“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 –

Related posts:

1. NO MORE Mortgage Financial Peace Newsletter May 2011
2. January 2011 NO MORE Mortgage Newsletter
3. April 2011 NO MORE Mortgage Newsletter

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

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

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.

Related posts:

1. April 2011 NO MORE Mortgage Newsletter
2. January 2011 NO MORE Mortgage Newsletter
3. November 2010 NO MORE Mortgage Newsletter

If you can free up $33/month, you can usually take one or two months off your debt plan—this is found money!
If you have not taken the time recently to make a comparison of the cost of your insurance premiums with other companies, you are probably paying too much for your car and home insurance.  Let me tell you why.   About two and half years ago I went in to see my insurance agent with a quote from another company.

Immediately my insurance agent proposed a move to another company so we could beat the quote I had brought in.  It was amazing how quickly that happened upon me walking into his office. Just two weeks ago I got on the internet and asked for another broker to give me insurance comparisons from several companies.  After answering a few questions and visiting with Crystal on the phone I ended up saving over $100 on my home insurance per year and $300 on my two cars each year.   That gave me $33.00 extra per month to put into my emergency fund, or apply to my debt plan to eliminate all my debts faster than ever.  Your insurance score that the insurance companies receive from the credit bureaus is constantly changing, and in many cases it will allow you to get a lower premium on your insurance than you think is possible.

What is the difference between a credit score and an insurance score?   A credit risk score is a number, produced by evaluating information in your credit file at a credit reporting agency, which evaluates the likelihood that you’ll pay your bills on time. FICO® scores, the scores that most lenders use, are based on mathematical models built by FICO and are available from any of the major credit reporting agencies (Equifax, Experian, and TransUnion).

These are used by financial institutions and retail credit grantors for all kinds of decisions: whether or not you get a credit card, or what kind of an interest rate you qualify for on a mortgage loan, for example. A different kind of a score is used by most insurers to help evaluate the risk of insurance applicants and policyholders. This score, generically called a credit-based insurance score indicates whether you are more or less likely to have claims in the near future that will result in a loss for the insurer.

There are obvious similarities between your credit risk score and your insurance score: There are, however, important distinctions. The credit risk models are built to predict the likelihood of delinquency or non-payment of a credit obligation. The insurance risk models, by contrast, are built to predict the likely “loss ratio relativity” of any particular individual.  Loss ratio is the amount paid out by the insurance company in claims divided by the amount they collected in premiums. Loss ratio relativity measures whether the cost of your insurance claims is expected to be higher or lower than average. Insurance scores are not the only factor used to set pricing, nor can they be used to deny coverage to any consumer.  This score is most often just one factor of many in an insurer’s underwriting evaluation.  Because of my experience with Crystal I would recommend going to her website which is www.expressinsurance.net  or give her a call at 801-655-1823 for help.

A profile of the average American financial situation…

Americans have grown up with the saying “Keeping up with the Jones” and they have come to accept it. Americans want to have everything that their neighbors have, and if they don’t have the money to buy it, they put it on credit. They believe that they need to live the same type of lifestyle as those around them but that lifestyle can quickly spiral out of control. Americans and the government fail to live within their means. Instead of cutting back on expenses and saving some money for the future or even retirement, many live in the moment. And unfortunately, that’s difficult to come back from.

The combined amount of personal debt in the US is $2 trillion which is about the GDP of England. That means Americans are in debt more than a country earns in a year.  And that $2 trillion debt boils down to $117,951 per household.  The statistics don’t get much better from there. Even though Americans are a hard-working and industrious people they undertake too much debt and save too little. In the 1960s the average American saved 11 percent of their paycheck and in the 1990s it had decreased to 5 percent and then in 2003 it fell to 2.3 percent. However, because of the shaky economy, savings among Americans have recently risen and now comprise up to 5 percent of their disposable income.

But despite the savings, many are failing to save for retirement Medicare and Social Security are going bankrupt, so individuals can’t rely on those programs or the government when they retire or can no longer work. They need to save up their money and prepare for their future. Currently, only 18 percent of Americans are confident about having enough money for retirement. And only 60 percent of Americans are saving for their retirement. So what about all those that aren’t saving? Hopefully they have some children that will take care of them in their old age or some backup plan.

Finances are tricky especially in today’s world, but it’s important to cut costs where you can and get a savings plan. As prices continue to rise and incomes (well don’t) it’s important to keep debt to a minimum and look out for yourselves and your family.

Remember, you don’t have to have everything brand new and it takes time to accumulate things. When people get married today they think they need a house and everything in it.

In the past newly married couples would start out with furnishings they got from a family member, at a yard sale, or just do without. But today the expectations Americans have can sometimes get out of control.

Beware the Debt Monster!  Look at compound interest …

Look at how compound interest can work against you.  Credit card and mortgage companies understand this.  You must get out from under their grasp. Be afraid, be very afraid of your debt. It is growing this very moment without you charging another thing. “Why?” you ask… because of compounding interest!

In terms of debt, the simplest way to think of compounding interest is to think of paying interest on interest.  Each month, interest is added to the principal so that every month thereafter, you are charged interest on the interest that has accumulated up to that point, as well as the principal, until paid.  This may be contrasted to simple interest, where interest is not added to the principal.  Simple interest is rarely used and monthly compounded interest is standard on most loans and credit cards or lines of credit.

