Think of all the debts you owe, including financial debts, personal obligations, and any other form of indebtedness. Of all of them, which debt limits your choices the most?
Which debt of yours has the highest dollar figure? Did you have to look that up, or do you keep careful track of it?
What would it be like to have no debts at all? How would your life be different? What would become possible for you?
Tuesday, February 17, 2009
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The most common answer for the largest debt is a home mortgage. Some people forget that a mortgage is a kind of debt, but it is, and it’s a big change when you pay off a mortgage and no longer have to make those monthly payments.
ReplyDeleteThat is an amazing stroke of coincidence.
ReplyDeleteUnfortunately, today was a day filled with cursing the heavens for college loans after a tax rebate was garnished. It is so unfair that in America college students who take out loans have their debt bought and sold, compounding interest so that debts near double over the course of a few years, even when payments are made. Its connected to the interest derivative games that crashed our economy. You pay and pay and pay and the principle balance never drops, and the interest is always going up... you pay forever... unless you're lucky enough to pay it off outright.
But sigh it is so nice to dream about a world in which a college education or a home can be interest free...