ARE MONEY MERGE ACCOUNTS A GOOD WAY TO REDUCE A MORTGAGE?

Question

ARE MONEY MERGE ACCOUNTS A GOOD WAY TO REDUCE A MORTGAGE?

Answer 1

Only if your household has incredible discipline.

As you know, the way the MM scheme works is to make every cent of your "idle" cash work by using it to reduce interest from your loans.

Most people will find the routine too complex, and give up after a while.  I know 2 families who went in, very enthusiastic, and within 3 months they are hopelessly behind, and disappointed with themselves for failing.

In todays lousy economic climate it would be very difficult to secure a HELOC anyway.

My suggestion is not to go into it, and save yourself the couple of thousand dollars for the software.