You need to begin somewhere, and that somewhere is to have a goal and for each goal a strategy.

One strategy to help eliminate all of your debts is to use a mortgage to consolidate debt. It sounds sort of strange to use a mortgage to get rid of your debt and the mortgage itself.

It can actually be a very wise and solid strategy. Or it can leave you worse off than you started. Let’s take a look at positives, negatives, and some things you need to know if you consider using this strategy.

If you are a homeowner and can qualify for a home loan to consolidate your personal personal debt, you may be able to get a loan for the purpose of paying off your credit cards, automobile loans, and other debts. That’s what you’ll be told. You need to realize that this approach doesn’t actually pay off the debts in the loan. You are really just relocating the debts to the mortgage consolidation loan and there is good and bad involved in that.

You could get a new first mortgage for this strategy. Or you can do it as a new second mortgage which does not impact the terms on the current primary mortgage. Today it is harder to get a 2nd and the rates are generally higher than on a first. You generally aren’t looking for a 2nd unless you can’t refinance your first, or primary, mortgage.

So what are the positives for using a mortgage in a consolidation strategy?

1. You could get an improvement in your monthly cash flow right away. If this is done right you should end up with an improvement in your overall debt payment thanks to a mortgage payment that is smaller. You aren’t making the payment on the debts you “paid off” in the new mortgage anymore (more on that later) which is where you’re saving money every month now. You should see a significant difference between payments on the new loan versus the old loan (plus the old debt payments) allowing you to save possibly hundreds of dollars a month or even more. You will find that you will see larger savings if you have significant amounts of debt. If you are not saving a significant amount of money thanks to the new mortgage payment you need to re-think what you are doing before sign any loan paperwork.

2. You will see an improvement in the interest rate paid on your overall debt. Rates for a home mortgage are very low today. Credit card rates typically run much higher than mortgage rates and it is a more expensive personal debt since it calculates based on compounded interest. Mortgages are calculated at simple interest which helps keep the debt from getting out of control as credit card debt often does.

3. Your tax write off or liability is generally improved. Your mortgage will most often bring you a generous tax write off. You will most likely not be able to write off any the interest on your credit card debt. Your mortgage is larger right now and the amortization on a new loan is focused more on the interest than the principle. Your tax professional will be able to affirm your eligibility for tax deductions. They may also be able to show you where you can change your deductions and bring home more cash to go against your debt if it makes sense.

4. You would be wise to use the additional cash you nowadays have to attck your personal debt and pay if down faster. You could not only pay down any other personal debt you have but it can help you start paying down the mortgage and rebuilding your equity faster too. Use that surplus cash to get that new 30 year mortgage consolidation loan paid off in 1/2 to 1/3 the time. This technique also helps you rebuild the lost equity in your home faster at a certain point in time. Take a minute and think about what that would mean to you. You could be personal debt free with no more mortgage payments and very bright future.

Now let’s look at the potential negative effects of using a mortgage loan for a debt consolidation strategy:

1. You are taking out a new mortgage loan that is larger than the one you had before. You have to make sure the new payment is affordable and that you can make the payment on time every month. That shouldn’t be a problem since you are saving money having put some of your debts into the mortgage and offsetting those payments. Make sure the new loan strategy makes sense financially or you need to look for another option. The new loan is secured by your house which you don’t want to put at risk so make sure you completely understand the terms involved.

2. You need to know what the total costs for the new mortgage loan you are taking out. High fees could mean the payment might not make sense so double check everything before you move forward. If you aren’t getting an obvious benefit from it, don’t sign any paperwork until you have the deal that works for your budget and strategy.

3. Consolidating the debts in the mortgage can increase your all-inclusive personal debt load at the start. You might find that some loans don’t lower your payment enough to make it worth it. The new loan is not the better option for you if you are not able to gain enough cash flow to accelerate the pay down of your debts.

What you need to know:

1. Mortgage Consolidation loans have not historically made a huge contribution to improving the future of the home owner. This is really easy to mess up and many have. There were home owners getting consolidation loans which freed up their credit cards and then a year or two later they had filled up their credit cards all over again. This comes from a lack of financial discipline. Moving your personal debt around has given you additional cash flow to use to your benefit. However, debt has a way of sneaking back up on you when you least expect it and can easily wipe out your cash flow improvement if you aren’t disciplined.

