I have seen quite a bit of information and heard part of Dave Ramsey's radio show addressing the issue of mortgage acceleration and the Money Merge Account that is being promoted by a company called United First Financial.
First of all Dave is an advocate of getting a 15 year mortgage, putting down at least 20% and paying off your mortgage quickly by making extra monthly payments to principle.
Now I an not a representative for United First nor do I promote their product but I have been using this exact same strategy for the last five years without software! In the very first week of implementing this strategy I was able to essentially pay-off one auto loan and two credit cards! That helped free up approximately $300 in debt payments that were going out each month. There was no way to achieve these results this fast by using a “debt rolldown" system or by trying to make extra monthly payments. Not only did I free up that cashflow, I was also able to maintain a safety net in case of emergencies which is something that is very hard to do when trying to make extra monthly payments.
The philosophy behind this concept is to use every dollar you have to help pay-off debt instead of doing what the banks advise us and keep our hard earned money sitting around in a checking and savings account waiting to pay bills or for unexpected expenses. Keep in mind that when I started using this strategy I was not a homeowner and did not have a mortgage. I used a different type of credit line to rapidly and safely pay-off my debt and to start rapidly funding my retirement account!
Dave Ramsey is completely wrong when he informs people this is not a good concept. I agree with Dave in the fact that $3,500 is alot of money and absolutely not necessary to implement this strategy. I have created several worksheets that will achieve the same results and don't require any software! This strategy works for all kinds of debt, not just to pay-off a mortgage.
Unlike what Ramsey teaches, this system doesn't create more debt, if implemented properly it actually rapidly reduces debt and can put you years ahead in funding your retirement account!
My name is Steve Herman and 5 years ago I discovered a way to rapidly pay-off debt and rapidly fund a retirement account! visit my website and get my FREE report at: http://www.financialadvantages.com