50 INSPIRING QUOTES.  We know that sticking to a goal is hard.  Whether your goal is to get in shape, to lose weight, or to discipline yourself financially and live with your means, you need inspiration.  When times are tough, and hard decisions need to be made, goals that only speak to the head will not be sufficient.  The heart has to be involved.

Thus we hope that among this collection of words of wisdom, you will find something that speaks to your emotions.  Remember, the eyes give sight, but the heart gives insight.  Take a few seconds to ponder on each of these thoughts, and gain inspiration to stay with your goals, and make the right choice.  Remember, you can overcome!

“Think like a man of action, and act like a man of thought.” – Henri L. Bergson

“I am only one, but still I am one. I cannot do everything, but still I can do something. And
because I cannot do everything I will not refuse to do the something that I can do.”– Hellen Keller

“Half of the troubles we experience in this life can be traced to saying yes too quickly and not saying no soon enough.” – Josh Billings

“Even if you’re on the right track, you’ll get run over if you just sit there” – Will Rogers

“Man often becomes what he believes himself to be. If I keep on saying to myself that I cannot do a certain thing, it is possible that I may end by really becoming incapable of doing it. On the contrary, if I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning.” - Mahatma Gandhi

“You can never cross the ocean unless you have the courage to lose sight of the shore.”- Christopher Columbus

“To a brave man, good and bad luck are like his left and right hand. He uses both.” – St Catherine of Siena

“When one door of happiness closes, another opens, but often we took so long at the closed door that we do not see the one that has been opened up for us” - Helen Keller

“We don’t see the things the way they are.
We see things the way WE are.” – Talmund

“Every problem has in it the seeds of its own solution. If you don’t have any problems, you don’t get any seeds.” - Norman Vincent Peale

“If you change the way you look at things, the things you look at change.” - Dr Wayne Dyer

“The problem is not that there are problems. The problem is expecting otherwise and thinking that having problems is a problem.”
– Theodore Rubin

“Pessimist : A person who says that the letter “O” is the last letter of ZERO, instead of the first letter
in the word OPPORTUNITY.”- Anonymous

“Blessed are those who can give without remembering and take without forgetting”- Elizabeth Bibesco

“Yesterday is history, tomorrow is a mystery. And what about today? Today is a gift. That’s why we call it the present.” – B. Olatunji

“When you get to the end of the rope, tie a knot and hang on.”
– Franklin D Roosevelt

“Your attitude, not your aptitude, determines your altitude.”- Zig Ziglar

“If you’re going through hell, keep going.”- Winston Churchill

“The secret to success is to start from scratch and keep on scratching.”
– Dennis Green

KEEPING TO A GOAL IS A LOT EASIER IF YOU HAVE A PERSONAL ACCOUNTABILITY PARTER…

Here are a few suggestions to help you in making this choice.  The thinking is this:  when our performance is measured, it usually improves.  When our performance is measured and we are accountable for our results, then it usually improves again.

So you’re procrastinating. You’re rationalizing and making excuses. You’re reprioritizing your to-do lists constantly, meaning that one little task never makes it off the back burner.  Maybe you’ve even tried to make one particular job a priority. Perhaps you even started taking action, but somewhere along the way you let it drop by the wayside. It seems like weeks or months have gone by since you first got the idea and yet you never get it done.  Your heart tells you the time is NOW! If you’re serious about doing this project, then it’s time for you to get serious about holding yourself accountable. And the best way to do it is to bring in someone ELSE to hold you accountable.

You see, you can always avoid the task at hand if you’ve decided to hold yourself accountable. And while you think you’d feel guilty when you don’t complete the task, all you have to do is rationalize your guilt away. It was never that important anyway. Or, I can start working on it first thing on Monday instead.  But you can’t do that when you make a promise to someone else. You can’t rationalize and make excuses if your accountability partner stands firm and won’t let you get away with those weak excuses. And eventually, you WILL feel guilty if you’re not doing what you’re supposed to be doing. Here’s how to make the most of this productivity-boosting support system:

* Choose a partner who won’t let you get away with making excuses.  Ideally it will be someone who has overcome a similar bad habit, or has made good progress (farther than you have) towards achieving a new goal.  When it comes to finances, this is especially important.
* Share your long term financial dreams with your partner.  Let him/her see where you stand, where you want to go, and just exactly what it takes each week to get there.  He/she will feel a sacred trust in helping you to achieve this goal.
* Let your partner help you decide what you need to do each week (even every day, if you need feedback that often). That way your partner knows what you should be doing, and is walking your path alongside you.  You won’t be able to fib your way out of completing your task.
* It is better if your partner is NOT your spouse or someone who lives in your home.  We do better when we account to a third party.
* Have your partner call you at a certain time each day or week, asking about your progress.   Do not let him or her leave voice mail.
* Decide in advance about any rewards for reaching certain goals, and what approach you’ll take as a team when goals are missed.  Set these up before the event happens, so you simply follow a pre-set program, without reacting in the emotion of the moment.

If you find that you’re really having problems getting a job done, have your partner ask about your progress two, three or even four times per day that way you can report which bite size tasks you’ve crossed off your list.  This usually will work only for a few days, either when encountering a really difficult task, or when getting the ball rolling after a period of inactivity. Yes, it sounds deceptively simple. But when you know that your partner is going to ask you about your progress and make you feel guilty if you didn’t do what you’re supposed to do, you’ll get the task done. It’s simply less painful to do the task than face your partner’s wrath.

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.

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!

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

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

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

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

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

The Basics on Debt Settlement vs. NO MORE Mortgage

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

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

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

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

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

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

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

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

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

Will the NO MORE Mortgage Financial Plan work for me?

To find out if you qualify today!

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

NO MORE Mortgage 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.

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!

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.

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

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

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

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

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

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

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

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

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

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!

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.

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

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.

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

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.

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.

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/

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

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!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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