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so I'd thought. Instead we fell into the same trap we were originally in, and within 12 months our credit card limit was maxed out again. I swore I would never do that again.

The trick that many don't realize is that although the interest rate on your mortgage may be a lot lower then your credit or personal debt, there term of your mortgage is actually much longer. Think about it for a moment. A loan for 10 years with a 20% interest rate compared to a 30 year loan with a 10% interest, just equates more interest to pay over a longer period of time.

If you do need to get additional financing, get a personal loan, the repayments will be set over a shorter period of time and it won't feel quite like instant cash. You will go through the pain of seeing the loan slowly reduce to zero, and you will be more inclined to save for those big purchases instead of putting them on credit.

Although 30 years may seem like a life time away, with some planning, a little sacrifice, and a point in the right direction, it is possible to save a lot in interest and therefore reduce the life of your mortgage significant. So, off you go and look for the mortgage contract you signed way back when, and start learning how you can save loads of interest starting from today.

Learn more about this author, CE Wynn.
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