Interest, debt, and inflation are the thieves of small business, medium business, workingmen, and workingwomen. Mort in Latin means DEATH and Gage in Latin means GRIP. Having a mortgage is having a death grip on your prosperity, security, and financial well-being.

I have had just about every challenge there is with credit cards, mortgages, and impulse buying. I have stumbled and bumbled my way to opening my eyes to see why debt is one of the worst addictions in the United States for the American people.

Ladies and gentlemen, the banks and the bankers are after your income so that they can stay in business – not for your good financial health. Those home equity loans are for their bottom line, not yours. Interest is free money to the bank. The banker knows that your income is their prosperity and livelihood. It is not in the bank’s best interest to educate the people in the world about the power of interest.

When you sign on the dotted line, whether it is for a credit card or a mortgage contract, you are spending your future income.

After the government takes it’s cut from your paycheck or income, the bankers are next in line to get your money. Then it’s your turn for your own money. How does it feel to be 3rd, 4th, or 5th in line for your own money? I have been there, done that, and it’s a harsh reality. The only way off this run-away treadmill of debt and paying interest is to be debt free.

Debt takes our freedom of choice away.

A house is an asset to the bank and a liability to the owner. Until the mortage is paid off or the house is sold you’re renting your house from the bank, which is collecting the interest from you. If you fail to make your payments on the house in which you live, it will revert back to the actual owner of the house – the bank to which you are making your payments.

We think that by buying a home we will sell it for profit. Land values are only going up an average of 4% to 5% per year. How much interest are you paying on your home loan? On a 30 year loan for $200,000 at 7% interest per annum, you will be paying about $500,000 for your home. The banking industry is legally taking our golden years from us by our own neglect of educating ourselves. By paying off your mortgage, you will gain a real sense of freedom.

Here is the biggest thief of all – Home Equity Loans. With a Home Equity Loan, you are buying back what was yours and paying an outrageous price for what you have already paid for once. The only time a Home Equity Loan is of value is when the money goes directly back into the property. Home Equity Loans to pay off credit cards are paying interest on the same money twice. And what’s to stop you from running up credit card debt again?

We are taught by society to buy homes for tax write-offs and for security. Owning a home is important for security, but pay it off as soon as possible. Sit down before you buy a house and figure a payment plan that will allow you to pay the house off as fast as you can. The story about tax write-offs is not truthful. Would you rather pay $1.00 (for interest) or 28 cents (for income tax)?

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