NO MORE Mortgage Blog » debt elimination

July 2011 NO MORE Mortgage Newsletter

david.bollard — Mon, 11 Jul 2011 22:26:59 +0000

“Thank-You” letters received from happy clients….

I can now look forward to a nice retirement
“I will be turning 65 just a couple months before my debt free date so I can now look forward to a nice retirement. I would hate to think what would happen if I turned 65 and still had such a large mortgage payment. The NO MORE Mortgage Program has allowed me to focus on other things because I don’t always have a lot of time with my busy schedule. It takes care of almost everything for me and makes it very simple. I hope others will take advantage of your unique program as I have. I would recommend it to anyone with debt.”

Thank you for helping us!
“Thank you again for helping us login so we can track our progress. We have only been working with NO MORE Mortgage for eight months and we can’t believe that our debt has already gone down by almost $11,000! It is so nice to have you take care of everything for us. “

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Money-saving tips that could go a long way towards finding $20/week in your budget.

Remember, if you do this consistently, it adds up to $1000 in a year

Drive a different route to work. This is an especially powerful tip if you find yourself “automatically” stopping for something on the way into work or the way home. Get rid of that constant drain by selecting a different route that doesn’t go by the temptation, even if the new route is a bit longer. You’ll still be time ahead (because you’re not stopping) and you’ll definitely be money ahead.

Always ask for fees to be waived. Any time you sign up for a service of any kind and there are sign-up fees, ask for them to be waived. Sometimes (but not always), they will be – and you save money just by being forthright about not wanting to pay excessive fees. I did this with my last cell phone sign-up and got part of my fees waived, cutting down significantly on the bill.
Don’t overspend on hygiene products. For most people, inexpensive hygiene products do the trick – for example, I just buy whichever toothpaste is the cheapest, and the same goes with deodorant and the like.

The key is to use this stuff regularly and consistently – bathe daily, keep yourself clean, and you’ll be just fine. No need to buy a $40 facial scrub if you actually scrub your face properly.

Homemade gifts. In a recent poll, 82% of Americans said they would rather receive a photo album of memories than a gift purchased from a store. A box of dress-up clothes for a child, a cookbook with your favorite recipes, a framed picture drawn by a grandchild, all make perfect gifts with a personal touch.

Homemade bread, jam, and cookies will always be used and will never end up cluttering the closets of your friends and neighbors. Gifts of time are also greatly appreciated and can often cost nothing at all.

Try a special gift certificate for shoveling snow, a home-cooked meal, a day of baby-sitting, a massage, or a car wash. Adding a handwritten note can make your gift even more treasured.

Think of the money you’ll save and the joy you’ll receive from giving a little bit of yourself.

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Ways to increase your income…

Learn A New Skill: Take every opportunity to acquire new skills and experience. You become more valuable to employers as you become more valuable to their businesses. If they do not recognize you value with a pay rise or improved job, other employers will.

Ask For A Pay Rise: If you feel that you deserve a pay rise, ask for it pleasantly. Do not threaten anything and make sure you have done your research and can fully justify your request. Getting it wrong can be a major Setback.

New Job with Existing Employer: Consider new opportunities within your existing employers business. Employers often prefer internal candidates they know and such positions offer the possibility of promotion and a pay increase. Always try to get promoted into jobs you would LOVE to do, chasing a job for just the money, may leave you in a job that you hate and under those circumstances, you are unlikely to perform well and could actually damage your career.

New Job with a New Employer: A new job with a new employer offers great possibilities, not only for an improvement in pay but also for a change of direction and working for a better or more suitable employer with greater prospects for the future.

Take On An Extra Job: Take on an extra job – This can boost income but remember the point I made above about working smart. If you take on an extra job, try to find one that advances your skills in some way, provides training or experience that might prove valuable. Choose a job you LOVE or could provide an entree to such a job. Where possible always look at each opportunity as a step towards where you want to be – even if it is an emergency second job!

Work More Overtime: You can undoubtedly earn more by working overtime if it is available. However, life is for living and unless you LOVE your work, this should only ever be a short-term solution. A stop gap to another solution.

Create An Extra Business: There has never been more opportunities to start home-based and internet-based businesses. Each era has its areas of opportunity and currently the internet is it. Many of these businesses are ideal for running part-time or in the evenings. Things could be as simple as completing surveys or taking part in online focus groups, up to and including running your own internet web site.

Other Family Members Contributions: If you are part of a family unit, consider getting others to contribute to the house-hold also. Your spouse, even your children can all find activities or jobs that might contribute to the house-hold income.

Government Support & Tax Breaks: Make sure you are claiming all the government support you are entitled to and use all your tax breaks. If your spouse is not earning, find ways of using her tax allowances to reduce your tax bill.

Maximize Asset Earning; Make sure all your assets are earning their maximum. All savings are earning at the best rates. If you have a spare room, consider renting it out. Use your creative imagination to maximise the earning power of what you already have.

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Housing Economy is crucial for a feeling of well-being….

The housing is one of the most important barometers of economic strength, and it’s also crucial to a feeling of well-being. Your house is your biggest asset. When it’s going up in value, it makes you feel good. When it keeps on going down, it’s easy to be discouraged. Thank goodness the debt plan pays off the mortgage in record time!

Some of the hardest-hit housing markets are beginning to show some signs of strength, though they’re not fully out of the woods yet, according to a new real-estate market forecast. “Examples are places like Phoenix or Cape Coral, Fla. Many of these markets are better now because the housing supply has drastically fallen,” said Eric Fox, vice president of statistical and economic modeling for Veros Real Estate Solutions, in an email. Veros is a supplier of housing data to the country’s largest banks as well as government organizations.

The weakest markets have higher unemployment rates, with the worst five markets in the country having an average rate of 11.2%, compared with the overall national average of 9.1%. The five weakest markets between now and June 2012, as well as their estimated amount of depreciation expected in the 12 months ahead, according to Veros, are:
1.   Deltona/Daytona Beach/Ormond Beach, Fla., -6.7%,
2.   Reno/Sparks, Nev., -6%
3.   Ocala, Fla., -5.8% ,
4.   Portland/Beaverton, Ore./Vancouver, Wash., -5.6%
5.   Tampa/St. Petersburg/Clearwater, Fla., -5.5%

To assemble the rankings, Veros focused on major metropolitan areas that typically have more than 500,000 residents. It looked at single-family homes of median price in each market. Now for the good news: Even the worst markets won’t depreciate more than 5% or 6% in the year ahead, according to Veros. That’s a relief from the double-digit drops in the past. But the top markets aren’t expected to see runaway growth either: The strongest markets in the country aren’t expected to appreciate more than 4% in the year ahead, according to Veros. Below are the markets expected to perform the best in the next year, along with their projected home-price increases:

1.   Bismarck, N.D., 3.8%,
2.   Wichita Falls, Texas, 2.6%,
3.   Buffalo/Niagara Falls, N.Y., 2.1%
4.   Honolulu, 2%,
5.   Anchorage, Alaska, 1.9%

The strength of the local economy has a lot to do with the strength of its housing market. “Bismarck’s unemployment rate is 2.9%. No one is worried about losing their job, and prices reflect that,” Fox said. He also pointed out that commodities are strong, and North Dakota produces a lot of them — from natural gas to wheat. From a national perspective, RealtyTrac is predicting that the market will bottom out, in terms of sales and pricing, this year. But the recovery will appear flat two years after that, with meaningful appreciation occurring in 2014 or 2015, the company projects.

