He Who Controls Your Debt, Controls Your Life.
Who do you owe money to? The people and institutions that you owe money to, actually own a piece of you. They own whatever part of you it takes to make that payment every month. They own the hours it takes to pay the debt, the part of your mind that deals with it, maybe worries about it.
It has become very real to some people the last few years as the number of foreclosures and short sales has increased across our nation that the bank holding the mortgage (debt) on their home, controlled much of their life... maybe even more than they had thought possible before they got into trouble with their loan.
Home mortgages, car loans, credit card debt, personal loans, medical bills, ... debt. It has become so common place, credit runs our society.
What about other debt? The taxes on our homes, income tax, personal property taxes, taxes on our businesses. Debt? Yes, I'm afraid so.. when we owe it to someone in order to keep it, we are indebted. In this case, He Who Controls Our Debt is government and they do control our life.
Think about new debt before you take it on:
- What is the interest rate?
- How long are you planning to take to pay the debt?
- What will the item cost you by the time you get it paid for?
- Do you plan on keeping it?
- If not, what's the best guess you can make for selling it?
- Are there other alternatives which you can live with easier?
If all the answers come back that it's in your best interest to borrow money to accomplish what you want, just remember that He Who Controls Your Debt, Controls Your Life. Try to keep Debt on your terms as much as possible... YOU in control of your debt, then You can be more in control of your life.
This post has been posted at Integrity Real Estate Services Blog.
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