Debt Dr 911

How Banks Are Ripping You Off!

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Overview:

Your hosts, Dr. Chris Heeb and financial expert Richard Schaffer, are on a mission to restore people’s financial health. They kick off their debut episode of Debt Dr 911 by exposing the tactics banks and lenders use to ensure you lose thousands of dollars and years of your life  to interest. 

While it is important to have a low interest rate, “you need to understand that not all interest is not created equal”, says Dr. Chris Heeb. In fact, banks and lenders use low interest rates to trick people into thinking they are saving money. Low interest rates do have certain benefits, but what the banks and lenders don’t explain to people is their interest volumes. Richard finds that most people don’t even realize that they spend upwards of 80% of their monthly mortgage payments on interest which is money they will never see again! 

So before you consider refinancing a home, or accepting any type of loan, tune in  to this episode of Debt Dr 911, you may be able to save yourself a lot of time and money! 

Quotes:

  • “Banks have been deploying systems and strategies that work for decades, but they are kept from the average person.”  (27:27-27:33)
  • “You need to understand that not all interest is created equal.”  (32:17- 32:19)
  • “What the banks and your lenders  don’t teach you, or care to tell you, is the amount of interest you pay each month can make up a massive chunk of your total mortgage payment.” (32:37- 32:49) 
  • “When it comes to homes, what you start realizing is, 40, 50, sometimes 60, 70, 80% or more of every payment you make is actually going towards interest to the bank which you will never see again.  (36:38- 36:53)

    • Links: 

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    Debt Dr 911By Chris Heeb