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– Contact the Team at NO MORE Mortgage if you have Questions or Need Additional Help –

NO MORE Mortgage Financial Peace Newsletter May 2011

david.bollard — Fri, 06 May 2011 15:47:23 +0000

The International Monetary Fund has just dropped a bombshell, and nobody noticed…

For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China. And it’s a lot closer than you may think.

According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now. Put that in your calendar. It provides a painful context for the budget wrangling taking place in Washington right now. It raises enormous questions about what the international security system is going to look like in just a handful of years. And it casts a deepening cloud over both the U.S. dollar and the giant Treasury market, which have been propped up for decades by their privileged status as the liabilities of the world’s dominant power.

According to the IMF forecast, which was quietly posted on the Fund’s website just two weeks ago, whoever is elected U.S. president next year will be the last to preside over the world’s largest economy. Most people aren’t prepared for this. They aren’t even aware it’s that close. Listen to experts of various stripes, and they will tell you this moment is decades away. The most negative will put the figure in the mid-2020s. But they’re miscounting. They’re only comparing the gross domestic products of the two countries using current exchange rates. That’s a largely meaningless comparison in real terms. Exchange rates change quickly. And China’s exchange rates are phony. China artificially undervalues its currency, the renminbi (or yuan), through massive intervention in the markets.

In addition to comparing the two countries based on exchange rates, the IMF analysis also looked to the true, real-terms picture of the economies using “purchasing power parities.” That compares what people earn and spend in real terms in their domestic economies. Under PPP, the Chinese economy will expand from $11.2 trillion this year to $19 trillion in 2016. Meanwhile the size of the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would take America’s share of the world output down to 17.7%, the lowest in modern times. China’s would reach 18%, and rising. Just 10 years ago, the U.S. economy was three times the size of China’s. We have lived in a world led by the U.S. for so long that there is no longer anyone alive who remembers anything else. America overtook Great Britain as the world’s leading economic power in the 1890s and never looked back.

Banks expect to send out 3.2 billion card offers this year…

The 3.2 billion card offers this year is up 15% from 2010, and more than double the 1.4 billion mailed out in 2009. “Issuers are actually sending the best offers we’ve ever seen in 20-plus years,” says Anuj Shahani, the director of competitive tracking services for Synovate Mail Monitor. As an aftereffect of the CARD Act, the attractive terms you see in pre-approved offers are also more likely to be those you get, according to a study by the Center for Responsible Lending.

Still, finding a card that offers the best of the recent changes without the costs isn’t easy. Many of the drawbacks are buried in the fine print (yes, there’s still lots of that). We dug through the cards to find the best new ones that might be worth a place in your wallet.

First, some good news: consumers have less credit card debt to wrangle. The average household owes $7,490 — 9% less than at the recession’s onset in 2008, according to Synovate Mail Monitor. Spending cutbacks have helped, but so have CARD Act provisions that allocate payments of more than the minimum toward high-interest rate debt first and forbid issuers from raising rates on existing balances in good standing, says Odysseas Papadimitriou, the chief executive of CardHub, a comparison site for credit and prepaid cards. Of course, higher interest rates overall and rising minimum payment requirements can cancel out those friendlier practices, making carrying a balance just as expensive, if not more so. And balance transfer fees now range as high as 5%, up from 3% a few years ago.

Managing debt in a post-CARD Act world requires at least two different cards: one with a good balance transfer offer and another with a low ongoing rate on purchases, just in case you can’t always pay off your monthly balance, says Papadimitriou. Right now, the most generous balance transfer deals for consumers offer at least 18 months at 0%, and charge no more than a 3% fee. With 21-month offers and 3% fees, both Citi Diamond Preferred and Citi Platinum Select fit the bill. (The 0% rate applies to purchases made during the first 21 months, too.) Discover More offers more time — up to 24 months — with a higher 5% transfer fee. But for those who need more time to pay down their debt and don’t plan to make any new purchases on the card, it could be the better deal, Papadimitriou says.

For the occasional balance-carrier, the best bet is typically the card with the lowest rate available. The Simmons First Platinum Visa currently offers a 7.25% APR, but only for people with excellent credit. For those with average credit, there are cards with average rates that cut interest rates for on-time payments and offer rewards for months you pay in full. Citi Forward cardholders see their rate drop 0.25% every three months that they pay on time and stay within their credit limit, for up to a 2% total reduction. After 0% for 12 months on purchases, the APR ranges from 12.99% to 19.99%. The higher interest rate and short introductory offers aren’t the best deal if you’re carrying a big balance. But the rewards, including 6,000 points for making $250 in purchases within three months and 2,500 for paperless billing (combined, worth $50 in cash or $60 in gift cards), can work out better for cardholders who only occasionally don’t pay off their balance in full.

How to negotiate the best deal on 6 common fees & expenses…

1. Credit Card Rates
• Why they are negotiable: Now that most of the dust has settled following the big credit card reform act, card companies are competing fiercely again for new customers. Issuers sent out 1.2 billion credit card offers in the third quarter of 2010 — more than three times the number sent during the same period in 2009. “Use the competition to your advantage,” says Ira Rheingold, executive director for the National Association of Consumer Advocates. “Don’t jump at the first offer. You should argue for the best rate.”
• Who to talk to: Call the 800 number associated with a new card offer (or the number on the back of a current card) and talk to the customer service rep. If the rep can’t — or won’t — adjust the rate, ask to speak with a manager.
• What to say: “I’ve gotten several credit card offers with lower rates. Tell me what you can do to beat those offers.”
• Possible savings: How much you’re able to lower your interest rate will depend on your credit and payment history, as well as your credit score. In a study conducted by the U.S. Public Interest Research Group several years ago, more than half of consumers who asked for lower rates got them, with their average APR dropping from 16 percent to 10.47 percent.

