So, if you own a home with a small mortgage, and have no other debt, are you considered to be “in debt?”
This article needs to clearly define the terms it uses.
If you can't clear the mortgage tomorrow without crimping your cash flow and/or lifestyle, I would consider you to be "in debt".
If you can clear the mortgage, but are using it for certain advantages, then you're not in debt.
A guy buying a new pick up truck goes $50,000 in debt.
Technically yes. A mortgage is debt
It's journalism and you expect clarity and honest data? :)
DEBT is DEBT.
OWNING your home with a small mortgage is still better than paying ever-increasing rents.
I Bought my current property free & clear with profits from prior property.
Had a pretty high C Card balance at 1-1-2022. Was getting pretty mad at all the interest they were charging with Biden’s policies.
Doubled down (ON SOC SEC) on my payments. Have paid off over $13,000 in 18 months-—and was still using the card all the time. I do NOT like to carry cash-—female & 83—feel more vulnerable. Current C Card balance==under $200..,but going shopping tomorrow.
DEBT is DEBT.
OWNING your home with a small mortgage is still better than paying ever-increasing rents.
I Bought my current property free & clear with profits from prior property.
Had a pretty high C Card balance at 1-1-2022. Was getting pretty mad at all the interest they were charging with Biden’s policies.
Doubled down (ON SOC SEC) on my payments. Have paid off over $13,000 in 18 months-—and was still using the card all the time. I do NOT like to carry cash-—female & 83—feel more vulnerable. Current C Card balance==under $200..,but going shopping tomorrow.
ALSO-—NO CELL PHONE/Pay TV/ Hairdressers/ Manicures/ entertainment/no new vehicles/ nothing frivolous.
There are families here in USA that are paying more in monthly CELL phone bills than a mortgage payment. BUT-—the phone company doesn’t exactly “qualify “ you like a mortgage company.