|
||||||
| Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions. |
 |
|
|
LinkBack | Thread Tools |
04-29-2007, 06:55 AM
|
|||
|
|||
Help with becoming mortgage free
I had seen somewhere that someone had a link to a debt reduction, including becoming mortgage free in 10 years, or something like that. It was something you would send in all of your debts to someone, he figured it all out for a fee, then send you your plan.
Does anyone have that link, and if so, could you please post it, cause I can't figure out where I had seen it. Thanks in advance for helping me out. 
|
|
04-29-2007, 10:28 AM
|
||||
|
||||
|
Quote:
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
|
|
04-29-2007, 02:11 PM
|
|||
|
|||
|
No need to pay someone. The plan is simple. Create a budget. Remove all the unnecessary expenses from said budget. Pay minimums on all your debts except for the one with the highest interest rate. Pay as much as you can possibly afford toward that debt. Once it's paid off, pay as much as you can possibly afford toward the debt with the next highest interest rate, and so on until you're debt free.
Edited to add: *If* you have the discipline to not accumulate more debt, you may want to look at consolidating your debt to a low rate first, then pay as aggressively as you can on that consolidated debt. For example, if you have $20,000 in credit card debt at 25% interest, you could get a home equity loan at 8% (tax-deductible) and pay off the cards. You'll be able to pay the HEL much faster. Last edited by sweeps : 04-29-2007 at 02:17 PM.
|
|
04-29-2007, 02:18 PM
|
|||
|
|||
|
I am not looking to pay someone money for doing the task for me. The website had a really good example that I wanted to look back on. Thanks for the reply though.
|
|
04-29-2007, 02:30 PM
|
|||
|
|||
|
www.simpleliving.net has a forum titled," Your Money Or Your Life". It is not a scam. There is a book by the same title that shows you how to do this. Many people have successfully followed the program.
|
|
| Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
| Thread Tools | |
|
|