2. Mortgage and Refinancing Rates and Fees
• Why they are negotiable: “Mortgage lending has gotten difficult, which means that a lender will work hard to make a deal,” says Rheingold. And that’s particularly true for consumers with credit scores of at least 750.
• Who to talk to: Mortgage brokers or lenders at banks and credit unions.
• What to say: Get several estimates in writing and ask, “Here’s the best deal I can get. Can you beat it?”
• Possible savings: In addition to offering better rates, lenders might reduce certain fees or even waive them altogether. To negotiate the lowest out-of-pocket costs, ask for discounts on all upfront fees, including application and origination fees. According to the Federal Trade Commission’s website, comparing and negotiating mortgage fees can result in thousands of dollars of savings.

3. Home Improvements
• Why they are negotiable: “Business is slow and that means contractors are willing to haggle over their prices,” says Greg Daugherty, executive editor of Consumer Reports. Plus, the prices of many common home building materials are down as much as 35 percent from their peak in the mid-2000s.
• Who to talk to: The contractor.
• What to say: “What are the options for less expensive materials? And what discounts can you offer me on labor?”
• Possible savings: Up to 20 percent of the cost of the project, according to a new survey by Angie’s List, a website that publishes surveys and consumer reviews of service businesses. Of the home improvement contractors who were surveyed in 2010, 80 percent were willing to drop their prices to get a job (compared with 43 percent in 2008). And more than half of the contractors surveyed said they were willing to lower prices by 10 percent, with nearly 25 percent willing to drop their fees up to 20 percent.

4. Home Appliances and Electronics
• Why they are negotiable: Store managers understand that a discounted deal done today is often better than a potential deal in the future (and definitely better than no deal at all). One trick is to go first thing in the morning or just before the store closes when there are fewer customers. “A manager will hesitate to offer a discount if he thinks he’ll have to make the same deal with all of the customers who overhear the negotiation,” says Consumer Reports’ Daugherty.
• Who to talk to: A store’s manager or assistant manager.
• What to say: “I like this model. If you can give me a discount and free delivery, I’ll buy it today.”
• Possible savings: Profit margins are generally fairly thin on appliances and electronics, so getting 10 percent off is a reasonable goal, particularly if you can also get them to throw in free delivery and installation. Consumer Reports found that three-quarters of shoppers were able to negotiate a better deal on major appliances, with an average savings of $100 per appliance.

5. Cars and Vehicles
• Why it’s negotiable: Car dealerships are one of the few places where price negotiations are not only acceptable, they’re expected, notes Philip Reed, senior consumer advice editor for car-buying site Edmunds.com. But instead of trying to negotiate your purchase price down from the MSRP (the sticker price), as you might for other items, ask to see the invoice price (the price the dealer paid for the car) and work your way up from there. You can look up dealer invoice prices for free on Web sites like IntelliChoice.com, Edmunds.com, and KBB.com.
• Who to talk to: Sales staff.
• What to say: “Another dealership has given me a better price on the same model. Tell me how you can beat their offer.”
• Possible savings: It’s possible to save more than $1,000 on a new car by negotiating smartly, according to Reed. And you’ll net even higher savings by also negotiating the value of your trade-in, as well as financing terms and the cost of extended warranties.

6. Medical Bills:
• Why they’re negotiable: Patients usually assume that the cost for various medical procedures and tests are set in stone, but often they’re not. And with health care companies shifting more out-of-pocket costs onto consumers, asking for potential discounts is essential, particularly since there’s often a huge variance in costs among providers, says Angie’s List spokeswoman Cheryl Reed. In Washington D.C., for example, the price for an MRI of the right knee ranges from $400 to $1,501, according to a recent report.. You can look up average prices in your area for various procedures at Healthcare Blue Book.
• Who to talk to: The billing administrator.
• What to say: “This is a significant expense for me. Is there a discount for paying upfront or in cash? What other kinds of discounts might be available?”
• Possible savings: Fifty percent or more. An Angie’s List poll found that 74 percent of respondents who negotiated their medical bills were successful, often paying less than half of the original cost.

What is the danger of making minimum credit card payments…

Gift cards: For the person who has everything (or whose tastes you simply cannot fathom), gift cards are a safe bet. You can find cards on discount at www.giftcardgranny.com. The site pulls prices from six gift card discounters, which buy unwanted cards from other people that they then resell for less than face value. Discounts can be as much as 50%, although most are in the 15%-to-20% range. And the rules for gift cards just became more consumer-friendly (see Gift Cards: A Better Deal Now).

Checking accounts: Banks everywhere are eliminating free checking accounts, but with a little creativity you can still avoid paying that extra $8 to $15 a month. If you arrange for direct deposit or maintain a minimum balance, or bank online and skip the paper statement each month, your bank is likely to waive the fee. About 750 community banks and credit unions offer free checking accounts with no minimum-balance requirement. They’ll also pay as much as 3.5% interest if you use your debit card ten to 15 times a month, arrange for automatic payment or direct deposit each month, and receive your statement electronically. www.checkingfinder.com.

Groceries: For many families, a bulging budget is the result of excess spending at the supermarket. Ditch the gourmet grocers and shop at Trader Joe’s or warehouse stores. While you’re at it, use coupons, which you can find online (at CouponMom.com, Coupons.com and CouponCabin.com). Or, for $5.95 a month, you can get customized coupons from Shopping Nanny. Shopping Nanny recently guaranteed that if you spend more than $90 a week at the grocery store, you’ll save $40 a month using its service — or your next month’s membership is free.

Connectivity: Bundling your cable-TV, phone and Internet service can save you — dare we say it — a bundle. For example, you pay just $85 a month for 12 months if you sign up online with Verizon for unlimited local and long-distance calling, high-speed Internet service and DirecTV with DVR service. That saves $50 a month compared with buying the same services separately.

Cell-phone plans: Wireless carriers keep you tethered to them with two-year contracts and tempt you to renew with snazzy new phones or monthly discounts. But you can slash your costs with a prepaid plan, especially if you’re paying extra for text messaging and data plans. All of the major carriers plus a number of smaller firms offer prepaid plans. Compare them at www.prepaidreviews.com/compare , then check the carrier’s Web site for more details. Before you compare plans, decide what is most important to you.

Water: A low-flow shower head is easy to install — just screw off the old shower head and twist on the new. Because it restricts the water output to no more than 2.5 gallons per minute (older shower heads send as many as 5.5 gallons per minute down the drain), you can save 25% to 60% of the water and 50% of the energy it takes to shower and shampoo you and your family. The shower heads generally run $10 to $20 a pop (some utility companies give them away) and screw into existing fittings. The new fixtures — labeled WaterSense — go as low as 1.5 gpm, saving 7,300 gallons and $30 to $100 a year over their 2.5-gpm counterparts.

