Comments on: My Mortgage Feels Like Credit Card Debt http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/ Latest Credit Card News, Reviews and Information Thu, 21 Aug 2008 18:59:47 +0000 http://wordpress.org/?v=2.5.1 By: Jennifer http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-25971 Jennifer Thu, 12 Jul 2007 04:48:18 +0000 http://askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-25971 Well, I think debt is debt. Yes, debt for a house is better than debt for stuff bought on a credit card because the value of the house will presumably go up and the value of the stuff will almost surely go down. But owing money is owing money. Whether you owe $190,000 on a house and $10,000 in credit cards or $100,000 on a house and $100,000 in credit cards - you're still in debt $200,000. I want to be debt free. I am paying off my credit cards, car, HELOQ, etc. before I start to tackle paying off the home mortgage - but the mortgage debt weighs on me just as the credit cards do. And I'll get to it once the others are paid off. The borrower is slave to the lender. I don't want to be a slave to anyone. I want financial freedom, and a big part of that is being debt free. I have a feeling that going to sleep in a paid for house just might feel a little better. Well, I think debt is debt. Yes, debt for a house is better than debt for stuff bought on a credit card because the value of the house will presumably go up and the value of the stuff will almost surely go down. But owing money is owing money.

Whether you owe $190,000 on a house and $10,000 in credit cards or $100,000 on a house and $100,000 in credit cards - you’re still in debt $200,000.

I want to be debt free. I am paying off my credit cards, car, HELOQ, etc. before I start to tackle paying off the home mortgage - but the mortgage debt weighs on me just as the credit cards do. And I’ll get to it once the others are paid off.

The borrower is slave to the lender. I don’t want to be a slave to anyone. I want financial freedom, and a big part of that is being debt free.

I have a feeling that going to sleep in a paid for house just might feel a little better.

]]> By: Steve "The Debt Settlement Man" B http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-23464 Steve "The Debt Settlement Man" B Mon, 25 Jun 2007 20:23:02 +0000 http://askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-23464 They are supposed to feel the same thats what the credit card companies want. They want you to be paying on your 15k credit card debt for about as long as your goiing to be paying on your 100k mortgage. This is how these companies make billions every year. They are supposed to feel the same thats what the credit card companies want. They want you to be paying on your 15k credit card debt for about as long as your goiing to be paying on your 100k mortgage. This is how these companies make billions every year.

]]> By: Retire Young and Wealthy » Blog Archives » Carnival of Money Stories #15 http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-23229 Retire Young and Wealthy » Blog Archives » Carnival of Money Stories #15 Mon, 25 Jun 2007 04:25:12 +0000 http://askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-23229 [...] Mr Credit Card writes how his mortgage feels like credit card debt: My Mortgage Feels Like Credit Card Debt (Ask Mr Credit Card’s Blog) [...] [...] Mr Credit Card writes how his mortgage feels like credit card debt: My Mortgage Feels Like Credit Card Debt (Ask Mr Credit Card’s Blog) [...]

]]> By: Cindy http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-22649 Cindy Sat, 23 Jun 2007 03:59:04 +0000 http://askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-22649 You are very lucky that you did not have to pay rent for many years! Most of us do not have that opportunity. Much like you, I pay my off my credit card dept every month. However, life always throws us curves, and eight years ago the nuclear plant my husband worked at, shut down. We had to make a decision if my husband wanted to re-locate or change careers. If we had not had to relocate, our house would be paid for today!!! It was a beautiful house that we both loved. The house that we live in right now is also beautiful, and we love it, but have a 30 year mortgage on. We pay the mortgage down and will have it paid off in the next 10 years - but mind you, our other house WOULD BE paid off right now! I do not look at our home as a credit card debt. Credit card debts are NOT investments. Would I like to have my home paid off? YOU BET! Is my home worth my investment? YOU BET! It's up to you to decide what makes you happier. To pay down your mortgage - go out several times a week - drive a great car - have a great boat - ???????? - or whatever trips your trigger. Bottom line - your home is an investment. Not a revolving charge on your credit card. Decide how you want to pay for it and what you are willing (or not willing) to give up along the way. Find your balance. Me---I want the damn house paid off. But I'm not giving up my life along the way!!! You are very lucky that you did not have to pay rent for many years! Most of us do not have that opportunity.

Much like you, I pay my off my credit card dept every month. However, life always throws us curves, and eight years ago the nuclear plant my husband worked at, shut down. We had to make a decision if my husband wanted to re-locate or change careers.

If we had not had to relocate, our house would be paid for today!!! It was a beautiful house that we both loved. The house that we live in right now is also beautiful, and we love it, but have a 30 year mortgage on. We pay the mortgage down and will have it paid off in the next 10 years - but mind you, our other house WOULD BE paid off right now!

I do not look at our home as a credit card debt. Credit card debts are NOT investments. Would I like to have my home paid off? YOU BET! Is my home worth my investment? YOU BET!

It’s up to you to decide what makes you happier. To pay down your mortgage - go out several times a week - drive a great car - have a great boat - ???????? - or whatever trips your trigger. Bottom line - your home is an investment. Not a revolving charge on your credit card. Decide how you want to pay for it and what you are willing (or not willing) to give up along the way. Find your balance. Me—I want the damn house paid off. But I’m not giving up my life along the way!!!

]]> By: pidgeon92 http://www.askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-22405 pidgeon92 Thu, 21 Jun 2007 12:32:33 +0000 http://askmrcreditcard.com/creditcardblog/mortageandcreditcarddebt/#comment-22405 I feel the same way you do. Fortunately, the house we bought 9 years ago was inexpensive (we are not in a really nice suburb, but we like it), and I started paying extra on the mortgage within about two years. I was fortunate to receive a sum of money a few years back, and I immediately used that to pay off the mortgage. We are completely debt free (except for those pesky taxes) and very happy about it. I feel the same way you do. Fortunately, the house we bought 9 years ago was inexpensive (we are not in a really nice suburb, but we like it), and I started paying extra on the mortgage within about two years. I was fortunate to receive a sum of money a few years back, and I immediately used that to pay off the mortgage. We are completely debt free (except for those pesky taxes) and very happy about it.

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