Money Merge Mayhem

Does Dave think the money merge account plan is a bad idea ... or does he think it's a BAD IDEA?!

QUESTION: Matthew was told by someone about the money merge account (from United First Financial) that helps you pay extra on your mortgage, and that Dave thought it was a good idea. Does he? Not in a million years, explains Dave.

ANSWER: I would absolutely not pay for this. Bad idea! The problem with these money merge accounts is that you buy the software for $3,500, and it manipulates your bills using a home equity line of credit to pay extra on your mortgage. There are 2 problems with this. The first is that you don’t need to pay $3,500 to manipulate your bills; you can find extra money to pay on your mortgage by writing it down on a notepad!

The second thing is that these people are telling you that you can pay off your home with no change in lifestyle. That’s a lie. You have to sacrifice to pay off your home. If you make $4,000 a month and want to pay $1,000 extra on your mortgage, you have to live on $3,000. You HAVE to lower your lifestyle. No software combined with a home equity line of credit will make that happen. There is no magic pill to getting out of debt. The key is living on less than you make.