Financial guru Dave Ramsey believes that mortgage loans are frauds. In an interview with Bankrate, he said that paying off any other loan by transferring a loan to buy shares for a house is one of the biggest financial mistakes people make.

Your home and your capital are your biggest financial assets, he explained. If you use this capital to pay off any debt — be it a student loan debt, credit card, or debt consolidation — you are essentially turning your biggest financial asset into your biggest debt.

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What should you do?

If you do not have to take out a equity loan, what should you do to pay off your student debt? Here are some tips:

1. Cut your expenses. Reduce as much of your expenses as possible, restructure your budget with the help of new numbers and apply your savings to the highest percentage of student loans. Once this loan is repaid, continue to pay the same amount to the next balance, and so on, until your loans disappear forever.

2. Start a side concert. Try working part-time from home or on weekends by developing a “side bustle” and use this extra income to more aggressively pay off your students ’debts.

3. Create a plan. Develop a reliable roadmap that will allow you to cancel your student loans forever, and not just transfer them to a new name.

Do not put your house on the line just to rearrange your debt. It’s not worth it.

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