Posted on May 25, 2008 at 1:34 am I'm noticing a trend amongst my customers in the last 6 months where they all blame their mortgage for their financial issues. The mortgage might be the biggest debt they have - but it's also the cheapest. It's also the debt that provides them with a roof over their heads. I've begun telling a lot of them that the fancy cars, expensive gadgets on credit and massive credit card debts are to blame - NOT their mortgage. This is the one to strive to keep. Sell off everything else. You can't live in a TV and you really don't want to live in a car. Downsize THOSE before getting rid of your biggest asset - the family home

Posted on May 25, 2008 at 9:44 am Funny how people with huge debt always blame the debt and not their personal spending habits, isn't it?

Posted on May 25, 2008 at 1:51 pm LOL, I blame the ex wife...........

Posted on May 25, 2008 at 1:53 pm And the system and my congressman and my senators and the president etc. etc. etc. but mostly the system and my ex wife...........sheesh

Posted on May 27, 2008 at 6:53 am I agree. It's often not the house, but what's sitting in the driveway that's part of the problem. It could be a boat, or a trailer with a couple of snowmobiles. This reminds me of a buddy who had a beautiful Mustang in the 70s. About a year ago, his wife went out of town, and he went looking for cars with his 21 year old son. Now the son has a beautiful Mustang. In this case, there are other work-related vehicles in the driveway, too - A backhoe and a truck to transport it.

Posted on June 5, 2008 at 2:28 am I totally agree with you on the mortgage part. Expensive car, unnecessary gadget and credit card debts are known as bad debt. Get rid of this before you get rid of your mortgage. It should be your last resort.  However, as most people go for the top mortgage that they can afford, any changes in their financial position might get them in trouble. So it is better to  get something that  is well below your means in order for you to be able to service it in any economy downturns.

Posted on April 1, 2009 at 6:47 pm It is a bit sad when you don't realise that what little you do earn should be looked after so that it can look after you later.