Willow, with all due respect, why are you trying to convince us this is so great? What do you care if we like it or not? Frankly, I think it's great if this works for you, but I personally don't need it to do the exact same thing you are doing and I don't have to complicate mine with extra accounts and putting all my money somewhere I don't care to have it. If our circumstances change for the worse (like a layoff), I'm not tied to something that can get me into trouble by overdrawing it.
My mortgage payment slips have a place to list extra principal I am sending each month, so technically I have not made any additional payments on my mortgage, but have cut 15 years off it mortgage in only 3 years. No additional payments, but lots of additional principal. That's what bothers me about these "systems" is how they are sold that you don't have to make any additional payments- that gives some people the impression that no additional principal needs to be paid at any point- somehow the "magic system" pays the extra principal for you. You and I know that's not true, but there are other people who are going to naively get sucked into this the same way that they got caught up in subprime loans. My issue with it is that they sell lit in such a way that it sounds too good to be true, and that always sends up the red flags in my mind.
|