2. Your mortgage guy’s commission could be tied to the interest rate on your loan. And that has a direct impact on your new mortgage payment. The higher your rate the more that they could make unless they are charging you a loan origination fee instead. In some cases they get both an origination fee plus commission from the lender based on your rate. It is very important that you read the paperwork in the initial loan quote and disclosures and then read it again before signing so you know exactly what you are paying. Don’t be surprised if you end up haggling with your mortgage company over the rate as it could be directly affecting the amount your mortgage company will make on the loan.

3. Many people will go for the loan option with the most cash out left over after “paying off” some debts. What sounds good initially could hurt you in the long run as you are paying interest on each and every dollar you are pulling out. And it’s coming out of your home’s equity. You really don’t want any of that money going towards anything else but what you really need it for to make your strategy work.

4. Be aware of any pre-payment penalties on your current loan. This is very important. I would also say that this is very important. And I would add the this is very important. You would not be the first person to end up losing at least several thousand dollars in equity due to a penalty on your current mortgage loan. You should go through through the old documents on your existent mortgage. You would be surprised at the high percentage of people that don’t know they have an early pay off fee. The place to check is in your current mortgage documents.

Make sure you are working with someone on your loan that is working in your best interest. Getting a recommendation from your friends and your family is a good way to start off. Make a list of the people that were recommended and look them up on the BBB ( better business bureau )website to see what their rating looks like. You have to work very hard to maintain a high rating with the BBB. Here is an example. This is the BBB rating for No More Mortgage.

You have some good information to think about so far. Consider the following.

1. Getting a mortgage loan to consolidate debt does not really pay anything off. Your mortgage just swallowed up the debts you rolled into it making it even larger. The risk of losing your home has increased as you have reduced the amount of equity available should you become unemployed or need to tap into it for an emergency. Using the cash flow improvement wisely can make all the difference in succeeding with your financial goals. However, this strategy can be a very bad move if you are not disciplined. You run the risk of running up your personal debt all over again once your credit cards are paid off and freed up. That is not the way to get achieve a financial goal of having no more mortgage or other debt payments.

2. You should have a payment on the new mortgage that is higher than the previous one and you have to be able to pay it on time every month. Your new mortgage consolidation loan payment will be less than the previous total debt payment you had freeing up cash you need to be very careful with so you don’t waste the opportunity you have to get ahead.

Like many others, you might have experienced the cash out / refinance cycle previously. Some people have gone through it 2 or 3 times and each time they freed up their credit cards and watched them fill back up slowly over a couple of years or maybe even just months. This can be a dangerous strategy and this is why. You have to have the financial discipline to put your extra cash flow against your debts to make this work. The rewards are huge and your future could be at stake if you don’t address your debts before it’s too late.

Remember, you’re working towards becoming totally debt free and retiring with no more mortgage or other payments. With the right strategy you could achieve that and more.

Your friends at No More Mortgage.

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

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2. NO MORE Mortgage: Budgeting Tips for New Budgeters
3. No More Mortgage Plan vs. Debt Settlement

We’re living in tough economy right now and you probably know someone who has lost a job or possibly even their home. If there has ever been a time to take control of your finances and get your debt under control, it’s today.

Credit card debt, your mortgage, auto loans, the list of debts that are robbing you of your future go on and on. Every month you are paying anywhere from hundreds to thousands of dollars on your debts that you would rather put away for the retirement you deserve. That money could be compounding and growing for you. Instead it’s compounding and growing and building your creditor’s future.

You’ve heard about retirement funds getting cut in half, or worse, over the last few years as the stock market has shown itself to not be as dependable as many have counted on it to be. And you can’t give yourself a raise if you work for someone else. So how do you get ahead and contribute more to your savings and retirement? You pay off your debt faster and put that extra money that would have gone to your creditors towards your own future.

At No More Mortgage we’ve helped thousands of clients over the past decade to get on track to a debt free life and a brighter future.

Carrying debt is not only limiting and holding down your potential retirement income, but it can create an enormous amount of stress in your life and in your relationships. Take control of your finances and your future.

Watch our video and learn more about us and how we can help. Ask for your free audio CD today.