Example: Suppose you borrow $1,000 at a simple annual interest rate of 20%.  At the end of each year you would owe $200 in interest, plus the $1,000 in principal until paid.  Therefore, at the end of five years you will owe $2,000 ($1,000 in principal and $1,000 in interest) as follows:

Year    Principal    Interest    Balance
1    $1,000    $200    $1,200
2    $1,000    $200    $1,400
3    $1,000    $200    $1,600
4    $1,000    $200    $1,800
5    $1,000    $200    $2,000

However, if you borrow $1,000 at an interest rate of 20% compounded annually, then, assuming no payments, at the end of five years you will owe $2,488 (the original principal amount of $1,000 + $1,488 in total interest), a full $488 more:

Year    Principal    Interest    Balance
1    $1,000    $200    $1,200
2    $1,200    $240    $1,440
3    $1,440    $288    $1,728
4    $1,728    $346    $2,074
5    $2,074    $415    $2,488

Using the same examples over 10 years, at high interest rates, the amount owing can grow quite quickly.  At the end of ten years the compounded interest loan has grown to double that of the simple interest loan.  As credit cards are normally compounded on a monthly basis, interest can often be more than the original principal amount when only minimum payments are made.

What is the danger of making minimum credit card payments…

Let’s say you have $1,000 outstanding on a card at 20%.  Assuming no new purchases,
if you have a minimum payment of $25, what is your balance next month?

Well, the $1,000 accrues interest of $16.67, so if you pay $25, you reduced your principal by $8.33, and the new balance is $991.67.

In a year the math goes like this:  You pay $300, the credit card accrues interest of just about $200, and at the end of the year, you have reduced the balance by $100.

How good an investment is this?  You pay in $300 and you get credit for $100?
The answer is that it depends on which side of the equation you’re on.  The credit card company loves it.  You are hating life.

This is why the old saying is true:  “He who understands interest collects it, and he who does not understand interest, pays it”.

How can you beat this rap?  The only way is to pay a little bit extra.  If you could find $5/week to pay as extra principal on this debt, you’d have $20 new each month.  That would take your payment up to $45/month.

Now let’s re-do the math for a year.  This time you pay in $540, and the credit card accrues interest of about $200.  (Actually, it accrues less, because the principal balance is going down—the exact figure is just over $140).

So, in this example, you actually reduced your principal by $400!
Bottom line–you paid in $540 over the year, and you got credit for $400.  Things are looking a lot better, aren’t they?

And how hard was it to come up with $5/week?
That’s skipping one lunch out each week.  It’s skipping two coffees a week.  It’s skipping one soda each day.  It can be done.  Where there’s a will, there’s a way.

Related posts:

1. January 2011 NO MORE Mortgage Newsletter
2. November 2010 NO MORE Mortgage Newsletter
3. October 2010 NO MORE Mortgage Newsletter

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.
_______________

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.
_________________

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).
______________

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.

Related posts:

1. November 2010 NO MORE Mortgage Newsletter
2. NO MORE Mortgage: Budgeting Tips for New Budgeters
3. Customer Reviews

Your credit score is an important number…

1. Paying late: Thirty-five percent of your credit score is your payment history. Consistently being late on your credit card payments will hurt your credit score. Pay your credit card bills on time to preserve your credit score.

2. Having a balance charged off: When creditors think you’re not going to pay your credit card bills at all, they charge off your account. This account status is one of the worst things for your credit score.

3. Having an account sent to collections: Creditors often use third-party debt collectors to try to collect payment from you. Creditors might send your account to collections before or after charging it off. A collection status shows that the creditor gave up trying to get payment from you and hired someone else to do it.

4. Defaulting on a loan: Loan defaults are similar to credit card charge-offs.  Defaults show you have not fulfilled your end of the contract.

5. Having your home foreclosed: Getting behind on your mortgage payments will lead your lender to foreclose on your home. In turn, the late payments will hurt your credit score and make it harder to get approved for future mortgage loans.  Late mortgage payments are worse than late credit card payments.

6. Getting a judgment: A judgment shows you not only avoided your bills, the court had to get involved to make you pay the debt. While they both hurt your credit score, a paid judgment is better than an unpaid one.

7. High credit card balances: The second most important part of your credit score is level of debt, measured by credit utilization.  Having high credit card balances (relative to your credit limit) increases credit utilization and decreases credit score.  A maxed out card is the worst.

8.  Closing credit cards that still have balances: When you close a credit card that still has a balance, your available credit drops to $0 but your balance remains. This makes it look like you’ve maxed out your credit card, causing your score to drop.

9. Closing old credit cards, especially those with available credit: Another component of your credit score, 15%, is length of credit history – longer credit histories are better. Closing old credit cards, especially old cards, makes your credit history seem shorter. Also if you have several credit cards some with balances and some without, closing those credit cards without balances increases credit utilization.

10.  Applying for several credit cards or loans: Credit inquiries account for 10% of your credit score. Making several credit or loan applications within a short period of time will cause your credit score to drop. Keep applications to a minimum.

11. Having only credit cards or only loans: Mix of credit is 10% of your score. When you have only one type of credit account, either loans or credit cards, your credit score could be affected. This factor mostly comes into play when you don’t have much other credit information in your credit history.

NO MORE Mortgage Tax Update

IRS STOPS MAILING OUT FORMS…

The Internal Revenue Service says it will no longer mail out tax packages with forms and instructions for filing a paper return. The change comes as an increasing number of taxpayers are filing their returns electronically. In early October, taxpayers who filed paper returns last year should have gotten a postcard from the IRS with instructions on where and how to get the forms needed for filing 2010 returns. In short, the forms will be available in January from the IRS website or at select libraries and post offices.

The IRS says people who file electronically can get refunds deposited directly into their bank accounts in as little as 10 days. Otherwise it can take up to six weeks to get a refund check in the mail.

