Help with becoming mortgage free

**disneysteve** · 04-29-2007, 09:28 AM

Originally posted by Campfrugal View Post

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.

What exactly does he do that is worth paying for? There are numerous online calculators that probably do the exact same thing for free.

**sweeps** · 04-29-2007, 01:11 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.

**Campfrugal** · 04-29-2007, 01:18 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.

**sweeps** · 04-29-2007, 01:21 PM

I see... sounds like a scam to me. Enjoy.

**Staceyy** · 04-29-2007, 01:30 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.

Help with becoming mortgage free