If it sounds too good to be true…

Lately, I have been exposed to a certain so-called financial product which promises to help you pay off your mortgage years ahead of schedule, through some Automagic Secret Mathematical formula. It’s been called a “Money Merge Account” or an “Interest Cancellation Vehicle/Method/Technique”. It requires you to secure a line of credit such as a Home Equity Line of Credit (HELOC), or other type of secured credit line.

This particular product has been denounced wholeheartedly by Dave Ramsey (www.daveramsey.comblustar ).

Then, you PAY THEM $3,500 DOLLARS from this line of credit. What do you get for your $3,500? Well, this software that you track your bills/income/spending in, and then it uses the aforementioned Automagic Mathematical Calculation to determine at what specific time you should make extra payments to the principal to your primary mortgage. Sounding stupid so far? It gets even better(worse).

The people touting this product have many methods of doing so. First, is the use of metaphor and analogy. Second, obfuscation (“To make so confused or opaque as to be difficult to perceive or understand”). Thirdly, asking rhetorical questions which are only distantly analogous to their product, but hypnotize or condition you into a mind-set of comfort/acceptance.

Others have posted articles about this thing on their blogs (View this HUGE huge 475+ comment conversationblustar ), so I won’t waste any more time duplicating efforts. I’m just going to say…

“Money Market Accounts” ($3,500 Software) = Bad. Lame. Do Not Want. Stay very far away.

By tungsai

Super Magic Dragon Ninja

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