I'm stuck on the Beltway, and I hear another one of these commercials that seems to provide roughly 90 percent of XM Radio's advertising revenue- a commercial that promises to sell you a "system" that will eliminate your debt, no matter how big it is, in roughly the time it takes me to travel from New Hampshire Avenue to Rockville to pick up the bagels:
"I had a thirty-year mortgage, and I make $30,000 a year. Just using the money I make already, I paid off my entire mortgage in a year and a half, and now I own my house free and clear."
Come on! What was your mortgage on, a used piano crate? Even the most MODEST of 30-year mortgages have to start with a balance of half a million dollars or so. In my area, more like $1 million and up. People in this area who make $30 Gs a year don't take out thirty-year mortgages- they have a hard enough time finding an affordable APARTMENT. But we are supposed to believe that John Commuta can manage your finances in such a way that $45,000 in salary paid out over a year and a half can be used to completely pay off a THIRTY YEAR MORTGAGE??
I understand that in advertising, as in politics, Big Lies are more successful than small ones, because many consumers, upon hearing a Big Lie, assume that it MUST be true because no one would have the audacity to tell such a whopper. I think that's what John Commuta is going for here- a claim that "we can manage your salary to pay down your mortgage in half the time" might elicit a shrug and a "yeah, right." A claim that "We can get your mortgage PAID OFF in EIGHTEEN MONTHS!" causes people to think "wow, it sounds unbelievable, so it must be true." Never mind that the math simply doesn't work.
Who falls for this crap? Desperate people. Worried people. People on the verge of losing their homes. People buried with credit card debt.
People ripe to be taken by scumbag scam artists like John Commuta, who have figured out that outrageous claims bring in more revenue than reasonable ones, especially during bad economic times. "Debt to Wealth" means YOUR debt becomes HIS wealth.
You're better off selling your cow for a bag of beans. At least, you can eat the beans.