The IRS says the move will reduce mailing costs. But the change also reflects changing habits; the majority of individual filers now file electronically. Just 8 percent of individual taxpayers got paper forms and instructions in the mail last year. The rest either filed electronically or used a paid tax preparer or software. Taxpayers can file returns electronically for free on the IRS website, www.irs.gov . The agency also gives free electronic filing help to those who earn $58,000 or less through a program that walks taxpayers through their returns by asking a series of questions about income, expenses and other financial transactions.

Signs You’re Headed Toward Accumulating Credit Card Debt…

How do you know if you’re using your cards unwisely? NO MORE Mortgage presents some ways to tell you’re on the path that will create more and more credit card debt. Here are 10 signs that you are headed toward accumulating credit card debt from NO MORE Mortgage.

1. You use credit to meet basic needs: Your income should be used to buy everyday items like food, clothing, and gas. Having to use credit cards to cover these types of purchases is a big sign of financial trouble.
2. You transfer balances to avoid credit card payments: There are times when a credit card balance transfer makes sense, like to consolidate credit card balances or to get a lower interest rate. However, frequently transferring balances instead of making credit card payments is a red flag.  The fees to make these transfers are often higher than the monthly payment you might be trying to avoid.
3. You skip one credit card bill to pay another: Prioritizing credit card payments is wise. But skipping payments is always unwise. If you consistently find yourself too strapped for cash to make your credit card payments, you are already in credit card trouble.
4. You avoid or ignore credit card statements: If only wishing away credit cards actually made them go away. Pretending your credit card debt doesn’t exist only gives it time to grow. Facing credit card debt sooner gives you the opportunity to tackle debt before it gets out of control.
5. You charge more than you pay: Imagine trying to fill a hole while someone shoveled out more dirt than you put in. Your hole would never get filled would it? It’s the same with debt. If you’re charging more than you’re paying, your credit card debt will always continue to increase.
6. You don’t have an emergency fund: If you don’t have an emergency fund, you’ll feel forced to use your credit card for every little item that is out of the ordinary. Credit card debt created because of  unexpected expenses can be hard to pay off, especially if your budget is already stretched.
7. You don’t have a plan to pay off your credit card debt: You know what they say, “Failing to plan is planning to fail.” If you’re not actively working to pay off your credit card balances, you could end up unnecessarily paying on the cards for years to come. Whether you have excessive credit card debt or not, you should always have a plan to pay off your balances.
8. You use credit to “afford” expensive items: The allure of credit is that it tricks us into thinking we can afford to buy more than we really can. Truth is, only extra income or lower expenses (or both) enables you to afford more expensive items. Incurring credit card debt to maintain a lifestyle you really can’t afford isn’t a losers game.
9. You have past due accounts: If you have credit cards that are currently past due, you’ve probably run into unfortunate financial trouble that’s keeping your from making payments. Remember, the more in arrears your accounts become, the harder it will be to bring them current again. Take a look at your monthly budget for money you could find to get your credit accounts back on track.
10. You have maxed out credit cards: If your credit cards are all maxed out, you’re not headed for credit card debt, you’re already in deep. What now?  Make a decision to pay off your credit card debt or take more severe steps to get rid of them, even if it hurts your credit.  You must learn to make wiser choices about credit card use in the future.

STRETCHING YOUR BUDGET PAST AGE 55…

Of the 14.9 million unemployed, more than 2.2 million are 55 or older, according to the U.S. Labor Department. And almost half of those have been unemployed six months or longer. The unemployment rate in that age group is a record high 7.3%.  NO MORE Mortgage shares how you can make every dollar count.

1. Retirement Accounts: If you have no choice but to dig into your retirement account, there are ways to minimize the tax hit and penalties.  Most people know that if you withdraw money from an individual retirement account or 401(k) before age 59 ½, you’ll pay federal income taxes on the withdrawals AND you will get hit with a 10% penalty. But the tax code has a provision, 72(t), that allows someone younger than 59 1/2 to withdraw a set amount of money at least five times until age 59 1/2 or for five years, whichever is longer. You won’t pay a penalty, but the money is still taxed. The caveat: Once you start taking out the money, you’re locked into making withdrawals, says Jerod Wurm, a certified financial planner in Sacramento. Jonathan Pond, a financial adviser for AARP, says that if you were laid off this year, you might want to delay tapping your retirement money until next year, when you might be in a lower tax bracket. If you need a chunk of money for a short period of time, consider the 60-day rollover requirement. This rule allows you to take money out of a qualifying retirement account, tax- and penalty-free, once a year, regardless of your age — but the full amount must be deposited back into the account within 60 days.
2. Health Insurance: Most states have programs that offer low-cost coverage, typically if one earns less than $30,000 a year. The MassHealth program in Massachusetts, for example, covers adults and children under age 19 if they live with the parents. Short-term insurance policies, which typically cover unexpected illnesses and accidents, can run as low as $30 per person for a month. Catastrophic insurance typically starts as low as $30 a month depending on a person’s age and health. Have you been denied coverage or been quoted an exorbitant rate because of a pre-existing condition? You can enroll in the federal Pre-existing Condition Insurance Plan, a part of the new health-care law. Premiums range from $320 to $570 a month per person depending on the state.
3. Real Estate: The typical advice is to downsize to a cheaper home in a cheaper locale. But today’s real-estate market is anything but typical. And for people who are hunting for work or have a spouse with a much-needed job, moving to a state with a lower cost of living may not be feasible. So use your home to make some extra cash. If you live near a college or university, for instance, rent an extra room to a student or recent graduate. You can easily get a few hundred dollars a month. Contact a school’s student-housing department or put up fliers on campus. For homeowners who are 62 and over and still have equity, another option is a reverse mortgage, which allows older homeowners to tap their home’s equity while they remain in the house. The loan typically doesn’t come due until the homeowner sells the house or dies. And upfront fees have come down some recently.
4. College Expenses: Still on the hook for college tuition for your kids or yourself? Try renegotiating loan and aid terms. Jerome Chester, a 51-year-old from Bethesda, Md., who has been unemployed since June, went to student-loan provider Sallie Mae to renegotiate his tuition loan. He was able to defer payments, about $1,000 a month, for six months. And a school’s aid package isn’t always set in stone. Go back to the school and ask for more aid given your financial troubles. Results will vary by school and a family’s financial status.

