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He Who Controls Your Debt Controls Your Life

By
Real Estate Agent with Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 141871

Credit Card debt is easy to take on... harder to payHe 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. 

Bills every month.... 

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.  

 

Comments (27)

Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Judi, i just met with a widow whose husband put her in a bad way financially because he had his money and she had hers...little did she know he had nothing to leave her but a hefty home mortgage...excellent post!

Mar 24, 2012 11:25 PM
Lucy E. Thompson
Keller Williams Realty Premier Properties - Summit, NJ

This is a reminder that we are all responsible and accountable ultimately to ourselves and has some great content.  Thank you!

Mar 25, 2012 12:16 AM
Larry Lawfer
YourStories Realty Group - Newton, MA
"I listen for a living." It's all about you.

Sage advice.  We need accontability in all aspects of our lives and we need to elect officials who are doing and living in the same manner. Thank for the blog Judi.

Mar 25, 2012 12:48 AM
Bryan Robertson
Los Altos, CA

I don't like the fact that I'm beholding to a bank or someone else due to a debt.  However, some debt is good if we listen to the credit gurus.  My goal this year is to cut my debt down so low that I have no obligation to anyone. 

Mar 25, 2012 01:52 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Absolutely agree Judi, that is why we are doing everything we can to pay off our mortgage as quickly as possible.  Once that is complete we will be free and clear.

Mar 25, 2012 02:14 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Judi, thank you for your excellent post and reminder. This is so true! Anyone considering buying right now needs to read this. It's like you say, it's not until there is trouble that reality hits. If we've learned anything from this mrotgage meltdown is to be cautious when taking on more debt.

Mar 25, 2012 03:25 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Judi - So very true.  Sometimes you just have to learn it the hard way.

Mar 25, 2012 03:28 AM
Ron Tiller
Star Referral - Grand rapids MI - Grand Rapids, MI

The reason banks have drive throughs is so they cen see their cars from time to time :-)

Mar 25, 2012 03:28 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Judi - I have lived in the Soviet Union for 40 years, and there was no such thing as mortgage, and we did not have debt. Yes, there was such thing as installment payments when yu were buy such expesive thing as a TV, and you could get it in 6 monthly installments, but that would be it.

Everything else - cash.

Of course, it does not mean that we were not under government.

We first saw credit in the US. It is one of the wonderful things that allows us to live such great life that we enjoy here. In the Soviet Union, if you wanted a car, you had to wrok for decades saving every rouble, before you could do it.

It was always expectations of better life.

The danger is in abuse of credit. Finding the balance is the key. Countries without credit are economically stagnant, like Argentina, and many others. Just imagine how little our buying power would be without the credit, and this means the economy.

Yes, with credit we sell ourselves to a degree, so we should be careful, but I think that credit is a terrific opportunity for a better life.

Mar 25, 2012 03:35 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Your title Judi actually has Biblical roots, and we should be VERY careful with getting ourselves in debt. BE KNOWLEDGEABLE up front with all the parameters. Excellent post.

Mar 25, 2012 03:52 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Excellent advice Judi. People I think are wiser now than several years ago - by a long shot.

Mar 25, 2012 05:37 AM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

Hi Judi...Yes watch your debt load, borrow only for good investments like, to buy a home, and pay off the mortgage in 15 years if you can by keep reducing the amortization as your income grows (from when you were young and 1st starting out).

Mar 25, 2012 06:43 AM
David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

You don't need it if you need to borrow.

Mar 25, 2012 08:36 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Individuals would be far better off financially if they didn't have the "I WANT IT NOW!"" mentality.

Mar 25, 2012 10:54 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Judi, when my husband and I applied for our very first credit card many years ago, we were denied because we couldn't show we were a "good risk".  Yet, we didn't owe any money to anyone and we had money in the bank, we only wanted it for convenience, so go figure!  It's been a long time but to this day, we pay off every balance every month.

Mar 25, 2012 11:03 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Judi

We have to control our to be in control of our life.

Good luck and success.

Lou Ludwig

Mar 25, 2012 11:51 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi, excellent advise but unfortunately debt controls many a person's life these days.

Mar 25, 2012 11:54 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

I'm down to 15 years on my mortgage and no other debt....yay!

Mar 25, 2012 12:12 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Judi,

I'm in total agreement. Keep your debt manageable and you can control your own life..if you don't the debt will control every facet of your life!

Mar 25, 2012 12:16 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Judi great information, unfortunately when it is a challenging economy people are forced to use more credit becuase they need to live. Therefore it is like a catch-22 situation. Just my take...

Mar 28, 2012 04:45 PM