January 2011 NO MORE Mortgage Newsletter

david.bollard — Mon, 10 Jan 2011 21:48:19 +0000

Top Ten Ways to Track Spending…

1. Keep all sales receipts and create notes to record payments made without receipts. Drop them into a coffee can or plastic jar or a space designated for receipts. Each time you get a paycheck (or once/month) add up your spending. Sort receipts and notes by expense category. Then regularly total amounts of what has been spent in a category to determine how much is needed in that category each week, or whether spending could or should be reduced.

2. Keep an account book by expense categories.

3. Use envelopes or folders for each category of expenses with an amount of money allocated for expenses for a set period of time, like a month. Record dollar amounts on the outside of the envelope or folder.

4. Pay all bills by check and keep running tallies of how much is left in the allocation for each category. This makes a record system in the checkbook. If it often seems that only particular categories of expenses are the problem, you could monitor only the categories that cause the problems.

5. “Sticky notes” can be posted on credit cards with a notation of the maximum amounts that can be charged on that card. Subtract amounts of expenditures added to the card as you make purchases.

6. An informal method used by some people is the checkbook balance, as a guide to patterns of expenses. If the balance drops below a particular amount, it is an alert to potential problems.

7. Use a budget partner for problems that seem to be spending addictions. Establish a household rule that the expense has to be verbally justified to the budget partner before any expenditure on those items can be made. The budget partner’s role is to ask questions to bring greater understanding of consequences of any expenditure rather than telling the person what to do.

8. Keep Log of “financial emergencies” to determine what they are, what triggers them, and then think of ways to avoid them.

9. Purchase inexpensive computer software designed for electronic record keeping. Be sure to back up your records frequently.

10. Carry a small notepad in your purse, car or pocket to jot down spending.

HOW TO LIVE WITHIN A BUDGET…

Controlling spending is one of the most important habits that a person must exercise in order to ensure not only future, but any kind of financial success. Sadly, today most people are convinced that they need much more to live on than they truly do. The idea that we need more, in our never ending quest for happiness, drives us to make unplanned expenditures, and debt is the result.

The first thing that could be done to avoid overspending is to develop a budget. This budget should be put in writing, and strictly adhered to. It should be checked several times a week, in order to make sure that you are on track. There is something about having a written plan that makes it easier to consult as an authority than holding it in your head. It also helps to work with a spouse, partner, or third party consultant that can serve as your “conscience”.

Most uncontrolled spending is the result of impulse buying and lack of planning. One must understand that retailers, restaurant owners, and other service providers are all aware of this. These companies actually count on emotional spending to keep their business profitable. Just because an item is on sale does not mean that it is a bargain, like the lady who started smoking while on holiday in Asia because the cigarettes were so much cheaper than in the US. A bargain you don’t need is not a bargain at all.

Ask yourself, if what you already have will do the job properly or even well enough. If the answer is yes, then apart from the media induced lust for the newer, better shiny version, there is really no reason that you need to spend more on a new one. Often times people will buy the future, only to find than an item has become obsolete no sooner than it is bought, this is an unfortunate and unnecessary waste of money. As much as we all enjoy it, eating out is an added, unnecessary expense. Of course it is fine to treat yourself once in a while, but not every day. Bring a bagged lunch. Remember, this does not mean you have to eat a peanut butter and jelly sandwich for lunch every day. On the contrary, use last night’s left over dinner to create a spectacular and delicious lunch for the next day, which will so often be better for your health. Eat lunch at the office and then go for a walk. Your waist line and your check book will both thank you for it.

Turn off the lights, turn down the heat, and only purchase what you need today. Ask yourself “if I don’t pick up this item today, will I have to come back and get it tomorrow?” These are a few of the habits worth developing which help to control spending habits. Plus, if you have been previously undisciplined in using a credit card and chalked up plenty of debt, it may be time to locate the scissors and apply for a Pre-Paid Credit Card instead of the traditional “spend what you don’t have” type.

HAPPY CLIENT TESTIMONIALS…

Before I got married to my husband I was in a lot of debt. I had been on my own since I was 19 and had purchased things on my credit cards just to get by. When I got married my husband and I decided that we would both claim zero dependents on our W-4’s so that we could get a refund at the end of the year. When we get the refund each year we put it in an account that pays off something we may own on, like my new car payment (I had my old car for 10 years). This year we may put our tax refund toward helping to pay off our student loans. The best advice I can give is to live below your means, track every dime that goes out the door, and work together as a team. It is too hard to do it alone.
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My husband and I did not have much money saved up before the birth of our son 2 years ago. So, therefore, when I went on maternity leave, we racked up a lot of debt on our credit cards. Soon after, we refinanced our mortgage and used some of the equity to pay off the credit cards. However, not long after we refinanced, our credit cards were maxed out again and we both bought new vehicles both with $500 monthly payments. We were in a bind again, but I kinda had a wake up call in July 08.

I made a budget on an Excel spreadsheet and I decided to get our act together. We stopped our impulse buying and eating out. We started picking up side jobs and we sold unused and unneeded items on ebay and yardsales. I took up using coupons and watching sale ads for bargains. We tracked all of our spending and put all of our efforts into “fixing holes” and focused all our energy on one debt at a time. We had two of our credit cards paid off by the following December and we were able to pay for Christmas without using credit!! This year we have started a few savings accounts and we were able to remodel our bathroom and kitchen (on a tight budget & doing all the work ourselves, of course) with the money we have saved. I plan to have our two vehicles paid off in a year and a half by paying extra on them every month.
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We are getting so close to being debt free (excluding our mortgage). We used our tax refund this year to pay of our line of credit and haven’t used it since! We just this month paid our credit card balance off in full. I’m so excited to get my bill next month and to see it say, “amount owed….$0”. Whoo hoo! I haven’t had a zero balance on my credit card since I was 16 years old. Just to imagine the interest that I have paid makes me ill. I will never charge more than I can pay off at the end of the month again! Big lesson learned. Now all the money that I was paying on those two bills are going toward finishing off our car payments. They should be gone by spring. So next years tax money won’t have to be earmarked toward paying off our bills. I can’t even imagine what that will feel like.

How did we do it? We stopped looking at ads because we realized they were making us spend. We worked together as a team. We stopped eating out. We tried to spend a month “on paper” before it actually started. If our spending came in under our estimate, we rewarded ourselves with a treat (and we even budgeted for that).

I’m really excited (you probably couldn’t tell….lol).
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Before we were introduced to the principles you’re teaching, we didn’t think that our financial situation was that bad. We had a little bit of credit card debt (from lack of an emergency fund), a car loan, and student loans. No big deal right? Until you add it up and realize that you have $23,000 of debt on a $39,000 yearly salary. So we went crazy and paid it off… in 26 months. Yes, that’s nearly $1000/month that totally went to extra principal. How did we do it?