Your friends at NO MORE Mortgage.

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There are two things that are critically important to your financial future. Eliminating your debt and building a retirement income that will actually allow you to live the lifestyle you deserve instead of maybe just getting by, or worse, having to continue to work.

First, let’s talk about building retirement income. We aren’t living in the high interest rate environment we saw in the 80’s or 90’s where you could get high returns due to where the interest rates were sitting. When you’re investing and the rates are high it’s a lot easier to make money on your money. Now it’s much more difficult to find high returns.

Thanks (partially) to all of the controversies that have rocked Wall Street there is a lot less trust in the stock market and while we’ve seen movement in the market in both directions it hasn’t gained much overall in the last few years. It’s going to take longer to build your retirement if you’re overly depending on the stock market or investments in low interest rate products. That’s not to say you don’t want to have part of your portfolio in the market but you need to be realistic about your expectations there.

Something else you should be doing is making contributions to your retirement based on your expected needs. Far too many people base their contributions on how much they feel they can afford to take out of their paycheck, which is usually far less than it should be.

One of the only sure returns you will get on your investment is paying off debt. Debt is a lot like a double negative for your finances. First, you are putting money towards a debt which you are paying interest on. Aside from your mortgage, you most likely are not able to claim a tax write off or credit for the debt either. The other thing to think about is the fact that the money you are paying could be going towards building up your retirement accounts which would earn interest and the build the size of the your retirement over time. So not only are you losing the opportunity to build your own retirement, but you are contributing to your creditors by paying them interest.

Paying the debt off as soon as possible can dramatically reduce the amount of interest you pay and often wipe out years of payments. In our program the average client with a mortgage can save over $100,000 and is often completely out of debt in around 9 years. Imagine how much faster you could build up a substantial amount of money if you were able to put the all of the money you pay out each month towards you retirement instead. How much do you spend on your mortgage and your debt each month? $1000? $1500? $3000?

We’re living in a changing economic environment today. There is very little you can count on. You need to take control of your future and not let it be dictated by someone else.No one can foreclose on your home if you own it. And retiring with enough money  to live on comfortably is much easier to attain if you focus on eliminating your debt and building your own future instead of your banks.

The reason we say above that you have to think a little differently now is that much has changed over the last few years and most likely will continue to change. You have to be more proactive in protecting yourself and building your retirement than in the past. We can help you address the debt which is critical if you are carrying a mortgage and additional debt on top of that. We’ve been helping our clients for over a decade and are ready to send you a resource that will help you determine what you can do to change your future for the better.

Learn more about eliminating debt by going up to the top of the page on the left and fill in the information to get your free audio CD.

Get on track to a life with no more mortgage or other debt payments and build a stronger, more solid financial future.

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

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A strong foundation for financial independence can be found in learning to budget skillfully. If you are like most folks, budgeting is not the first thing to come to mind when deciding on how to spend your your leisure time. But you’ll discover that it’s one of the most effective ways to get ahead financially if you stick with it.

You can also improve your retirement contributions as well as pay your debt down more rapidly by learning to budget well. You could find yourself free of debt and with no more mortgage payments years earlier than you expected by incorporating good budgeting practices into your financial plan. Budgeting can make it easier to survive the surprising financial emergencies that could come up too by building up an emergency savings.

You know how tough it can be to continue on a budget if you use one now or have tried to in the past. It can be a real challenge. Here are a few steps to help you stay with your budget and stay on track to the financial success you deserve.

Crack down on your wasted spending and save money right away:

Go through your current bank statement and write a description of what each amount of money was spent on. Next, add up the items that you really didn’t need to spend the money on. It’s common to see that there are some items you bought that you really just wasted money on than you thought. You may find that you spend more money on things like going out with your friends or eating out for lunch.

Focus on building your savings for emergencies:

You should work towards building up adequate savings to handle an emergency that comes up or a period of time due to job loss. The last thing you want to do is to have to use a credit card and pay interest on an expense you didn’t plan on or budget for. Use your budget to determine how much you could put into your savings every week or every month and get started.

