For the most part, it's a lot of fun blogging about how to save on your mortgage. Fun especially on the days people appreciate it. Yesterday's blog provoked a question about the money merge account. The reader asked:

"I've been considering starting a money merge program for awhile now - is it worth $3500??"

You can read (or guess) my answer to Braxton. Let me be clear about what I think about United First Finacial's money merge account, just in case I have not chosen my words carefully enough and have misled anyone. After all, people reading online tend to read quickly, too quickly at times. I have asked the question, "Is is a scam?" (no) I have also written "The MMA, Not a Scam, But…"

I use these words to serve Internet readers hungry for information. I subscribe to a service that tells me what phrases people are searching for related to ideas I'm interested in. The public is consistently asking, "Is the Money Merge Account a scam?" And I, just as consistently, say, No, it is not a scam, but that doesn't mean you need to buy it.

I have also just as consistently stated my primary two reasons for not personally recommending it are 1) I think the price is too high, though, obviously a percentage of the market will bear it; and 2) I think much of the promotional verbiage makes using a HELOC to accelerate your mortgage payoff sound far too complicated for the average person. These are my opinions. You can decide for yourself whether or not to call them facts.

Equally courteously, UFF says on their website in their frequently asked questions section (emphasis supplied):

Q. Can I do this concept on my own?

A. Absolutely. The simple answer is that anyone can attempt to do something similar on their own.

The rest of their paragraph casts their program in godlike light (just my opinion) and disparages "attempting" to do "something similar" on your own. They also appear to refer to all other mortgage acceleration programs as "static" plans. I disagree that having a "static" map for where one is going is a bad thing.

The UFirst program is a good one. It pretty much does what they say it will do. It is still a little much, in my opinion. I refer to the American Chronicles syndicated article about a gilded mirror. The gold plating ain't gonna make your hair look any better!

What's missing in the debate is finacial literacy. People need to - and want to, I believe - become educated about how money works, especially their own money.

I spoke with a customer of Let Your Mortgage Make You Rich! yesterday. She sounded a little embarrassed that after setting up her HELOC to start paying off her mortgage, she went to an auction (tum, ta-tum-tum-TUM…a antique dresser? an antique bedroom suite?) and bought a house. Cash. Fixing it up to rent out. It will be a money maker! This is exactly the kind of thing you can do when you become educated. She wouldn't have increased her real estate holdings had she not read Let Your Mortgage Make You Rich!

Educate thyself.