NO MORE Mortgage helps with homeowners insurance

EXPERIENCED AN INCREASE IN YOUR MORTGAGE PAYMENT?…

Homeowner’s insurance rates have been increasing in almost every state, which has caused many NO MORE Mortgage clients to see an increase in their mortgage payment because their escrow amount increases.  This overall increase in homeowner insurance rates is caused by a variety of factors, but it appears that this trend is not going to reverse in the near future. We have asked Heritage Insurance, Inc. to work with NO MORE Mortgage customers that would like to reduce their homeowner’s insurance premium.  They will not be able to save every customer on their homeowner’s policy, but it appears that the vast majority will be able to realize some savings, and some could see very significant savings.

For those of you that are interested, Heritage will review your current policy and then offer quotes from other insurance companies.  This is a free service.  They are a national broker that sells for 127 different insurance companies.  Some of these companies are large nationwide companies (Traveler’s, Safeco, The Hartford, Progressive, etc.) and some are smaller, regional companies.  This review will allow you to see a variety of prices and determine if you can reduce your insurance premium by switching to another carrier.

For those of you that are interested in trying this service using the resources of Heritage, we have pasted a link to The Better Business Bureau’s report on their company at http://www.bbb.org/louisville/business-reviews/insurance-services/heritage-insurance-service-inc-in-louisville-ky-3067. They have been an accredited BBB business since 1979.

Call now to receive your policy review at 888-782-1391, or you may send an email to chris.oneill@nomoremortgage.com.  There is no cost or obligation.  The analysis can be sent to you via email, and no salesman will call.  NO MORE Mortgage has a strict privacy policy that prevents us from giving our client information to any third party.  This is a free service available only to NO MORE Mortgage customers.

Related posts:

1. October 2010 NO MORE Mortgage Newsletter
2. Right Way to Break Up With Your Credit Card
3. How Credit Cards are Stealing from the Poor to Feed the Rich

Two-thirds of Web surfers fall prey to online crime….

Most of us now purchase online, the following study results are worth taking a second look. Note that half the cases never get solved.

The average amount of time spent to resolve a cybercrime and the average cost vary from country to country, according to the Norton study. About two-thirds of Internet users globally and nearly three-quarters of Web surfers in the U.S. have been victims of online crime, according to a study to be released on Wednesday.

The top countries as far as reported victims are China, Brazil and India tied for second, and then the U.S., according to the findings of the study, titled “Norton Cybercrime Report: The Human Impact.” More than 7,000 adults in 14 countries were interviewed for the study. While one-quarter of respondents said they expect to be victimized by online crime, only half said they would change their behavior if they became a victim. Of those who have been victimized, 44 percent reported the crime to the police. It takes an average of 28 days to resolve a cybercrime and costs on average $334, the report found. One-third of respondents who were victimized said they never fully resolved the matter. Computer viruses and malware are the most common types of online attacks, with 51 percent reporting being impacted by them, followed by 10 percent hit by “online scams,” 9 percent by phishing and 7 percent each for social network profile hacking, online credit card fraud and sexual predation, according to the report.  Read more on CNET.

Here is the economic statistic of the month…

The chart tells its own story. This means one home in seven is now at least 30 days delinquent on their mortgage payment, and it’s obvious where the increase is coming—from those who are late more than 90 days or in foreclosure. This is due to continuing under and unemployment, and it won’t change until people get back to work.

Health-care Answers to seven questions about new rules…

Parents who want to add their adult children to their health plans are about to get some relief as the health-reform provisions kick in on 9/23, six months from when the landmark Obamacare health insurance bill was signed. Many of the changes are meant as a bridge until 2014, when for the first time health plans will be available, with subsidies for those who can’t afford it, in a new insurance marketplace; most individuals will have to have coverage or face a financial penalty; and insurers won’t be able to reject applicants who already have health conditions. Even though this first wave of the health overhaul’s significant changes takes effect for most health plans Sept. 23, many Americans won’t be able to reap the benefits until January at the earliest because the law applies to new health plans begun or renewed on or after Sept. 23.

Here are answers to seven common questions, based on interviews with health-policy experts.

1. What is a grandfathered health plan? Some employers and insurers may make only minor changes to their health plans so they don’t have to comply with all the new regulations right away. These are so-called grandfathered plans, and every year the law makes it harder to be one. Employers and insurers are supposed to disclose in writing if their health plans have grandfathered status. If you’re unsure whether your health plan is adopting the new rules, ask if it has grandfathered status.

2. What new benefits apply to both grandfathered and new health plans? There are three major new benefits that apply to both kinds of plans. Health plans that place lifetime dollar limits on the benefits they potentially pay out on behalf of a member will no longer be able to impose such limits. Right now, those lifetime limits can be low in some industries and types of coverage. All health plans also will be banned from excluding children under age 19 because they have preexisting health conditions. And they can’t retroactively cancel your coverage if you get sick, a practice known as rescission that became a problem in the individual health-insurance market.

