anyone tried this program since i last wrote about it ?

[zuki]

http://www.tardusfinancial.com/aboutus.shtml

[maddythebeagle]

No, this looks to be a scam. It only costs 3500 bucks to get the secret decoder ring.

[Marshac]

Quote:

Depositing money earned into a debt reduces the amount of daily interest calculated.? The longer the money stays on the debt, the more savings in interest cost.? Accessing money deposited and making payments to bills coming due are made easily through a checkbook or ATM card merged with the debt. Any surplus money, after paying all bills, remains in the debt maintaining a lower cost than normal.

It's not a bad idea, although anybody using this 'system' would need to have some measure of self-discipline... something most consumers lack these days. Anyone here could set this up themselves with a simple HELOC.

Edit- they aren't cheap, and they give away the 'golden goose' in the FAQs (see above)

Quote:

How much will I pay for your service? Your investment for graduating from the three training courses, individualized instruction and follow-up consultations, and receipt of the educational and budgeting materials and use of the mortgage software is $3,500 or 1% of your total debt, whichever is greater.

[zuki]

can the golden goose be dumbed down to where i understand more clearly ?

i had the most trouble with the credit card float system paying off the house in 9 years.

thank you

[MRGALT2U]

Quote:

Originally Posted by zuki can the golden goose be dumbed down to where i* understand more clearly ? * i had the most trouble with the credit card float system paying off the house in 9 years. * thank you

A small hijack here. Hope you forgive me.

Right now I owe the CC companies around 120K,
virtually 100 % invested and throwing off 3.5%.
Average CC rate is probably under 1% APR.
Anyway, I the expiration dates for my promo rates
go as far out as May, 2006. This puts me within
spitting distance of 62, so I will be in line for SS
and a reverse mortgage if I so opt. This is what I
referred to once as borrowing my way along until my demise. Of course, I assume those -0-% CC
offers will go away at some point. I got yet another
one yesterday, however.

You may now return to the subject at hand

JG

[zuki]

i don't want to avoid paying off debt.

i read through tardus, that using the credit card float to the maximum days before fee's , gave money sitting in money market, extra time to make a few cents, which helped pay off bills/debts faster by giving me more money.

i want to understand this technique and try it.

i don't want to pay 1% of my debt, for someone to explain, what another,who understands it, might explain because they understand it.

if i could pay off a 500k mortgage in 9 years, i would do it.

i have no other debts, or credit cards at the moment

[Marshac]

Quote:

Originally Posted by zuki * i want to understand this technique and try it.

Here's how I would emulate the 'system'

1. Open a HELOC that allows you to draw upon it using a debit card and checks, and roll your outstanding home loan into it- WaMu's 'on the house' card is one example of this.

2. When you get your paycheck, put 100% of it onto your HELOC.

3. When paying bills, buying groceries, etc, use the HELOC debit/checks

4. Repeat #2 and #3 until paid off

What is happening is that by putting your entire paycheck onto the loan, you're reducing the average amount you owe, reducing the amount of interest you're paying.

Beginning of month mortgage: ($100,000)
Beginning of month paycheck: $5000
Mortgage payment: ($3000)
Total outstanding at beginning of month: ($95,000)
Bills paid on 20th of month: ($2000)
Total debt on the 20th: ($97,000)
Average monthly debt$95,733)

Since interest is calculated using the average daily balance, you can see why this 'system' could work.

[justin]

The HELOC might work for you. Until rates go up another 1% or 2% or more. I wouldn't get rid of your mortgage so quickly without doing due diligence on the financial implications.