Shred Your Debt - Adam Carroll #5621
Summary: Looking to rid yourself of your debt? If so, you don\u2019t want to miss this episode. Adam Carroll\u2019s business implements what he calls \u201cThe Shred Method\u201d in order to get people out of debt in 3-5 years. This is done through home equity lines of credit that move in tandem with where rates are going. Using a special software, the algorithm adapts to someone\u2019s specific income, equity, and debt, and allocates money accordingly. Tune in for more information on The Shred Method and tips on how to re-think your debt. Highlights: -Adam uses what he called \u201cThe Shred Method,\u201d or home equity lines of credit -The line of credit moves in tandem with where rates are going -By next summer, we could see 8% mortgage rates -Income begins to cycle through the HELOC -Interest is charged on the ending daily balance -The Shred Method involves working with a coach because everyone has a certain risk profile -Adam\u2019s team likes to analyze income, equity, and the consistency/predictability of these things -You can save a large amount of money in interest, and earn back more of your income -Local banks/credit union are still open to doing lines of credit -There\u2019s little risk involved if you follow the model closely -We\u2019re finding the normalization point in the curve -Shred is a behavior modification tool\u2014constant reminders of what to do and when Useful Links: Financial Survival Network The Shred Method