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Next to winning the lottery, a debt consolidation loan is a debtor’s dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments.

In reality, consolidating bills isn’t always easy. If you have a lot of debt, it can be hard to find a consolidation loan at a lower interest rate. And if you’re not careful, you can end up deeper in debt than when you started.

Your goal in consolidating your debt should be to lower your overall costs. To accomplish this there are two things to keep in mind:

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Wanna know a little secret There is an ingenious method you can use, to pay off your 30 year fixed rate loan, in 23 years or less. It’s straightforward, simple, and easy to understand. In this article, we’re going to explore this little known secret, and we’ll provide several examples of how it works, a few methods on how to implement, along with some information on where to go and how to get started.

1. Accelerated Payments:
By accelerating the payment structure on your loan, the life of the loan is reduced:

• In a normal 30 year fixed rate loan situation, your monthly payment is applied towards principle and interest. It is amortized over the course of 30 years.
• So any money above and beyond your normal payment is applied solely towards the principle of the loan.
• By reducing the principle of the loan, you are reducing the total amount of interest that must be paid, and that equates to an early loan payoff.

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