| ♦ REFRESH to rotate MAAMAW'S CLICKY NOTES thru this space..... Timely Tips, Best of the Boards & More ♦ |
| PROTECT YOURSELF FROM SCAMS! Research all business opportunities thoroughly, and never blow off other people's bad experiences. Ask around (and listen!). The Scams101 Message Board is a good place to start. What's that? You've found a Biz Op and you're wondering if it's endorsed by FIB?... Not unless it's listed in MaaMaw's Magnificent Toolbox. |
| |
FIB - Scams 101
Re: United First Financial - Dave Ramsey Says NO!
Posted By: Calvin In Response To: Re: United First Financial - Dave Ramsey Says NO! (Lin Ennis)
Date: Monday, December 24, 2007, at 6:23 a.m.(pst)
>> You aren't "borrowing" money to get out of debt.
>> You are transferring money from one debt to another debt, for example,
>> moving $3000 out of mortgage debt to home equity line of credit debt. It's
>> still the same money but will cost you a HUGELY lower amount of interest.this statement is monumentally misleading. Yes you are transferring one debt (mortgage) to another debt (HELOC), but you are in NO WAY SHAPE OR FORM getting to a HUGELY lower interest rate. While using your income to "offset" the HELOC balance during the month lowers the "effective monthly interest rate" on the HELOC to one typically lower than your mortgage rate, the amount you will save each month is on the order of a few dollars. 99.99999% of the savings comes from the discretionary income you have each month. MMA is just a prepay method in disguise. most people also don't realize that when you throw your income into the HELOC each month to offset the balance, you are giving up the chance to hold that income in an interest bearing account until it it needed to pay the bills each month.
unfortunately for MMA advocates, they don't see that the difference between the HELOC interest paid and the mortgage interest saved is LESS than the interest that can be earned each month from parking their money in good bank for the 3 or so weeks until bills are due each month. IE, an MMA is SLOWER than just prepaying a mortgage and using a good bank for their monthly float. it's been simulated countless times, MMA just never comes out ahead in today's interest rate climate.
there are a few other reasons never to do an mma as well, but seems to me the fact that it is faster and easier to use a traditional prepay method is reason enough.
| |
FIB - Scams 101 is maintained by Lesley Fountain with WebBBS 5.12.
| PLEASE READ THIS LEGAL NOTICE CAREFULLY BEFORE YOU FILE A LAWSUIT OR EVEN WASTE TIME THINKING ABOUT IT. It has been done before, but never successfully. In fact, the last dodobird who tried it ended up being ordered to pay more than $77,000 in attorney fees ($65,000+ to my attorneys and $12,000+ to my co-defendant's legal advisor).
If your attorney is worth his salt, he's going to tell you that the expense of filing a lawsuit you can't win is a whole lot worse than any "damages" resulting from messages posted on this insignificant little chunk of cyberspace. NEWS FLASH: I didn't just climb down off that ol' turnip truck yesterday. I'm well aware that expressing a negative opinion, relating one's personal experience, and restating provable facts are all legal in this country and do not constitute libel, slander, or defamation -- so you don't want to play games with me, and you sure don't want to start something you aren't prepared to finish. I don't take threats lightly, and I don't accept bribes (or did you call it a "mutually-beneficial arrangement"?). I'll turn you in faster than you can yell, "ARREST ME, I'M SCUM!!" Do yourself a favor and turn your legal team loose in greener pastures. Although we may, from time to time, monitor or review discussions, postings and the like on the Friends In Business (Scams 101) Message Board, we are under no obligation to do so. We are not responsible or liable for any claim arising from the content of any such discussions or postings or for any error, defamation, libel, slander, omission, falsehood, obscenity, pornography, profanity, danger, or inaccuracy contained in any information contained within such locations on the Site. You are prohibited from posting or transmitting any unlawful, threatening, libelous, defamatory, obscene, scandalous, inflammatory, pornographic, or profane materials or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. You are likewise prohibited from posting any false claims against any company or individual. We will fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity of anyone posting any such information or materials. By posting messages and/or content on the Friends In Business (Scams 101) Message Board, you give permission for Lesley Fountain/Friends In Business/Shoestring Success Publications to display, distribute and use the posting and content for publication, advertising, promotion, excerption or example. You grant Lesley Fountain/Friends In Business/Shoestring Success Publications complete, perpetual, but non-exclusive rights to use, archive, reproduce, adapt, modify, distribute, sub-license, repurpose, rework, compile, or offer for sale or resale the messages, postings or content appearing on this site in whole or in part, throughout the world and universe, on a royalty-free basis without remuneration. If you cannot accept or agree with the terms of service for this website and discussion board, you are advised not to post on this board. In closing, I would like to remind you once again that it is still legal, in this great country of ours, to express a PERSONAL OPINION, as long as it is presented as opinion and not as fact. And finally, all you scammers out there will do well to remember that TRUTH IS AN ABSOLUTE DEFENSE against charges of libel, defamation, and slander... so if you're operating just a hop, skip, and jump ahead of the law, you might want to think twice before doing anything stupid... (AND SHAME ON YOU!!). |