Our local news reported on another way to pay down the principle. They suggest using the debt as the checking account instead of a standard checking account. They concluded there are 3 things that must be in order for it to work:
- You have to get control of your finances. It only works if you have more money coming in than going out.
- You need to carefully track what you're spending your money on and when those payments are due.
- You have to qualify for a home equity line of credit.
