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Step #5:
Become House-Rich AND Cash-Rich
For a variety of reasons, we don’t necessarily encourage paying off a home mortgage. In fact, as far as “debts” go, it’s the last one you should pay off.
BUT ... a mortgage is still a loan (not to mention it’s likely your largest expense every month). So if you ever want to be truly debt-free, work toward paying it off and save thousands in interest over the long haul.
You can cut your loan pay-off time in half by adding a couple of hundred dollars a month to your payment, depending on what your balance is. Or you can be less aggressive and make just one extra payment per year. (This can also be accomplished by switching to a bi-weekly payment plan. Check out our calculator, Should I Convert to a Bi-Weekly Payment Schedule, to see how you can speed up your loan pay-off this way.)
Fight Back Against Debt Collectors!
Tired of those harassing and intimidating debt collectors? We've had enough of them, too! Here's what you need to know to fight back. Read More.
Are Reverse Equity Mortgages Right for the Times?
What exactly is a REM and how can it help you survive these tough times? Let's take a closer look to see if it's right for you. Read More.
Drowning in Bills?
Buried under piles of bills? These days, who isn't? Tackle them once and for all with our 10-step guide. Read More.
10 Fabulous Freebies
We're not pulling any fast ones here, folks. Check out our 10 favorite freebies and stop spending money where you don't need to! Read More.
Rates Fall Below 6%: Time to Refinance?
Before you call us crazy, let's take a look at how refinancing could work to your benefit right now. Read More.
6 Credit Score Secrets
Your credit score affects everything from your interest rate to getting approved for a loan. We're unlocking six secrets to help you keep it in top shape.
Play Video. 
How to Deal With Debt Collectors
Piles of bills often equals harassing phone calls from debt collectors. Make sure you know your rights and fight back!
Play Video.
Banking
- Citigroup Bailed Out: Is Your Bank at Risk?
- Watch Those Overdraft Fees!
- Alert: What the FDIC Doesn't Cover
Credit Smarts
- Credit Card Companies Acting Deceptive? Shocking!
- 10 Credit Card Sneaky Fees and Dirty Tricks!
- Avoid These Sneaky Credit Card Tactics
Family & Money
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Dolans.com Members' Favorite Reads!Check out your fellow Dolans.com members' top picks: |
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,800 a year in interest. |
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