mortagesandforeclosures

by Susan Reynolds

It is not a good idea to depend on your assets appreciation in value to bring you financial security in this dying economy. Property values have already dropped dramatically and people everywhere have lost thousands in equity. Paying off your debt is the only real way to achieve financial security in this day and age.

You can find plenty of debt management services that offer you a helping hand in reducing or eliminating your debt. They offer consolidations and give you strategic plans to assist in paying off high interest loans, reducing interest rates and will even help you pay your mortgage off early. But there is a catch with these services.

You will be given a budget and your lifestyle will dramatically change. Your debt will be the main focus and it will be reduced very slowly. In most cases the consolidation will hurt your credit, agitate your creditors and with the newly designed tight budget frustrate you. Most end up giving up before results are seen and are in worse shape than when they started.

Financial software programs allow a do it yourself platform for reducing debt. There are many more advantages to these programs than with a debt management service. You are given several options for creating your own strategies such as progressive payment plans, snow ball or roll down plans. This offers a huge advantage to the conventional mortgage amortization plans being offered elsewhere.

With the techniques from these programs you will learn new ways to reduce your debt while maintaining the lifestyle you are used to. You even get motivational information to keep you headed in the right direction.

You can convert your debt to liquidity and find out how this is helpful in achieving an accelerated mortgage amortization. If you make more money than you spend each month you will be able to pay off debt even faster as you can add more to the principle each month.

Even someone who just started a 30 year mortgage will benefit from mortgage acceleration. The beginning of the loan usually has a much higher interest payment so by paying extra it will all go directly to the payoff of the loan. The sooner you start your strategies the better, and the quicker the loan will be paid off.

Try merging cash and credit accounts to create temporary cash flows to put towards the principle of your mortgage. This can be extremely helpful when you are trying to achieve debt elimination.

The important thing is that you pay off your bonds faster. You should pay off high interest bonds first; you can use your lower interest bonds to absorb them for a quicker affect on your total debt interest rate. Learn how making your payment bi-weekly instead of monthly can actually be making extra payments to your bond, total principle payments that will increase the rate in which the bond is paid off. There are many tricks you can use to get rid of your debt quickly, most of which can be done without you feeling any financial changes in your day to day life.

About the Author:

Susan Reynolds is the webmaster for a leading South African bond origination portal. For more information visit: http://www.bondcredit.co.za/

Get all the information and photos:: http://mortgagewide.info/how-to-pay-off-your-bond-quicker/