Summary

Original source:
http://www.the-leader.com/articles/2005/02/10/business/biz02.txt

Details

• One of the surest ways to sabotage your financial goals is to take on an excessive amount of debt.
• Just consistently spend a little more than you make over a period of time and you will eventually find yourself overburdened with debt.
• At that point, with much of your discretionary income going to make debt payments, you will typically find you have little or nothing left over to save toward your financial goals.
• n Using a mortgage to purchase a home can be a good financial strategy, since you are using debt with a reasonable, tax-deductible interest rate to purchase an asset that will probably increase in value over time.
• Don't purchase the most expensive home your lender will allow, putting the least amount down.
• Instead, make a large down payment and purchase a home that won't stretch your budget.
• Typically, you'll get a lower mortgage rate if you make at least a 20 percent down payment.
• You might want to set up a home equity line of credit to use for emergencies, not as a convenience.
• It may also make sense to use a home equity loan to pay off higher interest rate consumer loans, but then make sure you don't run up those debts again.
• Credit card balances typically carry high interest rates that aren't tax deduct-deductible.
• If you don't have the cash, don't purchase the item.
• Once you've consolidated as much as possible, come up with a plan for paying off those debts.
• Once that debt is paid in full, move on to the card with the next highest interest rate, continuing until all debt is paid in full.
• Face it, you wouldn't be in this situation if you didn't have problems controlling your spending.

Related Articles

Popular Topics: Debt, Interest rate, Mortgage, Diabetes, Breast cancer, Prostate cancer, Heart disease, Depression, High cholesterol, Osteoporosis, Vaccines, Autism, ADHD, Infertility, Weight loss, Cancer, Alzheimer's, Trans fats, Acrylamides, Fluoride, Mercury	Take Action: Support NaturalNews.com Email this article to a friend Share this article on: NewsVine | digg | del.icio.us Permalink to this article: http://www.NaturalNews.com/004744_debt_interest_rate_mortgage.html Reprinting this article: Non-commercial use OK, cite NaturalNews.com with clickable link. <a href = "http://www.NaturalNews.com/004744_debt_interest_rate_mortgage.html">Excessive debt can destroy your financial goals before you realize it</a>
Receive our Natural Health Newsletter for FREE Subscribe now (it's free!) to win. We randomly choose a subscriber each month to send $100 in eco-home products or a RealGoods.com gift certificate (our choice). Plus, you'll receive FREE news, articles and action alerts from NaturalNews.com editors and join over 800,000 monthly readers who report extraordinary health improvements after becoming a subscriber! Receive breaking news alerts on natural health solutions, renewable energy, the environment, global warming and more. Receive a free instant download of our $29 Secret Sources guide that reveals top sources for little-known health and diet solutions.	Your Email Address: Free Subscription Code: Enter the numbers you see: 100% free of charge. Unsubscribe anytime. Absolutely no spam. We respect your email privacy.
Recommended Special Report: Seven Words that can Change the World by Joseph R. Simonetta Read this special report now... "Seven Words That Can Change the World reveals the astonishing, simple truths that have the power to forever transform our world for the better while freeing our minds from the enslavement of limiting beliefs. This is not a text for the simple-minded; it is a guiding philosophy for the mindful, intelligent few who are wise enough to seek out -- and recognize -- the higher simplicities of truly purposeful living." - Mike Adams, the Health Ranger, editor of NaturalNews.com	More on NaturalNews.com: • Streaming Health Ranger Videos • CounterThink Cartoons • FREE Special Reports • Podcasts