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Your “low interest rate mortgage” is only low if you keep it for the full term. Regardless, you’ll still pay huge amounts of interest before you own your home. The front end interest load on a mortgage is the biggest challenge that most folks have in being able to amass sufficient wealth for retirement.

Fortunately, folks are now learning how to use a Home Equity Line of Credit (HELOC) as an interest cancellation account to accelerate their home equity and payoff their home *years* sooner than listed on the mortgage amortization schedule.

Remember, a home is not an asset until it has been paid off “free and clear” — until that time it is a liability.

Today’s Real Estate market means that folks can no longer count on appreciation to build home equity. Those who realize that they need to pay down their current mortgage debt are looking for alternate ways to aggressively (yet safely) build equity.

And they’ve discovered a perfect online system to do that; they can focus on their wealth accumulation goals while accelerating their equity simply by using a Home Equity Line of Credit to ‘power’ the Money Merge Account™ financial solutions program.

A typical 30 year loan (of whatever type) can be paid down in 1/3 to 1/2 the time — it’s a great way to save *huge* amounts of income by eliminating a mortgage amortization front-end interest load. (On a million-plus dollar home, I’ve personally seen where the Money Merge Account™ program will save the homeowner $750,000 in interest charges!)

And the best thing – homeowners don’t have to refinance their existing mortgage or, in most cases, make any adjustments to their lifestyle.

It is unfortunate that most of us were never taught to follow three essential principles: (1) Avoid paying interest, whenever possible, (2) Use other people’s money, whenever possible and (3) Find and use a financial system that will guide you, especially if you have the tendency to go off-track. The Money Merge Account™ software and the program’s counselors use these principles to keep each homeowner focused on their wealth accumulation goals.

I’d be happy to provide further details…

http://finance-credit-resources.blogspot.com/

“They are being crippled by a culture of short-term thinking – “it’s my money and I want it NOW!”” I couldn’t agree more. They’re also being crippled by visions we’ve developed as a culture.

I mentioned bridesmaid dresses on my site yesterday…people have certain ideas of how a wedding should be. And they’re willing to go into debt and pressure their friends to spend money (buying dresses, for instance) just to be in their wedding.

@SD: It is lifestyle inflation – that’s at the root of it. At some point in the last 25-30 years the concept of ‘the good life’ really exploded into a warped parallel universe. I blame the rise of cable TV, frankly.

@LOD: True, that number follows – but I guess my point was that a majority of Americans still aren’t falling for it. I don’t have any consumer debt, nor does anyone in my family or my wife’s family. Many of my friends don’t, either. I guess my point is that – like the plague of obesity in America – it’s a CHOICE that’s being made, rather than some irresistible force.

@Shawn: I guess what I meant was that when it comes to consumer debt, people assume the best – “I’ll pay this off next year!” “This BMW will have great resale value!” etc. So people maximize their short-term gain rather than worry about a loss in the future. I see what you mean, and using your interpretation (and Seth’s) your point is valid – it’s just not exactly what I was getting at.

Point #1 is definitely unconventional! I think most people would pay off that mortgage right away.

Point #2 is well-taken and it is common advice, but as you said, easy to say, hard to do. I like how you advise to just totally avoid temptation… no Doritos in this house!

Point #3 is great! I agree with you. But of course, those getting insurance should make sure that it’s exactly what they need and that they aren’t paying for frivolous extras that aren’t needed. Insurance is just to cover big disasters – not little ones.

Point #4 is where I’m going to have to disagree with you! I do agree that people should stop thinking short term… but, you said, “I would rather minimize potential loss than maximize potential gain.” I feel that, actually, most people are already like this. For example, people would gladly fork out $1 for a chance at winning $1,000,000… even at a nearly impossible 1 in almost-14 million chance. However, if asked how much they’d sell a lottery ticket with the same chances for the ticket-holder to win their ENTIRE net worth, it’s doubtful whether they’d even sell that ticket for $10,000! I think it was Seth Godin that wrote about this… basically, people are so scared of loss, that they don’t change the way they do things – even if there’s the potential for a real improvement or gain.

did you now that a whopping 45% of consumers always carry a balance on their cards? No? Well I got it from your numbers!!!

The quarter that don’t have credit cards are the illegal ones that don’t have SS ids and haven’t figured out that you can lie blatantly on credit card apps. Even people’s pets have credit cards!!!

“advertisements that inundate us daily make it hard to learn in the first place.”

Ain’t that the truth, this is why college kids get in such trouble when they get their first credit card.