Use Cash with more awareness:

You want to use cash or a debit card instead of credit cards whenever possible. You need to avoid using your compounded interest rate credit cards. The interest that builds up can get away from you and could led to big trouble financially. You’re also better off not having a lot of cash on you since it’s easy to spend and not recognize how much you spent. Spending should be part of a plan and not something you just do because you have money availalble. Use your debit card whenever possible as it’s also easy to track and scrutinize your spending with. Lastly, stop carrying your credit cards if you have difficulty not using them.

Eliminate bad habits:

Some of them cost you a lot more money than you notice, like your daily visit to the coffee shop, smoking, or going to the movies every weekend with your family. It’s easy to not keep track of your money and takes an effort to pay attention to your spending. You have to decide what’s more important to you. Is it important to you to retire with no more mortgage or other debt payments? Ask yourself how are you going to get there? You can start by listing the habits you have that are wasting money and put an end to them. Little expenses add up over time, and some of your small habits that don’t seem like they cost much each week could cost you tens of thousands in retirement income in the future or more.

Share the Responsibility with your family:

Everyone in your home should understand and have a part in budgeting and following the budget. Let everyone in your household know what you are trying to achieve so they are supportive and understand why they can’t spend more. Show them how they can help by not wasting and by planning before spending. Sit down with your spouse and make a plan for your spending and budgeting. Then you want to check in every week to make sure you stay on track or decide how to get back on track if you happen to stumble temporarily. Arguments and disagreements over money are among the leading causes of divorce. Sticking to your budget together can help relieve the stress and could minimize or event prevent financial strain from taking it’s tole on your marriage and your family.

Pay down your debt:

If you don’t have a plan for your debt you need to create one now and start following it absolutely faithfully. When you’re struggling with debt, you may start to feel like it’s going to take forever to pay it off, and it will usually take several years if you have a mortgage. Over the last few years, retirement accounts have taken big hits and fallen considerable in some sectors. The stock market has proven that you can’t depend on it. One of the only ways to get a guaranteed return on investment comes from paying off your debts and not having to pay the interest on them anymore. It improves your cash flow at the same time every time you pay off a debt. But it often takes years and you need to have the discipline to follow through every month.

Re-examine your latest spending and expenditures:

You want to review your spending every month for other areas to improve on and look at your budgeting progression. Continue to critique your statement and receipts to look for more opportunities to cut your spending. Think about taking lunch with you to save more money. Set up a carpool with a buddy or someone you work with. Make little cuts where you can to increase the amount of money you have to save or put toward paying down your debt. Sticking to a budget is key to paying off your debts and having no more mortgage payments.

Budgeting is essential to getting a handle on your finances and building up the retirement you want and deserve.

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

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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 going to? Does anyone else have a bigger stake in wiping out your debt and building the retirement you want and deserve than you do?

Here is a list of things you should be doing. There are many more than this, but here are some you need to be doing now.

• Go through your last bank statement and write down what each charge was for. This can be a really 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 what to watch for and where you seem to waste money without thinking about it.
• Group items together by making a note at the end of the item. Put food, utuilites, meals, clothes, etc. The 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 you see that you could obviously 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 now if you are paying the minimum payments on your credit cards which the credit card company will happily let you do for the next 30 or so years.

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

This is by no means a comprehensive list of what you should be doing and how to track your money. But its a good start to take a look at where your money is going and how much of it is going out vs 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. As in 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 them 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.

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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 where you see something you want, influences from your friends, impulse buying, or stress induced “comfort buying”, among other things. 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 just happen to 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 over time in the form of credit card payments. When that happens, you’re 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 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 figure 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.

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2. Do you really know how much you owe on your debt
3. Are your emotions affecting your spending and building your debt?

Do you have a fear of 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. The same can go for spending for many people. They go out and spend when they fell 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, your 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?

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 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.

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.

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

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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, can not 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 un-secured, 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 can not 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 on 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 being 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 is a safe program that works, and does the work for them to ensure their 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 .800.598.1657

Your friends at No More Mortgage

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Well, yes it is and no it isn’t.  Yes, at one moment in time a statement can show what you owe if you were to pay it off completely. And no it isn’t when you factor in interest payments over time.

That interest over time is what steals your future like the thief that it is. Your debt can rob you of hundreds of thousands of dollars you should have at retirement. Debt sneaks up on you and stretches the pain out slowly so you don’t notice how much it is costing you. Did you know that half way into a 30 year mortgage you can still owe 75% of the principle? We’ve seen credit cards that would stretch out to 40+ years or even more at the minimum payment.

