The Money Merge Account Version 4 introduced the ability to track and monitor all debts held by an individual or couple. This is a huge step forward for United First Financial and separates them from all the other mortgage accelerators in the field by encompassing all debt. You might be wondering what advantage does it have for you? Well let’s take a look at factorial math.
In mathematics, the factorial of a non-negative integer n, denoted by n!, is the product of all positive integers less than or equal to n. For example,
n!5 = 1x2x3x4x5=120
n!6 = 1x2x3x4x5x6=720
n!12 = 1x2x3x4x5x6x7x8x9x10x11x12= 479,001,600
n!13 = 1x2x3x4x5x6x7x8x9x10x11x12x13 = 6,227,020,800
where n! represents n factorial. The notation n! was introduced by Christian Kramp in 1808.
If you are wondering what the heck is that let me explain. The average American has 13 active accounts on their credit report. If these accounts all carry a balance there is more than 6 Billion ways to pay off those 13 accounts. Let’s make it a little simpler. Grab a standard box of 12 crayons and find a giant wall. Take those 12 different color crayons and make a small mark on the wall with each color in a progressive order in a line. Now start a new line and put the crayons in a different order. How many different patterns can 12 crayons make? Over 479 Million. I hope you have a lot of time.
Now consider those same 13 creditors. On average 9 of those are credit cards and the other 4 are installment loans(car loans, mortgage, boats.) The Money Merge Account calls this strategic payoff. The strategic payoff will consider balance, interest rate, lenght of term and minimum payment to determin which debt to pay off first. You have full control and ability to over ride the system for emotional reasons, but I warn you that if you do it will instantly show you how much interest you are lossing by changing the suggested payoff cycle.
Tags: credit cards, factorial math, Money Merge Account, mortgage accelerators, strategic payoff, United First Financial
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