We decided that this was going to be our mission, and that we would not rest until it was done. We estimated it would take us 3 years, but we did it in less. It got to be a total passion of ours. We figured there was no better way for us to invest than in becoming debt-free, so we even stopped retirement contributions to focus everything we had on the debt.

I can say that there is more than an economic benefit to being done with debt. It just plan feels so good!

We got on a budget, and then my husband took on (a lot of) extra work while I kept things going on the home front. I am amazed and shocked that we could do it so fast! It took a lot of sacrifice and doing without, but we rewarded ourselves when the credit card was paid, when the car was paid, and when the each of the 3 student loans came off. I want to encourage others to keep it up and kick debt out for good! Now on to the emergency fund!

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Hope you enjoyed the 2011 January No More Mortgage Newsletter.

I’m really excited (you probably couldn’t tell….lol).
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I can say that there is more than an economic benefit to being done with debt. It just plan feels so good!

NO MORE Mortgage on Debt Settlement

No More Mortgage — Wed, 13 Oct 2010 21:23:49 +0000

What You Should Know About Debt Settlement from NO MORE Mortgage

NO MORE Mortgage is asked from time to time about debt settlement companies. While we do not negotiate with creditors or hold client funds in our custody, we can recommend a reputable third-party firm to help those of you in financial crisis.

You can always call your NO MORE Mortgage Plan Coordinator for a review of your financial options. We can discuss the pros and cons of debt settlement vs. NO MORE Mortgage, along with Consumer Credit Counseling and Bankruptcy, to help you honestly evaluate your choices. Learn how NO MORE Mortgage is different from debt settlement here.

Having a trusted 3rd party counselor in a tumultuous time like this can be lifesaver. NO MORE Mortgage is happy to help. Please read the article below that summarizes the industry. A second post will discuss the risks and the consequences of choosing debt settlement.

If you’re drowning in unpaid bills and desperately looking for a way out, chances are you’ve come across an offer that sounds something like this: For a fee, a professional debt-settlement company will help eliminate your debt for as little as half the amount you owe.

Does this sound like a scam? Or are you finally getting the break you deserve? The answer may surprise you. Debt settlement is, in fact, a perfectly legal solution for consumers who are in deep and seeking an alternative to bankruptcy. But having a debt-settlement company do the legwork for you can be risky and expensive.

The Basics on Debt Settlement vs. NO MORE Mortgage

If you are falling further and further behind on your payments, creditors would much rather agree to settle your debts than have you file bankruptcy and not get paid at all.

For an agreed-upon one-time fee, usually between 10% and 60% of what you owe, your creditor eventually forgives the rest of your debt and starts reporting the account to the credit bureaus as settled, or paid as agreed. On your credit report, the balances of settled debts will show $0. However, any previous history of delinquent payments or charge-offs will remain for all to see.

In order to get your creditors to do this, you’ll need to start putting money aside toward the settlement, and you do this by stopping payments to your creditors.

Not surprisingly, creditors don’t like to advertise debt settlement. They also make it an extremely difficult solution to pursue. As a rule, creditors won’t negotiate with consumers who are current on their bills, usually refusing to discuss settlements unless you’re at least three to six months behind. That means you will have to dodge collection calls while trying to save up the cash for a settlement. This is one of the little known downsides to the whole process.

If you’re working with several creditors — you’d typically tackle the debts one at a time as you collect the money to pay them off, but it’s hard, if not impossible to know which creditor might fall out of line and attempt to sue you, or which one will be willing to settle first. In the experience of NO MORE Mortgage, clients who have hired debt settlement companies do not really do much better than if they had done the negotiations themselves. What they are buying when they hire a third party to represent them is avoidance of the stress of negotiating.

Once you sign up with a company, chances are you’ll pay dearly for its services. Again, in the experience of NO MORE Mortgage, these fees are all over the place.

Some companies charge a percentage of the total debt — typically 15% to 20% — that’s paid before you start accumulating savings. Others charge a percentage of the debt savings — usually 25% — once you settle, plus an initial sign-up fee and monthly service charges. Then there are those that charge a flat monthly fee throughout the length of the program.

(read more on this subject, including the downside of debt settlement, and our NO MORE Mortgage commentary on the consequences and experiences that our clients have had when they have chosen this solution. In our opinion, it’s all of the bad, and none of the good)

Learn how NO MORE Mortgage is different from debt settlement here.

Will the NO MORE Mortgage Financial Plan work for me?

To find out if you qualify today!

Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! NO MORE Mortgage Representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest!

NO MORE Mortgage: What You Should Know about Consumer Credit Counseling

No More Mortgage — Tue, 05 Oct 2010 23:09:30 +0000

NO MORE Mortgage specializes in assisting clients who are able to meet their monthly debt obligations.

Sometimes when financial reversals hit, or spending has simply gotten out of control, we are forced to admit that our financial inflow is not equal to our outflow. We are simply spending more than we earn.

If this trend is not stopped, and credit cards are maxed out, and there is nowhere else to borrow money, the ultimate consequence is that our finances “hit the wall,” and we simply run out of cash. We are insolvent.

If you are reaching a “breaking point” similar to the one described above then NO MORE Mortgage may not be the answer for you. There are, however, three main solutions that can be considered. One is bankruptcy. Another is Debt Settlement. A third is consumer credit counseling.

NO MORE Mortgage is not a credit counseling firm. There is a big difference between NO MORE Mortgage and the other debt elimination categories described above.

NO MORE Mortgage does not handle client funds.
NO MORE Mortgage does not negotiate with creditors to lower balances, interest rates, or monthly payments.

If you are considering credit counseling be sure to spend some time researching your options before signing up with an agency that you do not know much about. Most people are not familiar with their options and the programs available, and when money is tight, emotions are usually running high, and it’s easy to make a bad decision.

There are many credit counseling agencies to choose from. Knowing what to look for is key to your success. Reputable agencies will provide you information upfront about their company without you having to provide any of your own personal identifying information.

Your task in choosing the right agency is to be sure that you do your homework. NO MORE Mortgage can help you make the right decision. Here are our recommendations:

You should interview at least two agencies.
After you receive your initial consultation, you should contact the Better Business Bureau or your State Attorney General to see if there have been any unresolved complaints on the agency.
Be sure the agency is charging you reasonable fees (not more than $50/month for a debt management plan).
The credit counseling agency should be non-profit.
The agency should have been in business for at least five years.
The counselors at the credit counseling agency should be certified by an independent organization.
The agency should be accredited. The two major evaluators are the International Standards Organization (ISO) or by the Council on Accreditation (COA).
The agency should be a member of one of the trade associations: either Association of Independent Consumer Credit Counseling Agencies (AICCCA) or the National Foundation for Credit Counseling (NFCC).
The agency you are considering should be licensed and bonded to do business in your state. This is an absolute requirement for your protection.
The agency should be willing to waive or lower fees if you simply can’t afford them.
The agency should spend a reasonable amount of time for your initial consultation. At least an hour is needed.
The agency should provide you with a written budget based on your personal financial situation.

