Would you consolidate your debt into this loan?

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If your interest rate was about 1% higher than your current mortgage, but the loan has a debt repayment plan that gets you out of debt 10 years sooner and save you over $ 100k in total interest? Plus, you save about $ 200/month in debt payment and you can apply some of it toward the principal and invest the rest.

I just don’t get why some people would say no. Maybe its because it sounds too good to be true and they don’t believe it, even though everything is printed out and a loan amortization schedule is given. Oh well, some people are just ignorant to information or they have really been brainwashed that interest rate overrides all other important data.

3 Comments
  1. Reply
    q answers
    February 10, 2011 at 4:57 pm

    ask an accountant

  2. Reply
    coach
    February 10, 2011 at 5:34 pm

    It is interesting that they have discovered a way to violate the laws of mathematics. These places are selling magic beans to people who are bad at math (who then call us “ignorant” and “brainwashed”).

    Interest rate goes up, payment goes down, and debt is paid off sooner? Well, it is your money and you can do what you want with it, but it is impossible to do what they are claiming. If this were true, why don’t you post the data from the amortization schedule and current payment information so my ignorance will be alleviated?

  3. Reply
    Yolanda W
    February 10, 2011 at 6:17 pm

    Yes. This would be the best option for me because I will be able to get out of debt and save me some money that I could invest in a mutual fund.

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