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50 Year Mortgages? Can It Get Any Worse Than This?

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It’s January And The Bills Are Coming! Cash In On The Equity In Your Home.

SAVE MONEY ON OUR NEW 50 YEAR LOAN

I couldn’t believe it the other day when I opened up my local Penny Saver flyer and read this ad. Now loan companies are trying to keep us in debt till the very end of life. Do they even realized that borrowing on a 50 year loan for most people means that they will be dead before the fifty years is over? My husband and I would be in our eighties by the time we paid off a 50 year loan. Not to mentioned that fact they we would be paying a huge amount of interest by the time the loan was paid off.

It seems that mortgage and credit card companies are not actually concerned about whether we pay the debt off anymore. It’s as if these companies are encouraging us to borrow, borrow and borrow for the rest of our lives with little concern about whether we can pay it off.

Many people would see an ad like the one I mentioned and be excited at the possibility of only paying $252.86 a month for a $100,000 loan. Heck, that payment sounds great even to me. But what does having a 50 year loan really mean? It means that you have decided that DEBT is your LIFE. It means you have decided NOT to take control of your money and live under financial bondage. Why am I being so harsh? Because I want people to understand that debt should not be our life and it’s time for change if it is for you.

For the most part Americans (as well as many other countries) seem to have resigned to the fact that debt is a way of life. We start borrowing money from the time we are out on our own till the time we die. People say things like, “I’d like to get out of debt, but we all know that’s never going to happen”. Over time credit and mortgage companies have been feeding us this line only it’s in the form of an ad. It’s January and the Bills are Coming! Save Money on Our New 50 Year Loan. Yet we treat these companies like our SAVIORS? Being worthy of borrowing money should not be a symbol of success. Instead we should be running from debt, paying it off as soon as possible and deciding borrowing money is NOT a way of life.

So the next time you are considering borrowing money understand you could be making the choice between financial freedom and financial bondage. Get control and STOP BORROWING MONEY!

January 16, 2007 | Filed Under Financial Advice, Money Management Tips 

3 Responses to “50 Year Mortgages? Can It Get Any Worse Than This?”

  1. » 84th Carnival of Personal Finance  on Blueprint for Financial Prosperity on January 22nd, 2007

    [...] Mona presents 50 Year Mortgages? Can It Get Any Worse Than This? posted at Time To Budget. [...]

  2. Robert on February 22nd, 2007

    Nor does the recent tighting of the bankruptcy laws bode well for debtors

  3. life insurance rates on March 1st, 2007

    life insurance rates

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