Comments on: Sick of Credit Card Debt? Pay it Off in 1/4th The Time. (No Crazy Schemes, Just Math.) http://www.americanconsumernews.com/2008/06/sick-of-credit-card-debt-pay-it-off-in-14th-the-time-no-crazy-schemes-just-math.html Helping Smart Shoppers Save Mon, 22 Mar 2010 09:07:59 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: ct http://www.americanconsumernews.com/2008/06/sick-of-credit-card-debt-pay-it-off-in-14th-the-time-no-crazy-schemes-just-math.html/comment-page-1#comment-1290 ct Mon, 26 Nov 2007 19:34:42 +0000 http://www.americanconsumernews.com/2007/11/sick-of-credit-card-debt-pay-it-off-in-14th-the-time-no-crazy-schemes-just-math.html#comment-1290 Great article. This method is also offered as an option on a mortgage (mortgage acceleration). Essentially, you're making 1 extra payment per year. You will pay off the loan faster, but the mortgage lender will probably also charge you some extra fees for this "amazing" option. You could do the same by paying 1/12 extra of your mortgage payment each month and accomplish the same thing (but without any extra fees). Great article.

This method is also offered as an option on a mortgage (mortgage acceleration). Essentially, you’re making 1 extra payment per year. You will pay off the loan faster, but the mortgage lender will probably also charge you some extra fees for this “amazing” option. You could do the same by paying 1/12 extra of your mortgage payment each month and accomplish the same thing (but without any extra fees).

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