Today I heard an ad on the radio that touted a great program: “From Debt To Wealth”. The promoter says he has a “proven system” that you should buy into. I kept listening, and I heard some “real life” stories, like one from a guy saying that he paid off his mortgage in two and a half years.

What an outrageous claim! I had two reactions. First, I wonder what is the benefit to the promoter? It’s not out of the goodness of his heart that he paid for his radio ad, secured an 800 number, and produced a “free” cassette tape! I didn’t try to buy it, but I know that his proposed scheme surely includes a hefty, but probably hidden fee in exchange for using his “proven” system for eliminating debt. (And in buying into his system, guess what? You’re owing him on top of everyone else you already owe!)

Second, I find it extremely hard to believe that if you couldn’t pay off a mortgage within two and a half years before paying this guy, then how could you do it after having to pay him also? The only way I know to pay off a 30-year mortgage in two and a half years is to have been paying it off for 27 and a half years already. The only other way I can think of is to be lucky enough to have an inheritance or another similar windfall income like lottery winnings.

I’m not saying that it is impossible that a promoter actually has a very good system to help people. He may even charge only a nominal fee, as opposed to an exorbitant one. But chances are that neither one of these things are the case. Promoters who makes such outrageous claims are most likely not very trustworthy. My suggestion? Stay away from such schemes and do your best to pay off your debts the right way. That means make monthly payments, more than the minimum if possible, and make them on time, and regularly. Over time the debt will shrink, without fail. Whenever you can make extra payments each month, you will pay off the debt even faster. This strategy has worked for us in the past. It may very well work for others, too.

Tags: lower debt