Think about this for a minute. You pay your creditors back based on a schedule that they create, and they earn their living off of the interest that they charge you, along with extra fees and charges So do you think they create their payment schedules with your best interest in mind? Is your money going towards building your future, or theirs?

What they know is that most people think about the balance on their statements and figure that’s about what they’ll pay back. What they don’t want you to know is that by utilizing a program like ours at No More Mortgage, you could pay them back significantly less and save yourself a great deal of money. Our program creates a new payment schedule that meets your obligations with your creditors and pays them back up to 75% faster allowing you to keep far more of your money and get out of debt that much faster.

The creditors also know that most people won’t follow through with this on their own as they either don’t have the financial discipline or the time to work their plan, month in and month out, for the time it will take to get out of debt. That’s why our program does the work for you. We work to ensure that you are successful at eliminating your debt safely and wisely. Our program can often improve your credit faster than would normally happen too.

So, do you really know how much you owe on your debt, and how long it will take to pay it off based on how you’re paying your debts today? We can easily show you that and also compare that to how much you could save and when you could become debt free if you take advantage of our program. We offer a free debt analysis with no obligation that will show you all of this.

To make good decisions, you need good information. Knowing how much you really owe and how long it will take to pay it off has an impact that you will not soon forget. And it can influence your financial decisions for the better. Call No More Mortgage and ask for a free debt analysis. It doesn’t take long once you give us the info we need to run your analysis. And we don’t need any information that would put your identity at risk. You can ask for our free audio cd using the form on the left side of the page too. It has some great information on it that could save you a lot of money.

Give us a call and let us help you get on track to a debt free future with less stress and more financial security.We’re at (888) 239-3765

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Credit card companies are socking it to consumers left and right. They’re hiking interest rates to as much as 36% and doubling minimum monthly payments, frustrating customers who are already cash-strapped and credit-crunched. In an effort to curb these abusive practices, President Obama signed into law a credit card reform act in May that’s rolling out in three parts over 12 months. At the same time, credit card companies have been hard at work coming up with new ways to boost profits while sidestepping the reforms. “Card issuers are making sure they can make up the lost money in new ways,” said Bill Hardekopf of Lowcards.com, a research company funded by a commercial debt collector. The first part of the law, which took effect in August, requires banks to give customers more notice ahead of major changes to their accounts, like rate hikes. Starting in February, limits will be imposed on when issuers can raise rates on existing card balances, and on new cards. In August 2010 some credit card penalty fees will be will reined in. But no legislation can fully shield consumers from the credit card industry’s ongoing efforts to boost the bottom line. The worst part? “All of these hikes are taking place simply because they can,” Hardekopf said.

1) RATE HIKES: Interest rates are out of this world. “They’ve increased steadily over the past 5 years, and in general are higher than they’ve ever been,” said Josh Frank, senior researcher at the Center for Responsible Lending (CRL), who says he’s seen annual percentage rates as high as 36%. No current laws cap credit card interest rates, according to Pamela Banks of Consumers Union, the nonprofit publisher of Consumer Reports, so technically the sky’s the limit. But the CARD act will help curb abusive practices. As of February, issuers won’t be able to arbitrarily raise rates on existing balances. But cardholders will still be subject to interest hikes for late payments and various other infractions. And card companies will be able to raise their rates as high as they want, whenever they want, on future purchases even after the reform bill kicks in completely. The act will bring protections for new customers; issuers will no longer be able to hike rates on new accounts in the first 12 months, unless the borrower is delinquent by more than 60 days or the increase is stated in the contract. Keven Vallance recently saw the rate on his Sears card increase from 9.99% to 13.99% for no apparent reason. When Vallance called Sears Credit, which is owned by Citibank, a rep told him every cardholder’s rate is increasing by 4%. Citi spokesman Samuel Wang said in an email that the company has “adjusted pricing and card terms for some customers as part of our regular account reviews.” Consumer outrage is boiling over. Last month, a disgruntled Bank of America customer posted a YouTube video complaining her bank “jacked up my interest rate to a whopping 30% APR.” Her rant went viral, and BofA dropped her rate back to its original 12.99%.

