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This is Optimal Finance Daily episode 499, how I lost a fortune getting out of debt.

By Todd R. tresteter with Budgets are sexy.

And I am your host Dan. I'm here each weekday reading to you from some of the best personal finance blogs on the planet.

For now, let's get right to. Trusseter with Budgets Are

sexy.com I thought it was a smart move but I guess I still had a few things to learn.

The plan seemed simple enough on the surface. I would buy a little two bedroom

condo one block from the beach on the shore of Lake Tahoe. I would finance it with one of those garbage

loans that suck you in with an unrealistically low teaser rate.

Yet these are the same loans that got so many people in trouble during the real estate

crisis. They trap you with a teaser rate so low you could afford

the Taj Mahal, but then a year or two later, the interest rate resets to reality and presto.

Your payment suddenly gets a lot less affordable.

But remember, I had a plan. I was smarter than that.

My plan was to pay it off during the teaser rate period so those dirty little bankers wouldn't make squat off me.

I was careful. I checked the terms of the loan to make sure there was no prepayment penalty or small print to get hung up on.

I dotted my eyes and crossed my T's. Everything looked like it should work out brilliantly.

I signed the loan docks, moved into my beautiful home, and started the debt payoff plan.

...