One of the most important points is to be sure that the agency offers free education to help you learn how to manage your finances. They should also provide you free ongoing education while on the debt management program, or even if you decide that the program is not right for you.

If an agency is not willing to answer your questions or you feel that the answers are not satisfactory, call someone else. NO MORE Mortgage can help by referring you to honest and effective agencies that we have dealt with for many years. We get no referral fee or kickback for this service.

We know that when we get you to the right people to help you through your financial crisis, that you are likely to return to NO MORE Mortgage for help with eliminating the rest of your debt, including your mortgage.

Overcoming the Urge to Splurge with NO MORE Mortgage

No More Mortgage — Mon, 20 Sep 2010 21:51:40 +0000

Many of us have experienced the emotional side of spending money, the NO MORE Mortgage Program specializes in helping clients identify and manage those emotions.

We may feel the need to dine at an expensive restaurant in order to “celebrate” a specific achievement. Or we might go out and purchase a new outfit because we have been treated unfairly and we “deserve” to be pampered. Compulsive spending is usually an attempt to fill an inner emotional need, but the pleasure we feel from our shopping “spree” is only temporary, followed by guilt and the knowledge that we have only increased our debt load. This urge to splurge can eventually cause difficulties on a long-term basis. Not only will our financial stability be damaged, but relationships can also be jeopardized. Somehow we must recognize that our happiness and self worth will not come through spending.

NO MORE Mortgage can help you overcome the urge to splurge.

Security and satisfaction will come as we take care of essential needs and savings, before considering our wants. You may recognize yourself as a compulsive spender. Good for you! That is the first step to overcoming your urge to splurge. Asking yourself a few questions can help you to understand your emotional needs and how they play a role in your spending addiction.

What does money mean to you?

We tend to handle money situations the way our family did when we were growing up. Some might feel as though they missed out on opportunities as a child and want to make up for that now. Does money make you feel accepted, loved, important? When you think of acquiring more things does it bring you comfort or make you feel happier? Are you a procrastinator? Will there always be time to save for important future events, such as a home, vacations, education, or retirement? Is paying off your debt an important priority, or does the thought of becoming debt free and having NO MORE Mortgage just seem too distant and unreachable?

Do you understand the cycle of your addiction?

Addictions form a cycle that is difficult to break. That cycle usually begins with a feeling of discouragement or negative self worth caused by unresolved issues. The compulsive spender believes that spending money will fill that emptiness and make them feel more worthwhile and complete. At the time they make their purchase they feel happy and fulfilled, but after, they are once again faced with their financial problems and their feelings of negative self worth.

Where does your money go?

Experts at NO MORE Mortgage agree that understanding where you are spending your money is one of the most important steps in learning to manage emotional spending.

A compulsive spender finds that much of their income is already spoken for by the required monthly debt payments resulting from previous purchases. While you are shopping, it is helpful to notice the cost of individual items as well as the amount of your total transaction. For one month, keep track of how much you spend. What areas seem to have the most transactions? For instance, does restaurants, clothes, or video games take over your budget?

What role do your emotions play?

Stop and think about the way you are feeling when you consider buying something. How do you feel immediately after the purchase is completed? Put a name to the emotions: excited, happy, fearful, guilty, sad, angry. How do you feel about the purchase later that day or the day after? How do you feel the next week? Add up your total spending for the month. Were your emotional needs met? Do you actually feel more successful, happy, loved, safe? Are there feelings of self doubt, worry, and fear because of the choices you made?

It can be quite helpful to understand that the urge to splurge has a direct connection with our emotional needs. Understanding that you have allowed your spending to have power over much of your life can make all the difference. By taking time to think about your emotional state before you make a purchase, you will be better equipped to overcome your addiction, leading you to a much more successful financial future.

For more information and to get a FREE audio CD call today. 1.800.285.9102

Will the NO MORE Mortgage Financial Plan work for me?

To find out if you qualify today! Find out what thousands of satisfied NO MORE Mortgage clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! NO MORE Mortgage Representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest!

How Credit Cards are Stealing from the Poor to Feed the Rich

No More Mortgage — Mon, 09 Aug 2010 15:54:39 +0000

NO MORE Mortgage on how Credit Cards are taking your money

The Federal Reserve of Boston recently published a 57 page article on how credit cards are transferring wealth from the poor to the rich. Who Gains and Loses from Credit Card Payments?

Check out the NO MORE Mortgage Executive Summary on the Credit Cards article below

Lower income earners tend to make purchases with cash, while higher income earners tend to purchase with credit cards. There are many more lower income earners than high income earners.
Stores must pay credit cards companies a fee for the convenience and ability to accept credit card payments from customers. Stores cannot charge a higher price or a fee for using credit cards in most cases, so stores compensate by increasing the prices for everyone, in order to offset the costs of accepting credit cards from the rich customers.
Credit Card companies “motivate” the rich to use credit cards by offering rewards in the form of cash back, airline miles, insurance coverage, free warranties, and other “perks”. These perks are paid for by the fees that credit card companies collect from the stores. And again, the stores collect their fees in the form of higher rices for everyone.
According to the Federal Reserve study this process costs the “poor” or cash using households and additional $149 every year. Meanwhile, each “rich” or credit card using family gets a $1,133 bonus check from their credit card companies, courtesy of the poor folks who pay with cash.

NO MORE Mortgage can show you how to beat the credit card companies, and the banks, at their own game.

The NO MORE Mortgage Financial Plan is designed to put you on a path to debt freedom and financial security, safe from the influences of the banks and credit card companies.

Since 1996 NO MORE Mortgage has adopted the mission to reverse the tide of consumer debt in American, one family at time. Since then NO MORE Mortgage has reached out to thousands of families in a positive way, to help them achieve financial security. Contact us today for a no cost, no obligation analysis. A NO MORE Mortgage representative will review your families financial situation and help you understand how to beat the banks at their own game with proven financial principles and a mathematically guaranteed formula. There’s no time like the present, and with NO MORE Mortgage, a debt free future can be yours today!

NO MORE Mortgage Tip – Are you keeping an eye on your spending?

No More Mortgage — Fri, 11 Dec 2009 20:05:35 +0000

NO MORE Mortgage Money Tip on watching your money.

Are you keeping an eye on your money and tracking what you spend and where? Somebody needs to, and if you aren’t doing it, who is? Does anyone else have a bigger stake in wiping out your debt and building the retirement you want and deserve than you?

Here is a list of things you should be doing to keep an eye on your spending. There are many more ideas than this, but here are some that you need to be doing now.