2) NEW FEES: Fees aren’t just rising -they’re multiplying. Cardholders are getting slapped with fees they’ve never seen before. The hitch: New laws can address only existing fees and business practices; they can’t predict what credit card companies will do in the future. “Theoretically, they could create a fee for names that begin with ‘J,’” said Lowcards.com’s Hardekopf. In reality, customers are seeing new annual fees, inactivity charges and more. Not of these charges are unheard of, but many fees that were unusual are becoming commonplace. Earlier this month, for instance, some Bank of America customers were shocked to learn that their no-fee credit cards would be subject to a new annual fee. BofA spokeswoman Betty Riess said the fees are part of a company test that affects 0.5% of all consumer accounts, and that the fees range from $29$99. The charges will be levied in February, and Riess said customers were chosen “based on risk and profitability” but have the option to reject the fees by canceling their accounts. Fifth Third Bank recently introduced a $19 inactivity fee for customers who don’t charge anything for 12 months, and Citibank is hitting some consumers with a fee if they put less than $2,400 on their card annually. To address this problem, House Financial Services Committee Barney Frank (D-Mass.) has proposed a new regulatory body, the Consumer Financial Protection Agency, which would approve new credit card fees. While the House Financial Service Committee approved the agency, it remains to be seen whether legislation will pass; lawmakers are battling over this and other reform proposals floating around Washington.

3) HIGHER MINIMUM MONTHLY PAYMENTS: Banks are also demanding bigger and bigger minimum payments. Chase has bumped up the minimum payment for some consumers to 5% of the monthly balance from 2%. For someone who carries a $5,000 balance, that means the monthly payment of $100 skyrockets to $250 -a whopping 150% increase. Consumer Union’s Pamela Banks says her organization has compiled a wealth of anecdotal evidence that indicates such increases in minimum monthly payments are widespread. “This is making payments virtually impossible for some people,” she said. “It’s throwing people off when they were living on a tight budget anyway.” Some good news is on the way, however. After February, card companies won’t be able to increase monthly minimum payments by more than 100%. For example, a bank cannot increase a 2% minimum payment to any higher than 4%. And this so-called “doubling” will be allowed only once during the life of the card.

4) FEWER REWARDS: Say goodbye to beach vacations and new iPods just for swiping your card. Rewards programs have been enticing shoppers to charge a purchase rather than paying cash -but card issuers are cutting back those perks. “This is happening with a significant amount of cards,” Hardekopf said, adding that many consumers are now receiving 1% cash back instead of the 2% or 3% they once enjoyed. American Express recently cut its Blue Card’s cash back policy from 1.5% to 1.25%. And all AmEx customers who make a late payment will no longer accrue points on their purchases -however, those points can be reinstated with a $29 fee.

5) SLASHED CREDIT LIMITS AND CANCELED ACCOUNTS: Without so much as a call from the bank, some customers are learning their credit limits have been slashed by as much as 75%, or that their accounts have been closed altogether, according to the Center for Responsible Lending’s Josh Frank. Citibank recently closed what a spokesman called a “limited number” of MasterCard gas cards co-branded with Citgo, ExxonMobil, ConocoPhillips and Shell. “People go to make a purchase, and they find out about these huge changes only when they’re denied,” Frank said. “It’s a shock, and it’s been happening a lot.” Even cardholders who don’t charge anything might find their accounts abruptly closed, Frank said. With credit losses at a record high, companies see inactive cards as a red flag and close the accounts to avoid the worry of future writedowns. “Usually cardholders have this credit line available for an emergency, for this kind of current economic situation,” Frank said. “But now they’re turning to it when they need it, and it’s gone.”

What’s a cardholder to do? Consumers must pay close attention to the terms of their contracts, staying alert to any changes. “It’s boring reading, and it can be hard to understand, but that’s where everything is spelled out,” said Lowcards.com’s Hardekopf. Of course, while there are laws aimed at helping consumers, legislation can’t do it all. “As we close the loopholes on some things, they open up elsewhere,” said Consumer Union’s Banks. “Reform acts don’t cover everything, and cardholders have to watch out for their own accounts.” And if you don’t like your credit card’s new terms? “Shop around -you are not married to your card,” Hardekopf said. “It’s a partnership, not a lifelong contract.”

