Comments on: Money Merge Accounts: Just Say, No Thanks.

By: 401k_roth_ira

401k_roth_ira — Fri, 04 Sep 2009 15:43:56 +0000

Please give me more information. I love it, Thanks again.

By: 401k_roth_ira

401k_roth_ira — Fri, 04 Sep 2009 08:43:56 +0000

Please give me more information. I love it, Thanks again.

By: JimmyDaGeek

JimmyDaGeek — Fri, 03 Jul 2009 15:39:38 +0000

“Using the banks money” – We started out by taking out a loan called a mortgage, using the bank’s money. Now that it’s time to pay the loan back, we need to get the money from somewhere. Usually, it comes out of our paycheck. But MMA claims that if we use a HELOC, we are not using our money anymore, we are using the bank’s money. But, wait, we started all this by using the bank’s money to take out a mortgage and now we have to pay it back. So that means if we use the bank’s money by taking a loan out of the HELOC, we have to pay that back, too. So all we did was postpone having to pay the bank back by using the HELOC money to pay the mortgage. We still have to pay the HELOC back. Where is that money going to come from? Out of our paycheck. So why should we spend $3500 on MMA to play a money shell game with a HELOC? “Interest cancellation” – MMA claims that by loading up the HELOC and running our paychecks through the HELOC, we reduce the balance so much that we save lots of money that way, and that alone is worth $3500. OK, so how much can we save? Well, let’s assume our mortgage rate is 6%. That means each month, we are charged 1/2% on our mortgage balance, the whole balance. But if we are using interest cancellation, the most that we can save is whatever our monthly salary is. So, if we bring home $5,000, the largest HELOC balance we can offset is $5,000. How much will that save? $5,000 times 1/2% is $25. That’s $25 per month or $300 per year. So MMA wants you to spend $3500 upfront to save $300 per year. Do you know how much interest you would save if you just put $3500 towards your 6% mortgage? OVER $4,000. “Factorial math” – MMA claims no one except a computer can figure out the best possible way to pay all your bills and debts because of all the possible combinations. LIES. There is only one SIMPLE BEST way to pay off all your debts. You pay off the highest interest debt first and work your way down using a DEBT SNOWBALL. It only needs addition and subtraction.

By: Ben Butler

Ben Butler — Sat, 11 Oct 2008 02:19:47 +0000

What banks do you recommend and what loan program should one get to get started?

By: JoeTaxpayer

JoeTaxpayer — Sat, 06 Sep 2008 04:47:15 +0000

Tim – E&Y sponsored the award the way Toyota sponsors the Emmy Awards on TV. E&Y doesn’t endorse MMA or UFF any more than Toyota underwrote the Titanic (the movie, not the actual boat).

By: JoeTaxpayer

JoeTaxpayer — Sat, 06 Sep 2008 04:43:57 +0000

When the HELOC rate is at, or below, the mortgage rate, I have little issue with using the HELOC shuffle. Otherwise, the savings are non-existent. All the benefit of MMA comes from one’s monthly income going to the mortgage and/or HELOC. “no change in lifestyle” is BS. I’ve had numerous dialogs with agents. None of them appear to understand the concepts of compound interest, time value of money, or arithmetic (you know, ‘math’).

The idea of being prompted to “text message the software” from my cell phone from the supermarket to “determine whether I can afford to buy steak on sale” (I kid you not) is rather unappealing to me. Yes, an agent has that process as an example. Every purchase should be run by the MMA software.

Joe

By: tim

tim — Sat, 06 Sep 2008 03:07:07 +0000

WOW. how many of you who THINK this is a scam actually read up on it or investigated it. OH by the way Ersnt & Young (one of the worlds largest accounting firms) Just awarded the united first financial “The Entrepreneur of the Year Award”. The Product has saved over 150 million dollars to its current client. you can call the headquarters and they will gladly bury you in all the editors choice awards and facts you need.

By: john

john — Sat, 23 Aug 2008 05:25:45 +0000

Off the top of my head, if you can afford to pay back monthly chunks of 4.5% HELOC money to apply to a mortgage with larger 5.62%, why not?

As long as one’s HELOC balance does not continue to grow month to month I would think in this scenario the interest one would SAVE on the FIXED rate mortgage would be alot more than the interest expense on the LOWER rate HELOC!

In other words, why not trade more expensive debt for cheaper? In this case I have a better rate with my HELOC (.75 below prime) than my fixed rate mortgage (5.625%)… and the amount available HELOC is GREATER (150K) than the balance on my FIXED mortgage (98K). What am I missing here???

By: admin

admin — Thu, 14 Aug 2008 01:00:10 +0000

This is a great product and if you can’t see that, then you deserve to waste money on interest.

Well, since I don’t have any debt to speak of… I’m not too worried about ‘wasting my money on interest’

By: James Koski

James Koski — Sat, 09 Aug 2008 04:55:54 +0000

Chad,
Where did you get your numbers from? Is the $153,000,000 saved debt from this program? Where can I find data on the test market in Dever or Denver, Co.? I will look at your numbers but I need verifiable information, not just a statement from a commercial website.