Go through your last bank statement and write down what each charge was for. This can be an eye opening experience. Grab a cup of coffee or something to drink and go line by line. This exercise could save you money next month just by knowing where you seem to waste money without thinking about it.
Group items together by making a note at the end of the item. Make groups for food, utilities, meals, clothes, etc. Then total up these different categories and see if any of the totals surprise you.
Now that you may, or may not, be surprised at where your money has been going, ask yourself if there is something obvious that you can cut back on.
Take a look at the bank statement and see how much you paid toward debt, like credit card bills. How does that feel?
Now take another look and see how much money you put toward your savings. Anything there?
Take another look and see if you put anything towards an emergency fund. Or is your emergency fund a credit card? We can’t do that. So if you don’t have an emergency fund that would cover your needs for at least a month you should start putting money into one and then go back to adding to your savings every month.
Do you have any major purchases or costs coming up in the next 2 years? Are you putting any money away for them?
Ask yourself if you are only paying the minimum payments on your credit cards. (The credit card company will happily let you do so for the next 30 years or so.)

Now this is an excellent exercise to learn a few things about your spending habits and you may very well find a few places where you can cut back and not spend so much money.

This is by no means a comprehensive list of what you should be doing and how to track your money. But it’s a good start to take a look at how much of your money is going out against what you have coming in.

Once you’ve done this you need to get a snapshot of how much it will cost to pay off all of your debt and how long that will take. You really need to know this if you want to make sure you are making wise decisions on your spending and your savings. Almost no one you know has a realistic number on how much they owe or when it will be paid off. To get it you have to figure in the interest on all of your debts along with the extra payments it will take to pay it off.

So here’s a secret you can take advantage of: NO MORE Mortgage will create an analysis of your debts for you that shows this and more, and you can get it for free. There is no cost and no obligation. Just free. All you have to do is ask. And you can order a free CD up on the left side of the page that will give you some great information on eliminating your debt.

You need to know how much debt you really have. Your statements don’t tell you, they just show the principle balance. So get your numbers for free and see where you really stand.

Watch this video of a NO MORE Mortgage team member below and then call us at 800.285.9102 and ask for a free debt analysis so you can make wise, informed decisions that will affect your future.

P.S. – Watch our short 2 minute NO MORE Mortgage video to learn more about our program.

NO MORE Mortgage gives you a plan for your debt. What’s your plan today?

No More Mortgage — Fri, 11 Dec 2009 11:01:05 +0000

What is your plan for eliminating your debt? Have you even made one yet? Most people put this off because they don’t want to face the unknown. It’s easier to keep idling along blissfully ignorant of how much money you owe or where you are on building your retirement. But it’s going to catch up with you, and the sooner it does the better for you and your future because you’ll have to do something about it. You need to face your circumstances eventually, so realize that every month you’re in debt could be costing you thousands in retirement income you’ll want later.

Let’s talk about a few problem areas and then we’ll look at how you can get a snapshot of how much you really owe so you can make some better informed decisions in regards to your finances. NO MORE Mortgage offers a free snapshot you can use to make those better decisions.

A common area many people have trouble with is overspending. It can be triggered by advertising, seeing something you want, influences from your friends, impulse buying, or stress induced “comfort buying.” In these cases, you are generally not thinking about where you are financially or when you’ll be able to pay it off. Consider that you may feel pressured to spend more, buy this or that, look a certain way, dress a certain way, or have certain things to fit in or feel like you are living the life you are supposed to. There are many triggers for spending, but they almost all lead back to “emotional” spending.

The next time you are buying something that you don’t absolutely need, ask yourself why you’re buying it and what led you to want to buy it. Do this every time you are buying something and look at what patterns show up and where the motivation to spend at that moment is coming from.

Often, buying something you impulsively want doesn’t feel like it’s going to be a problem. You think “I’ll buy it now and pay for it later.” The problem with that is you will often pay it off much later, having spent many times the original price in interest in the form of credit card payments. When that happens, your future is paying for it. The money you spend on your debt in one month could be worth thousands to you later in retirement after it has had time to build up.

We’re living in a fast paced, complex world where it’s hard to keep track of your money unless you spend some focused time on it. You have money spent on credit cards, ATM cards, department store cards, automatic debits, utility or other bills on automatic payment, written checks, cash withdrawals, dinner receipts, and other expenditures to keep track of. It’s not easy.

You’ve got credit cards in the land of easy credit and get offers for more every month. They entice you to use them with promises of extra miles, points, and rewards.

What your creditors don’t point out is that you will often pay back 2 to 3 times what you borrowed (especially on your mortgage) and that compounded interest is their friend and your enemy in this case. Also, your creditors give you a payment schedule designed to make them more money and stretch out your debt.

You didn’t learn about this in school or at home, so you need to get on top of your debt and reclaim your future now before it’s too late. One thing you need to understand is that when it comes to your retirement and building up enough to take care of you, there is such a thing as starting too late.

You may not have a plan yet because you don’t know where to start. The place to start is figuring out how much you are really going to pay out and how long it is going to take to pay off your debt. You can’t just look at your statements and add up the balances. You have to take into account the interest and amount of payments it will take.

To make this easier for you, NO MORE Mortgage offers a free analysis that will show you these numbers. There is no cost to you and no obligation. Do this for yourself. It’s vital that you know where you really stand.

Give us a call at 800.285.9102 and let us help you get started.

Are your emotions affecting your spending and building your debt?

No More Mortgage — Wed, 09 Dec 2009 19:29:36 +0000

NO MORE Mortgage can help you understand how your emotions are affecting your spending habits.

Most of us don’t realize how much our emotions are tied into our spending habits and our build up of debt (both of which eat away at our future by reducing how much we are contributing and building for retirement). Many of our clients at NO MORE Mortgage have felt the same way until they experienced the peace of mind that comes with being in control of your finances and having a solid plan in place.

Do you have a fear for your financial health lurking around in the back of your mind? It’s normal. Until you get a handle on your finances and your debt, knowing exactly where you stand and putting a plan in place, you’re living in the financial wilderness. And the wolves are waiting to pounce on your money and your future.

We’re all familiar with the term “comfort food” and often partake when fear, worry, or frustration are eating at us. For many people, the same can go for spending. They go out and spend when they feel stressed out or frustrated. Or they buy something on “impulse” without thinking about how it affects their bottom line and their future.

Fear, worry, and stress all create a climate for making bad choices and a lack of focus on what you should be doing and what you want for your future. And as you buy more of what you really don’t need, you’re robbing yourself of your future income for retirement by not contributing more, or even enough. Your emotions can lead you to become focused on today and trying to comfort yourself while you push your needs for tomorrow into the back of your mind. If you aren’t thinking about your future, it’s one less thing to be stressed about. So when are you going to think about your future?

