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The Debt Looks Better on the Other Side

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I’ve heard this before, and I wonder how true it is. When you make more money, you have more debt.

First thinking about that, I ask myself “How could that be??”

But when I think about it a little bit more, I think I can see how that can happen. When you make more money, you get used to a certain lifestyle. That lifestyle can mean accumulating debt in order to maintain it constantly. Just because you make $300,000 a year, it doesn’t necessarily mean you can afford a $50,000 car without taking out a loan.

Now, if Bill Gates has debt, I would be SUPER surprised 🙂

Technorati Tags: debt, more+debt, bill+gates

My Mortgage Debt

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After looking at my debt, you may be wondering why I have such a low mortgage debt.

It may be hard to believe, but my home only cost $35,500. This value reflects the general real estate trend of the area. Most homes are very affordable where I live compared to big cities. If I was living somewhere else with my income, I would not have been able to purchase a house.

When I applied for mortgages, even obtaining one for $35,500 was a challenge due to my debt. But I was working with a wonderful woman who tried her hardest to get my family into a home. And she was able to do it.

Technorati Tags: mortgage, mortgage+debt, real+estate