3. Are annual benefit limits still allowed? Yes, but the thresholds get higher each year before they completely disappear in 2014. For new group health plans, the minimum annual limit on how much a health plan has to pay out in benefits rises to $750,000, but cash-strapped small employers can apply for a waiver. While some seriously ill patients still may find the $750,000 annual limit a hardship, this policy change, if applied broadly, would meet many cancer patients’ needs.

4. What’s changing with preventive care? For new health plans, preventive-health services that have proven effective with a grade of “A” or “B” from the U.S. Preventive Services Task Force will be available to consumers without cost-sharing, making them effectively free to the patient. That includes routine immunizations and screenings such as those for breast, colon and cervical cancer. Smoking cessation is also covered, but it’s unclear how many counseling sessions would be free of cost-sharing. Plus, since the task force makes recommendations for people at average risk of diseases, those deemed high risk still may have to pay a copay for screenings their doctor prescribes. Questions remain about how patients can claim the benefit in some cases. But the change will help people who currently forgo routine screenings because of out-of-pocket costs.

5. Can I add my adult kids to my health plan? In most cases, parents will be able to add or keep their adult children on their health plans until those children turn 26, regardless of their educational, marital or dependent status, and health plans can’t charge more for them than other dependents. Most employers today only cover children to age 23 if they’re in school or 19 if they’re not in school.

6. Will I have any more recourse if I need to fight an insurer’s decision on a claim? Yes. New health plans will have to open up a second level of appeal through an external third party. Today health plans and employers have an appeal process they manage if they have someone who feels their claim was wrongfully denied. New plans will have to have an external appeal process that would potentially override the first-level internal decision.

7. Will my health-plan costs rise because of the new benefit requirements? Probably, but the additional cost will take different forms. A recent survey of large employers from the National Business Group on Health suggested the new rules related to health reform will add about 2% to the cost growth projected for their 2011 health plans. Many employers are scouring their plan designs for ways around cost problems. Because almost all of the reforms that hit early are in the form of benefit mandates, establishing minimum standards for benefits, this will raise cost for employers who do this without cutting somewhere else. Most employers are looking to keep their costs even or mitigate their cost increases by implementing other changes at the same time. It appears that was already happening before health reform became the law of the land. Thirty-eight percent of large companies said they reduced coverage or raised co-pays in their 2010 health-benefit offerings, up from 22% who did so in 2009, according to a survey released earlier this month from the Kaiser Family Foundation. What’s more, 36% said they increased the workers’ share of the premiums this year, up from 22% who passed on a bigger share of the premium last year.  Read More at MarketWatch.

Featured Article:  Overcoming the Urge to Splurge with NO MORE Mortgage

Since 1996, NO MORE Mortgage has been helping thousands of clients across the country reach the path to financial security. Our comprehensive approach to professionally managed debt elimination, combined with ongoing financial education, provides results to NO MORE Mortgage clients who enjoy interest savings of $20,000 to $200,000 or more. Find out how you can eliminate all of your debt, including your mortgage, in as little as nine years, without harming your credit!

For more information and to get a FREE audio CD call NO MORE Mortgage 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!

Related posts:

1. NO MORE Mortgage and the Federal Government
2. Why Americans Can’t Afford to Retire
3. NO MORE Mortgage: Budgeting Tips for New Budgeters

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!

Related posts:

1. NO MORE Mortgage Plan vs. Debt Settlement
2. NO MORE Mortgage: What You Should Know about Consumer Credit Counseling
3. Do you really know how much you owe on your debt?

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.

Related posts:

1. Overcoming the Urge to Splurge with NO MORE Mortgage
2. 5 Evil Things Credit Card Companies Can Still Do
3. Are your emotions affecting your spending and building your debt?

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!

Related posts:

1. NO MORE Mortgage gives you a plan for your debt. What’s your plan today?
2. Are your emotions affecting your spending and building your debt?
3. NO MORE Mortgage Tip – Are you keeping an eye on your spending?

If you’re like most people, you signed up for a homeowner’s insurance policy to satisfy your mortgage lender.  However, as life runs its course our circumstances often change, and if you don’t take the time reevaluate your insurance needs you could wind up in trouble.  It only takes one natural disaster or major accident to derail you from the path to NO MORE Mortgage, leaving you in financial ruin.

Don’t get caught without the coverage you need, contact NO MORE Mortgage for more details

Are you a high income earner?

Do you live in a fault zone?

Do you live in a flood zone?

Does your home have a basement?

Do you own expensive jewelry or family heirlooms?

Do you employ people in your home?

Do you have a mortgage balance of over $300,000?

If you answered yes to any of these questions, NO MORE Mortgage suggests that now may be the time to double check your insurance coverage to make sure you are sufficiently protected.

In some circumstances you may need special types of policy coverage to meet all of your needs. For example, NO MORE Mortgage suggests independent insurance policy for any piece of jewelry or heirloom worth more than $5,000 or making sure your policy does not have a “per item” coverage eligibility limit.  Most standard policies will not cover damages due to flooding and certain types of natural disasters.

NO MORE Mortgage also recommends fully disclosing to your insurance carrier any high risk elements of your home like swimming pools or trampolines.  While you may be tempted to hide these things to get a lower insurance premium, if you have an accident involving something that you didn’t disclose on your insurance application, you WILL NOT be covered.

To find out about how NO MORE Mortgage can help you eliminate all of your debt, including your mortgage, in about nine years, contact us today.

Related posts:

1. America and Health Care
2. NO MORE Mortgage gives you a plan for your debt. What’s your plan today?
3. NO MORE Mortgage: You need to think a little differently now.