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“I said to them, ‘You’re giving me the option to either shoot myself in the foot or shoot myself in the hand. That’s just unacceptable,’” said Skinner, from Greenville, S.C. She holds only two credit cards, so the hit to her credit score from closing one would be significant. “What am I supposed to do?” she wondered. It’s a frequent question for American consumers these days. Half of all account holders say they’ve been hit either with a higher rate or a lower limit in recent months. While consumers are customarily given the choice to decline the new terms and close the account, doing so flies in the face of all standard advice from personal finance experts because closing credit cards usually has a negative impact on credit scores. “Credit utilization” is one of five important factors used to determine a consumer’s score. Closing a card with a $10,000 limit means the consumer has $10,000 less in credit. If that consumer owes $5,000 on a second card with a $10,000 limit, their utilization just shot from 25 to 50 percent, a credit score killer.

So which bad choice is right for Skinner and other consumers facing the same conundrum? The answer is perhaps even more maddening than the question: “It depends” and “there’s no surefire way to know ahead of time.” But there are some clear guidelines that can help. For starters, closing an account will never help your credit score, despite persistent mythology to the contrary. The only time closing a credit card account is a good idea is when keeping it open will do even more damage than the lowered credit score. No one can say precisely how much closing a credit card account will hurt your credit score -too many other dynamic factors go into calculating the number. Fair Isaac, which owns the credit score formula, says the impact can range from zero points to “dozens of points,” according to spokesman Chris Groppa.

Dozens of points doesn’t sounds so bad, right? Wrong, says Credit.com’s John Ulzheimer, himself a former Fair Isaac employee. “The amount of their score drop isn’t as important as whether or not they cross the lines between approved and declined, and better rate or not as good of a rate,” he said. “Example: If my score goes from 685 to 675 then that’s only 10 points so no big deal, right? But what if (the consumer) applied for a car loan and the lender offered 7.9 percent above 680 and 9.9 percent for someone below 680. Then the 10 points become very meaningful. This isn’t unrealistic as all lenders use score-tiered decision tables.” In other words, if you are planning to buy a house or a car in the next month or two, closing a credit card is a terrible idea -even if your interest rate is about to skyrocket. But outside of that backed-into-a-corner situation, consumers should feel comfortable exercising their right to fire their credit card company and accept the consequences. “People shouldn’t let worry over FICO scores rule their lives,” Groppa said.

For starters, a higher rate will cost money today for anyone who doesn’t pay their balance in full. A credit score drop of 20 points or so might cost you money tomorrow. But you don’t know how much, and you don’t know how long the credit score hit will last. It’s smart to take the sure savings today and close the card. There are strategies for minimizing the negative impact once you do so. First, carrying a low balance or paying off your cards is the best insurance against the penalty of closing a card. If a consumer closes a card and loses $10,000 in available credit, but pays off $10,000 in debt on other cards, the available credit would remain equal and there would be no or minimal impact on a credit score, he said. Of course, that’s not always realistic. A second route to a similar result is to open new credit cards with limits that replace the lost credit.

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In August, prices rose in 17 oF 20 cities. Only Charlotte, Cleveland and Las Vegas recorded month-to-month declines. In the past year, prices are down 11.3% in the 20 cities. Prices in all 20 cities were lower in August 2009 than in August 2008, but in general, year-over-year declines have lessened. “We do want to remind people of the upcoming expiration of the federal first-time buyer’s tax credit in November and anticipated higher unemployment rates through year-end,” said David Blitzer, chairman of the index committee at S&P. “Both may have a dampening effect on home prices.”

Economists at Goldman Sachs said they expect a further 5% to 10% decline in prices. Falling values have been a major factor contributing to the chaos in the global economy, because financial institutions made too many bad bets that U.S. home prices would never fall. Millions of homeowners have found themselves owing more on their house than it is worth. They cannot sell for what they owe, and they cannot refinance their home loans. Nor can they borrow against their home to finance their consumption. Trillions of dollars of wealth have evaporated. Rising unemployment is now driving foreclosures. Another wave of foreclosures from interest-payment-only mortgages is anticipated, beginning in spring 2010.

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