Debt eliminating program

**James Martin** · 08-22-2014, 11:04 AM

I’m looking for a good debt elimination program that works. I bought the John Commutta get out of debt program and it is not working for me. I guess I just wasted more money. Does anyone have any suggestions? Does Mortgage acceleration really work?

**frugalwarrior2** · 08-22-2014, 11:26 AM

This isnt exactly what you asked for but..
We used Crown ministries financial website. I used the debt acceleration calculator. You can visualize how adding more to the principal will change things. Part of the site is paid but I just used that part for free. I had previously taken the Dave Ramsey course thru a church for $88. for the 2 of us. I favor Suze Orman now that we are debt free.

**miss_cas** · 08-24-2014, 12:24 AM

Dave Ramsey book is helpful...'Total Money Makeover'. You do not need any of the rest. He made a ton of money from his system & materials already. I do disagree with some including his demands to cancel the credit cards completely. The man is millionaire so it doesn't matter if he uses only a debit card & buys gas with it at a gas pump. If you and I did this, some of the gas stations put huge hold on the checking account to the tune of $250. This is really common on vacations. So you and I would be in trouble if we were not millionaires. If you are in trouble, his system is helpful and cancel credit cards to get it under control is fine but long-term, it is a problem for middle class people to not use credit cards.

**khaski** · 08-25-2014, 08:39 PM

I second Dave Ramsey, and as for mortgage acceleration, assuming you have no pre-payment penalties, yes, indeed it does work. The earlier you begin, the bigger the savings. If only I had started sending in even $30 or $40 a month extra from the start! I didn't, but we're working on it now, and I track it carefully. Yes, I see the increase in base principle paid month to month between my 'regular' payment and the extra we throw at it.

**mndtrp** · 08-26-2014, 12:34 PM

It's hard to say what will help you without at least a modicum of information. Why didn't that particular program work for you? What are you looking for? Why are you even questioning if mortgage acceleration helps to get out of debt?

Of course mortgage acceleration helps to get out of debt. Paying extra to anything will get rid of debt quicker.

Dave Ramsey has a good program that's worked for a lot of people. It isn't for everyone, for various reasons, but the base principles are solid. You don't even really have to pay for it if you don't want to, you just have to understand what the individual steps require, and adapt it to your needs if necessary.