However, you may want to consider a few different concepts. Does a house count as a liability or an asset? Which are you trying to accumulate to create wealth, assets or liabilities?
Did you know that the word mortage is composed of "mort" which means dead and "gage" which means pledge (see www.thefreedictionary.com)? In other words, you have pledged to pay something until you die. Do you really want that responsibility? What does it really cost?
According to en.wikipedia.org, "Debt bondage is a person's pledge of their labor or services as repayment for a loan or other debt" and "Debt bondage has been defined by the United Nations as a form of modern day slavery." You may want to think about this before you pick up some additional debt.
Have you ever heard of a slave that could purchase their own freedom after working long enough to pay of their debts?
This post was reposted from http://finlit.biz/debt/mortgage-the-new-age-slavery/, originally written on February 7th, 2013.
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