While 18 states and Washington DC recently reported no change to unemployment rates from June 2010 to July 2010, 28 states all reported lower unemployment now than they did 12 months ago.  Which state currently has the lowest unemployment rate in the US?  North Dakota, at 3.6%.

How is your state now compared to last year?  Follow the link to read the complete article courtesy of Careerbuilder.com to find out.

28 States with Improving Unemployment Rates>28 States with Improving Unemployment Rates

NO MORE Mortgage Financial Plan

Even with some positive news on unemployment recently, it’s now more important than ever to create a financial plan.  NO MORE Mortgage has helped thousands of clients since 1996 create a realistic plan to eliminate their debt and achieve financial security.  Whether you are employed or not, there are steps that everyone can take to improve their financial circumstances.

Contact NO MORE Mortgage to find out how a debt free future can be yours today!

Since 1996 NO MORE Mortgage has been helping thousands of families across the country with their finances.  Learn how NO MORE Mortgage can put you on a path to financial security by eliminating all of your debt, including your mortgage, in about 9 years.  With NO MORE Mortgage a brighter tomorrow can be yours today!

Click here to order your Free CD

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Some people may be thinking, “I’ve got plenty of time”, or “I won’t want to retire.”  Check out what Personal Finance expert Liz Pulliam said on 7 stupid retirement myths exposed.

Read on for the NO MORE Mortgage Executive Summary on Retirement

Myth #1:  I’ve got plenty of time

The truth is, the majority of Americans are not prepared for retirement when the time comes.  NO MORE Mortgage has a mathematically guaranteed system to helping you get out of debt, the first step towards preparing for retirement.

Myth #2:  I won’t live to see retirement

Unless you work as a human cannonball or a motorcycle stunt double, you should consider the fact that Americans are living longer than ever thanks to advances in healthcare and related technology.  The problem is, that while this great healthcare is affording us longer lives, it’s also costing us much more money than it used to.  Healthcare rates have been increasing at several times the rate of inflation which means Americans need more money to retire and pay for healthcare expenses than they used to.

Myth #3:  I won’t ever want to retire

Yes you will.  Just because you may not want to stop working, does not mean you won’t want some sort of retirement, or at least the option to do so.  Work is much more meaningful when you’re doing it because you want to, rather than because you have to.  Some people choose semi-retirement and work part time, or volunteer on a board of directors for a start up businesses or charities.  Don’t forget the allure of tropical vacations and impulsive family visits, both of which are much easier to do without the grind of a full time career.  Eliminating your debt and having no more mortgage will open doors for you that you never realized existed.

Myth #4: I need to pay off my debt first

While paying off debt is one of the most important pieces of the retirement puzzle, you should start saving for retirement today, regardless of how much debt you may have.  The benefits of compound interest will work in your favor, and you will develop the habits of saving and investing so that when you become debt free with NO MORE Mortgage, you will be able to accelerate your saving strategy.

Myth #5:  I don’t make enough money to save

Experts at NO MORE Mortgage point out that any income is more than no income.  Dedicate a percentage of your income towards saving, even if it’s small.  The next time you get a raise, do not increase your standard of living, increase your percentage of saving.  Before you know it you’ll be on your way to retirement.

Myth #6:  Investing in this market is too scary.

Not investing and as a result, not being able to retire, is the only scary thing according to NO MORE Mortgage.  Sure the market may be bouncing around like children skipping rope, but over time the general direction is up.  If you don’t like stocks, invest in bonds with a guaranteed rate of return.  There are a host of other financial instruments that might not yield the highest returns, but they will protect you from the volatility of the stock market while still allowing you to save for retirement.  NO MORE Mortgage clients can call in today to speak with a licensed investment expert to get personalized investment advice at no charge–just one of the many benefits at NO MORE Mortgage.

Myth #7:  401ks are a rip-off because of high fees

It may be true that some plans charge absurdly high fees.  This is where it pays to do a little research and find out what funds accomplish the objectives you want while charging the lowest fee ratio.  If your employer has a matching program you should definitely max it out contributing to your 401k plan.  If not, take advantage of low cost mutual or index funds through an IRA that can easily be set up through your bank or brokerage.  Again, NO MORE Mortgage is here to help clients with ALL of their investment questions.

NO MORE Mortgage can help you prepare for retirement.

Call us today to find out how NO MORE Mortgage can help you prepare for retirement, there’s no time like today and the sooner you call, the sooner you can start saving!

Contact NO MORE Mortgage to find out how a debt free future can be yours today!

Since 1996 NO MORE Mortgage has been helping thousands of families across the country with their finances. Learn how NO MORE Mortgage can put you on a path to financial security by eliminating all of your debt, including your mortgage, in about 9 years. With NO MORE Mortgage a brighter tomorrow can be yours today!

Click here to order your Free CD

Related posts:

1. 15 Ways to slash spending in retirement.
2. Why Americans Can’t Afford to Retire
3. NO MORE Mortgage: You need to think a little differently now.

1. The stock market has tanked
2. Employers are cutting back on retirement benefits for employees
3. People just haven’t saved enough money
4. Social Security money is running out and benefits are decreasing
5. People delay retirement until Medicare benefits kick in at age 65
6. People enjoy working

NO MORE Mortgage is committed to helping Americans achieve retirement.  We realize that won’t happen overnight, but we are confident that our proven strategies will lead to to retirement and financial security.  Check out the full article from MSN below.