A NO MORE Mortgage Financial Analysis will help you understand where you are financially.

Where do you feel you are right now financially? Are you treading water with no land in sight? Are you on a path where you think you’re heading in the right direction but aren’t really sure? Are you just winging it and hoping for the best? Or do you have a plan in place and know right where you are financially?

I’m going to guess that where you are today is not where you thought you would be if you had written it down 10 years ago. Most people haven’t made much progress in the last 2 years on paying down their debt and many have increased their debt.

If you’re not where you want to be, getting ahead of your debt and building your future, why aren’t you? Let’s look at a couple of the pitfalls or mistakes we make in managing our finances.

First of all, who do you listen to? Are you getting advice on your finances from your friends or family? They’re usually in the same financial situation that you are. We tend to spend our time with people that are a lot like us. So if they aren’t in a drastically better place than you are, why would you listen to them? You need to listen to people that are either much better off than you due to what they did themselves about their finances, or you need to listen to a financial professional with a track record.

What about the people on TV, talk shows, or the internet? Be careful there. You have to remember that many of the big personalities make a lot of money off of books, website subscriptions, advertising, and newsletters. They may not appear to be charging people for their “advice,” but they are getting paid a lot of money through other ways. Some of them give great advice and some of them really don’t. And it’s easy to get into information overload when you spend your time watching or listening to them since they have to cover many topics to appeal to a large audience.

Are you on the path to NO MORE Mortgage and financial security?

Another mistake that almost everyone makes is to not know how much money they really owe when you include the interest that you will pay out based on how you’ve actually been paying your bills. You can’t rely on looking at the balances due on your statements.

Fortunately, you can change the path you are on quite easily. You really need to find out how much you owe on all of your debt and how long it will take to pay off. Knowing this alone could help you make better decisions and could help you reduce unneeded spending.

Call for your complimentary NO MORE Mortgage Financial Analysis today.

We offer a free service at NO MORE Mortgage where we create a “no cost, no obligation” analysis of your debt that shows you not only how much money you will pay out on your debt, but how long it will take to pay it off based on how you pay your bills today. Our analysis also shows how much you could save in interest and how much sooner you could be completely debt free with our automated program that does the work for you.

Watch this short video on NO MORE Mortgage and then call us for your free analysis at 800-285-9102.

Thank you for visiting us at NO MORE Mortgage, where a debt free future can be yours today!

NO MORE Mortgage Plan vs. Debt Settlement

No More Mortgage — Fri, 04 Dec 2009 01:21:32 +0000

There are very important differences between NO MORE Mortgage’s automated debt elimination plan and debt settlement. You should know about these differences and how they can affect your financial future.

Let’s look at the how each one comes into play in your quest to eliminate your debt and get back on track financially.

First of all, let’s ask why you may be considering debt settlement. This is the most important step as it tells you which path is best for you. Cash flow is our first comparison.

If you are cash flow negative, cannot cover your bills, and are headed towards losing your home, then you should talk to a bankruptcy attorney and ask about debt settlement and bankruptcy. In some cases, debt settlement is not going to help you and may hurt you more if you are headed into bankruptcy anyway. The attorney is a better place to start as many of the settlement “counselors” want to sign you up and may not be competent enough to give you the best advice.

If you can afford to pay your bills today, want to protect and improve your credit, and get on track to building a bigger and better retirement fund after becoming debt free, then read on and we’ll go over some other differences. Our program isn’t for someone who is cash flow negative. But we could do wonders for you if you are able to pay your bills today.

First, let’s go over why you hear so many ads today for debt settlement and how it is being touted as the “path to being debt free.” Debt Settlement is being advertised in much the same way the option arm mortgage was in years past. It has certain advantages for a small percentage of people, and is easy to sell. Through mass marketing and media advertising it is being offered to anyone who “qualifies” regardless of whether it’s a good choice for them.

Our next comparison is about the type of debt you can “eliminate.” Debt Settlement is typically targeted at someone with heavy credit card debt usually defined as “over $10,000.” Settlement companies target credit card debt because it is unsecured, so they can negotiate with the creditors. If it was secured debt, such as an auto, the creditor can simply take their asset (your car) back. So unsecured debt cannot help you with much of your debt that is secured, such as your home, your cars, and other physical property.

NO MORE Mortgage’s debt elimination plan is designed to help you with all of your debts, regardless of whether they are secured or unsecured. If it is a debt that is paid monthly, and can be paid off (unlike utility bills) our program could be ideal for you.

The next comparison has to do with your credit. Debt settlement can damage your credit harshly for at least 2 years and will likely continue to hurt you for much longer. The short term savings you may gain in settlement could easily cost you that and more over time as you will pay higher interest rates on any credit or lending you need after that. And that is if you can get credit after that for the first few years or more.

With our debt elimination program we don’t do any settlement nor do we contact your creditors. And our comprehensive debt analysis system generally accelerates the pay down of your debt by attacking revolving credit first, such as credit card debt. Revolving credit can make up 30-35% of your credit score. So as your revolving credit is being paid down your score is not only “not damaged,” but you could actually see your credit score improve faster than it would normally based on how you pay your bills today.

Our program does not harm your credit, and should improve it faster. Your credit score and history are used in determining not only whether to provide you with credit, but is often reviewed when considering someone for future employment and in other ways. Your credit score is becoming more important every year. You want to keep yours in the best shape possible.

Let’s compare where your money is going during the programs. With debt settlement, your money is collected and often held in an escrow account, where part of the money is being paid to the settlement company and the rest is held until there is enough to negotiate the first debt.

In our program your money is paid out directly to your creditors each month through our advanced bill pay system that does the work for you. Our system meets all of your obligations while making your payments according to your personalized analysis to save you the most time and money. We ensure on-time payments while working your plan for you. And your money is transferred and paid out to your creditors by a top rated financial institution that handles transfers for many of the country’s top banks.

We’ve helped thousands over the years to get on track to becoming debt free. This is a safe program that works, and does the work for you to ensure your success.

Contact us for a free CD that will further discuss our program; or better yet, call us and ask for a free debt analysis that will show you how much your debt will cost you and how long it will take to become debt free based on how you pay your bills today. It will compare and show you how much sooner you could be completely debt free and how much you could save if you choose to join the thousands that are already on this path.

Everyone should know how much their debt is going to really cost them and how long it will take to pay it off the way they are paying it today. Knowing where you really stand helps you make better decisions and can help you make better choices in your spending. Get your free analysis at no cost and with no obligation. That’s our gift to you for taking an important step and learning something 95% of your friends and family don’t know about their own finances.

You can fill in the form at the top left for a free CD or call us and get your free analysis at 1.800.598.1657

Your friends at NO MORE Mortgage