A Mortgage Early Payoff System - Do's and Don'ts

Most people would like to follow a mortgage early payoff system. That can be a very difficult thing to get right. So here are some do's and don'ts to follow when considering a mortgage early payoff system:

First, let's talk about the don'ts:

Don't keep charging excessively on your credit cards It's hard to get out of debt if you keep putting yourself right back into it. Limit or total eliminate credit card use altogether.


Don't keep your mortgage just because you've been told that it's a great tax deduction This is crazy. If you're in the 30% tax bracket, then the government will give you 30 cents for every dollar in interest that you spend. Do you really think that trading a dollar for 30 cents is a good deal?

Don't worry about interest rates. This will go against almost everything that you hear, but here's the truth: interest rates really don't matter when paying off debt. What matters is how quickly you can pay them off. We'll talk more about this in a minute.

Now, let's talk about the do's:

Find some extra money to start paying down debt. Look for this money in your monthly expenses. Is there an area that you can cut back and find some extra money? For example, could you eat out a little less and make healthy meals at home? Or, if you're getting a big tax refund every year, maybe you could have less taxes taken out at work and use more of that money to pay off debt. Just ask your payroll department at work.

Use the extra money that you find to pay down on debt. Just list all of your debts from the smallest balance to the largest balance. Now, focus on paying off your smallest debt first. For most people, they will list their credit cards first, then car payments, and then a mortgage. Start paying off your debts in this order. After you pay off your credit cards and car payments, then you should have a lot of money coming in each month to pay down your mortgage.

Once your mortgage has been paid off, then start investing in your future. After your house has been paid, then you'll have a lot of money coming into your life because these monthly payments are gone. Use that money to start investing in your retirement.

Most people who use this mortgage early payoff system can be completely debt free in 5-10 years. Put this system to use and see the results in your life, also.

There are plenty of resources out there that can help you focus on your goal of a mortgage early payoff. Reading articles like this one is a great start.

But where can you find the right information to help get rid of your debts?

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