6 Reasons Retirements are Being Delayed

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The title may seem a bit crazy, but the crazy thing is it’s actually true.  This Youtube video does a great job of outlining the key points, Indymac Boys Get Sweetheart Deal , which are:

• Indymac Bank failed
• No one wanted to buy the mortgages held by the bank
• The government (FDIC) stepped in and sold them to OneWest Bank at a 30% discount
• The FDIC promised to cover 80% of the losses if any of the mortgages foreclosed
• The 80% is calculated based on the full face value, not the discounted price they were bought for
• You do the math–OneWest was then able to sell the entire portfolio for pennies, it didn’t matter!  They were guaranteed to make a profit no matter what!

NO MORE Mortgage brings home the rest of the story

Not a bad deal right?  It’s sort of like having the government stepping in and telling you to buy stock in Ford Motor Company at $100 per share, and telling you that they would guarantee you could sell the stock at any time for at least $110 per share.

So who’s going to pay the difference?  All of us taxpayers!  And the bank executives getting rich off the deal?  A bunch of guys linked to Goldman Sachs and Treasury Secretary Henry Paulson.  And if that’s not enough to get you upset, not only does OneWest get the free profit from the government, but if the home goes through a short sale, in most cases, they will force the homeowner to sign a promissory note to cover some of the artificial loss.  So the bank first dips in the government pockets, then they still hold the homeowners feet to the fire for more money!

If you haven’t seen the video yet, it’s worth watching, check it out here.  Indymac Boys Get Sweetheart Deal

NO MORE Mortgage isn’t interested in sweetheart deals for the rich, our goal is to help everyday Americans to achieve their dreams of debt freedom, financial peace of mind, and retirement.

Since 1996 NO MORE Mortgage has been helping thousands of Americans reach their financial dreams.  Find out how NO MORE Mortgage can help you reach a path to financial security by ordering your your Free CD today.

You can also contact a NO MORE Mortgage representative at 800-201-8911 to request a complimentary Financial Analysis.

Remember, there is no time like the present and with NO MORE Mortgage a brighter tomorrow can be yours today!

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NO MORE Mortgage - Helping others for over a decade.

We all have parts of our lives or personalities that we would prefer to keep to ourselves. When you get married, your financial position is not one of these things. It is intimately tied to your future with your partner. The rest of your lives will be affected by how you come together to set financial goals. Money has perhaps one of the largest effects on a relationship, and is often the real root of various other problems, not to mention a leading cause of divorce. You need to take control of your money before it takes control of you. You need to be open if you want to wipe out your debt and have no more mortgage payments years ahead of time.

Don’t avoid discussing your finances and your future goals. Make this a regular thing you both discuss and participate in. Set a goal of when you would like to be debt free and have no more mortgage payments. Being open about your money may even open up other areas of your relationship that need discussion. And relief from the stress that comes from having no more mortgage or other debt will help you further focus on what matters most, your relationship.

It’s always hard to kickoff a new habit, but discussing personal finance concerns is a habit that needs to be developed. If you and your spouse didn’t talk about your financial position before you married, don’t wait any longer. Set a goal for the date you would like to be able to pay everything off and have no more mortgage payments. Work towards a retirement where you can enjoy being together and not having to worry about debt.

Here are some tips on good communication.

-    Find a good time to talk about your financial situation in a relaxed environment. Make sure you sit down and talk about your finances regularly, before something becomes an issue. These brief, consistent conversations can help keep the two of you on the same page.

-    Stay on topic. This conversation is when you need to focus on your finances, and not get caught up in another issue. (However, those should probably be discussed as well. You will make more progress if you stick to one matter at a time). If you make a goal to have no more mortgage payments, or other debt, earlier than it would normally take then you now have a goal to work towards together. Your success in achieving your goal comes as you work as a team.

-    Understand that you may need to compromise. You could find that one of you is a natural born saver and the other has a habit of inordinate spending. Or maybe you are both spenders and wish the other would be a saver. Whatever your role is in the relationship, don’t assume that you’re right and the other is wrong. Budgeting and managing finances lucratively will take work on both of your parts and you will need to make decisions together. Retiring with no other debt and no more mortgage payments may not be easy to accomplish, but the rewards are great.

-    If you want to achieve something you have to be honest with your spouse and with yourself, too. You both came from a unique background, with families that had their own financial values. You need to figure out what your financial values and goals are, and then incorporate them into a common financial plan. A plan to eliminate your debt and retire early with no more mortgage is a good place to start.

Like most habits worth developing, practice makes perfect. It can be tough to start the money conversation, but it gets simpler as you go along and just brings you closer. Once you start talking about your personal finances together, you’ll start setting, and later achieving, your goals together. Set a goal to retire early with no more mortgage or any other debt, and focus on achieving your goals.

Watch this short video of a NO MORE Mortgage adviser talking about working with clients.

Your friends at NO MORE Mortgage.

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By clicking on the RSS button on the lower right you can subscribe to our feed. Every time we post a new article you’ll find it in your RSS reader.

Learn more about personal debt and finances, along with how, for over a decade, we’ve been helping our clients get on the path to becoming debt free.

You’ll also get to see some past NO MORE Mortgage clients on video telling you how much our program has changed their financial future.

You can subscribe to our RSS feed by clicking on the RSS button up in your browsers address bar or by clicking the RSS button at the lower right.

You can also get your own free audio CD on how you could eliminate your debt in a fraction of the time it will take you now. Just fill in the box at the top right of this page and we’ll get the audio CD right out to you.

Your friends at NO MORE Mortgage

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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 debt 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 but it can actually be a very wise and effective strategy. NO MORE Mortgage urges strong caution when considering a consolidation loan, however, because it can also have the potential to leave you in worse financial shape than when you started. Let’s take a look at the positives and negatives, and some things you need to know if you consider using this strategy.

