well check out this easy debt elimination plan from www.nodebtever.com - the plan the Banks DONT want you to know about! First off, you need to do a little groundwork. Those debts took some time to build, so getting rid of them involves a little concentration.
Get your last half years bank records together.Ignoring taxes, bills already paid etc, mark every entry that could in theory be reduced. It will help if you group like for like stuff together a spreadsheet is good for this for example, clothes, entertainment, groceries etc. What you are looking for is a way to shave 10% or more off each of these items. Make a list of ideas for each category. This is easier than it might sound - for example, in the Groceries section, make a note to buy unbranded Supermarket generic products, rather than the big brand high cost versions. The amount you think you can save by doing this is your war chest against debt.
Once you have done this, prioritise the bills as follows:- divide the outstanding debt on each bill by the minimum amount you can pay off each month. The smallest resulting number is your target bill. What you are going to do is continue your normal monthly payments on everything EXCEPT the target. The debt target gets the usual payment PLUS the war chest. You want to POVERPAY the debt each month to break it as fast as possible. Do this each month until the number one bill is paid. Then you move on to debt number 2 - the next smallest result of dividing the bill amount by the minimum payment. This time, of course, you can accelerate the process by applying not only the war chest but also the standard payments you used to pay on target number 1.
You are probably beginning to get the idea! Research from www.nodebtever.com indicates that the average US citizen can pay down ALL their debts in as little as 6 years using this method!
The important things about this method are as follows:-
You want to pay off the debt which will clear first. This allows you to accelerate the process, using each items payments on the next in the chain as the method matures. You must resist any temptation to focus on the higher interest debts - that is not essential here. If you run into problems emergency expenditure required, that sort of thing you can suspend the plan for the minimum amount of time it takes you to deal with the emergency, but then you must resume immediately. Oh, and by the way, DO NOT try to use your retuirement 401k funds for this - fund it from income and windfalls only.
About The Author
c E Lucas 2005. You may reproduce this article on your website or newsletter as long as you include this byline and link to the free debt elimination site, www.noDebtever.com.
How To Eliminate Credit Card Debt – Debt Consolidation
How To Eliminate Credit Card Debt
Noel Hynes
There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Sometimes illness, accidents, or just bad luck can make it seem impossible to get finances under control. Other times it is simply because we spend more money than we earn. The first step toward taking control of your financial situation is to learn how to eliminate your credit card debt.
Develop a budget. Start by listing all sources of income. First list fixed expenses such as mortgage payments, insurance premiums, and auto loans. Next, list the expenses that vary from month to month such as utility bills, recreation and clothing. If there is any hope of controlling your credit card debt you must create and stick to a budget.
There are different kinds of debts. Mortgages and auto loans are debts secured by collateral. In the event of default on a secured debt, a lender may foreclose on your home or repossess your car. Unsecured debts are loans with no collateral and often have variable interest rates and are assessed a fee for late payments. In the event of default on an unsecured debt a lender may report to a credit-reporting agency, contact the debtor repeatedly by mail or telephone, and in general make life miserable for those who find themselves in financial trouble.
If you are among the millions who have found themselves in a financial crisis, consider your options - budgeting, debt consolidation, or bankruptcy. Which works best for you It depends on your level of self-discipline, how much debt you have, and your future financial prospects. While eliminating debt may seem next to impossible, your life does not have to go from bad to worse.
Self-help may be the easiest, cheapest way to eliminate debt. First, stop charging now. Incurring more debt will only compound the problem. Make a list of all your credit card bills starting with the smallest. Pay as much above the minimum payment as you can afford on the card with the lowest balance. Continue until this debt is paid in full, and then proceed to the next card. Systematically paying off your credit cards one by one will reduce your debts dramatically. The fastest way to eliminate credit card debt is to put every penny you can towards paying off your credit cards. Do not underestimate the effect an extra five or ten dollars paid repeatedly over time can have on eliminating debt.
You may be able to reduce the amount of your combined monthly payments and lower the interest rate by obtaining a home equity line of credit or a second mortgage. Think carefully before taking this route. Your home becomes collateral with these loans. If you make late payments or miss payments you could lose your home. These types of loans may provide certain tax advantages but the fees can really add up. The same goes for debt consolidation. You eliminate or reduce interest rates and the amount of your monthly payments, but the length of the contract and the fees can be more than your original debt.
As a last resort, bankruptcy could be considered. A bankruptcy remains on your credit report for 10 years, making it difficult to obtain credit, get life insurance, or buy a home. However, it can be a fresh start for those who cannot otherwise satisfy their debts.
About The Author
Noel Hynes is the owner of http://1st-for-credit-cards.com. Easy online credit card applications.