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FIB - Scams 101
Re: It WORKS!!
Posted By: Calvin In Response To: Re: It WORKS!! (Michael J McMillan)
Date: Tuesday, November 27, 2007, at 5:37 a.m.(pst)
In Response To: Re: It WORKS!! (Michael J McMillan)
>> I'm not sure I'd say it's a scam. Vastly overpriced, yes I'd say that
>> in a heartbeat. We're talking about a program that should cost $250 at the
>> most. The rest is pure bloat, designed to support an otherwise
>> unmanageable MLM upline.
$250? Really? So you would pay for something to slow down your ability to prepay your mortgage? Got a bridge for you in Brooklyn you might be interested in.
If you ever saw the sales presentations, and understood interest calculations, you would join me in crying scam. The program is presented as far better than prepaying, when the HELOC float game saves you literally a few bucks versus stashing your bill money in a 0% checking account, while prepaying does 99.9% of the work. **Actualy using competitive rate checking accounts BEATS the HELOC float game with far less effort required. They mislead you on how much HELOC interest is charged, they mislead you on tax deductibility, they mislead you on the price relative to the savings. They completely ignore the time value of money (comparing dollar amounts paid today to nominal savings 20-30 years down the road, demonstrating complete finacial ignorance and incompetence). Some of the agents I've read out there are more up front than others, one actually admiting the program is purely behavioral and results can easily be beat on your own, but those are far and few between. Most claim it will save you $100,000+ in interest, when they know it's just simple prepaying doing the job.
There are just too many problems with the MMA to list....
Messages In This Thread
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