You can eliminate all debt in the fastest possible time by starting an avalanche! I recognize that starting or getting caught in an avalanche probably would not be your idea of an enjoyable time. But what if I told you that the principles of an avalanche are very similar to the principles used to eliminate all debt in the fastest possible.
Consider the following: By applying specific strategies beginning with the development of an Accelerator Margin, the average American consumer can eliminate all debt including a mortgage in about 7.5 years with the money currently earned. By so doing, they can save $105,408 in interest. They can then build $1,278,000 in savings in the same time it would normally take to pay off their mortgage by investing the same money formerly spent paying debt into a mutual fund. (RAM Research, Bankcard Holders of America, Chicago Title & Trust, National Association of Realtors, and U.S. Census Bureau.)
I realize this is contrary to the popular belief. It is also absolute heresy to the credit world because it is not in your creditors best interest [no pun intended] for you to know it can be done. However, I am constantly running client debt against software proving it can be done. An Accelerator Margin is the key The fact is by using an "Accelerator Margin", you can get a financial snowball going. It is the primer to start the debt elimination process. The Accelerator Margin is that portion of your income which you will temporarily set aside to pay extra on your bills in a very specific sequence. The example of the 7 year payoff above is based upon a 10% (gross) Accelerator Margin. The amount can obviously be more to make the payoff occur faster. It can also be less, but the payoff of course will be slower. I can already hear you saying, "I knew there was a catch. Where am I going to come up with 10% of my income." I hear this so often and you would be amazed at the money we waste unnecessarily. So I dedicate numerous the reference links to this effort. See FREE Money Links, Budget an Motivation, Budgeting)But in this article I just want to insure you have the basic plan to develop the Accelerator Margin. Here are the basics: The bill payoff sequence is a bit more complex but not difficult. The most common question I receive is, "Shouldn't I pay off the highest interest first." The answer is no, not if you are trying to eliminate all debt. The objective of this plan is to pay off a couple of the smaller debts first and use this money as leverage to pay the rest. If you are paying only selective debts and not ALL debts, I might agree about paying the highest interest first. Employing the method described in this article allows the fastest possible method of eliminating ALL debt with the money currently earned. If on the other hand you are simply trying to pay off a few debts, then paying the highest interest first does make sense. It's your call. The question is simply how badly do you want to get out of debt?
Source: www.freemoneytraining.com
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