A hot search the last couple of days is Truth in Equity and HELOC(Home Equity Line Of Credit). Truth in Equity is a website that will look at all your finances: debt, assets and cash flow and for a little old fee ($1595.00) will get you out of debt quicker and give you a more secure retirement. How do they do this?
From their website:
"Quite simply, the Equity AdvantageTM program helps take full advantage of a key banking principle that lenders don’t want you to know about. That is, the interest debt is calculated on the daily principal balance. By keeping the daily balance of your debt as low as possible, you pay less interest. Consequently, more of your payments or deposit is applied toward reducing the balance rather than
being consumed by the interest. Conceptually it’s as simple as that.
The evolution of the Equity AdvantageTM restructures existing debt, reallocation of existing income streams and financial resources."
Ah yes, the old key banking principle that lenders don't want me to know about.
A HELOC is, of course, a Home Equity Line Of Credit. Part of the Truth in Equity pitch is that you will be getting a loan as part of their program, either from one of your lender sources or theirs...so we will assume that if you aren't a homeowner and have equity, their little program won't work for you. If you do own and have equity, we assume you would qualify to borrow against the equity and pay off your other debts.
Oops! We just saved you $1595.00