Using a Consolidation Loan to Achieve Debt Freedom and NO MORE Mortgage

If you are a homeowner and can qualify for a home loan to consolidate your 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 second mortgage and the rates are generally higher than on a first. You generally aren’t looking for a second mortgage unless you can’t refinance your first, or primary, mortgage.

So what are the positives for using a mortgage in a consolidation (no more mortgage) 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 smaller mortgage payment. 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 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 you sign any loan paperwork. For existing NO MORE Mortgage clients, contact your account manager for help on calculating a breakeven analysis.

2. You will see an improvement in the interest rate to be 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 using 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 of 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 attack your personal debt and pay it down faster. Not only can you pay down on your personal debt, but you can 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 free of personal debt 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 (no more mortgage) 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 are for the new mortgage loan you are taking out. High fees could mean the payment might not make sense. Be sure to 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 your 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.

4. Even if your overall payment is lower, your spreading credit card and other debt payments out over the next thirty years. The cost of lower payments in the long run, is that you will pay more in interest since the term has increased.

What you need to know from NO MORE Mortgage:

1. Mortgage Consolidation loans have not historically made a huge contribution to improving the future of the homeowner. This is really easy to mess up and many have. There were homeowners getting consolidation loans to free up their credit cards, but 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 for 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. 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 the old documents on your existing 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.

5. 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 is. You have to work very hard to maintain a high rating with the BBB. Here is an example from NO MORE Mortgage: This is the BBB rating for No More Mortgage.

You have some good information on the best way to achieve NO MORE Mortgage. Now consider the following:

1. Getting a mortgage loan to consolidate debt does not 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 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.

NO MORE Mortgage, where a debt free future can be yours today.

Like many NO MORE Mortgage clients, you might have experienced the cash out/refinance cycle previously. Some people have gone through it 2 or 3 times, and each time they free up their credit cards just to watch them fill back up slowly over a couple of years, or maybe even just months. This can be a dangerous strategy. 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 the NO MORE Mortgage program.

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We’re living in tough economy right now. 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 and auto loans, and 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. NO MORE Mortgage can help you unlock the secret of reverse compound interest.

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, and NO MORE Mortgage can show you how.

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 NO MORE Mortgage 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 allow you to live the lifestyle you deserve instead of 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 much less trust in the stock market. We’ve seen movement in the market in both directions, but 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 much less than it should be.

One of the only sure returns you will get on your investment is paying off debt. Debt is 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 towards debt could be going towards building up your retirement accounts. Those accounts would earn interest and then build the size of 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 for debt 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 will most likely 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 filling 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 that comes to mind when deciding on how to spend 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 also make it easier to survive the surprising financial emergencies that can come up by building up an emergency savings fund.

If you use a budget now, or have tried to in the past, you know 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. It’s also common to see that there are some items you bought that you wasted more money on than you thought. You may find that you spend too much 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 unemployment. 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. Avoid using your credit cards because they have a compounded interest rate. 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 without realizing how much you have spent. Spending should be part of a plan and not something you do because you have money available. Use your debit card whenever possible as it’s easy to track and scrutinize your spending. 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 important to you. Is it important to retire with no more mortgage or other debt payments? Ask yourself how you are 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 or more in retirement income in the future.

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’ll want to check in every week to make sure you are staying 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 can help relieve stress and could minimize or even prevent financial strain from taking its toll 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 feel like it’s going to take forever to pay it off, and it usually will take several years if you have a mortgage. Over the last few years, retirement accounts have taken big hits and fallen considerably in some sectors. The stock market has proven that it cannot be depended on. 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. Every time you pay off a debt that improves your cash flow at the same time. 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 to see your budgeting progress and to check for other areas to improve on. Continue to critique your statements 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 critical 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.

Related posts:

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

The bottom line is you may not be able to qualify later due to many reasons such as: home values that have gone down, further restrictions from the lenders, or changes to your income or credit score. This points out another reason why you need to get ahead of your debt. If you start paying down your debt you’ll increase your available cash flow as you pay off each debt. You’ll improve your credit score faster by accelerating the payoff of your debts. Your debt to income ratio will improve as you pay down the debts. And you could start putting more money towards your retirement accounts and savings as you pay off the debts. You’ll be in a better position to qualify if you still need to.

But why stress over not being able to qualify for a refinance later when you may be able to ensure you don’t need it by getting your debts under control starting today?

Your friends at No More Mortgage

Read on and think about your future needs while you do.

David Kosmecki | February 9, 2010

View the original story at

Home Loans Midwest – http://homeloansmidwestblog.com/

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Jim Weiker | Dispatch

Audre Smith in front of her Lancaster home.

Someday, someone will produce a fair and balanced moral analysis of the housing collapse.

Until then, we must settle for shallow, ill-informed and facile explanations that fall into two main camps: The lenders are crooks who got what they deserved, or the homeowners are fools who had no business borrowing what they did.

On one side, sympathy is hard to summon for bankers who aren’t being paid for loans that any third-grader could have foreseen as doomed.

On the other, it’s a bit disingenuous for borrowers to blame banks for lending them money. That’s akin to blaming the woman who agrees to goes out with you for what proves to be a less-than-enjoyable date: You might question her judgment, but you’re the person, after all, who made the overture.

The fact is, some homeowners borrowed far more than they should have and are now paying the price of such greed.

And then, there are others.

Read the article here on Bank glitch traps Lancaster pair in web of foreclosure

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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? 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.

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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, 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.

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1. NO MORE Mortgage Plan vs. Debt Settlement
2. Do you really know how much you owe on your debt?
3. Are your emotions affecting your spending and building your debt?

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!

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