Like snowflakes, peoples personal finances are all different. Everyone thinks they’re qualified to say what is best for somebody else -except in most cases, they do so without all the facts (in my opinion, this is the main reason blogs are a giant waste of time and a growing cultural black-hole.)

When it comes to loan accelerators, there are a number of ways to achieve the goal (no debt.) Some use bi-weekly payments (assuming their lenders allow it), others use lines of credit, others a reserve account. In all cases, the borrower is seeking a way to pay less interest than if they followed their current payment schedule. This isn’t rocket science. Pay more money against the debt and it goes away faster. The REAL question is: What’s the best way to do this?

This is where the snowflakes come in… While loans may be the same (30yr fixed at X%), each borrowers ability to repay varies widely. And, it’s a little like hiring a personal trainer or a life coach: YES, you can research a program and do it all by yourself. But you know yourself better than anyone else and you may be seeking additional help to keep you on track and enforce the discipline it takes to achieve maximum results.

Sure, you can read it on a credible site- you want to lose weight, drop the burger and go for a 3 mile run. But when you’re tired and hungry, what are you REALLY going to do? If you have someone helping you, you have a much higher chance of success. Same goes for the programs. Whether they help you shave off 2 months or 10 years, ONLY YOU can determine if it makes sense for your situation. You could do nothing and pay the full interest on the loan. You can always DIY, or you can decide if the fee is worth the help.

In all these cases, the most important thing you can do is EDUCATE yourself: research your loan, research the programs and see what works best for YOUR situation. Be a smart consumer, ask questions (of yourself as well as the solution provider), and understand what your options are.

If you can build equity faster, reduce your interest, and take action to improve your situation then you are making some good choices.

Good luck everyone.

Oh, and as a side note – I used the program our company offered, and it helped me shave serious money off both my mortgage and car loans. But that was me…

Like to charge fees to get in a Bi-weekly payment that is a fake statement.

sorry I have to go family will do it later

Don’t even know what type of interest they have..

So How much would you charge to sit down with someone for 6 hours to teach them all this concepts.

And give them a monthly statement of how they doing, and what they should be doing and remind him to do it right…

What should we charge … I agree that $ 3500 not even close

These salespeople will tell you their method will help you pay your loan off in 1/3 to 1/2 the time. There is no magic here. These programs take all your extra cash and apply it to your mortgage. They rely on the HELOC for your emergency cash. They will try to confuse you with claims like “use the bank’s money” or “interest cancellation” or “equity cycling” or “cash cycling” or “little or no lifestyle change”. The HELOC is also used to consolidate credit card and loan balances so the cash you would use to pay them is used to pay down the mortgage, also.

Right now, since HELOC rates are a point or two below mortgage rates, you’d think it was a good idea to take a chunk out of the HELOC and put it toward your mortgage. True, but now you have to repay the HELOC and your mortgage. What do you do when rates go up or your bank reduces or closes your HELOC?

When my old mortgage was with the Fireman’s fund group, they would hold the first payment in escrow type account until the second payment came in, and then they’d apply it to the loan.

It’s just easier to add extra principal to your monthly loan payment.