Trying to understand this process

[Mir]

If I lived within' my means, I'd be in a cardboard box near the train station!!!

I was just explaining my situation.
Everyone should do what they feel right, as long as it does not harm anyone else.

[Blues Fairy]

For a Russian, nothing can be worse than being in debt. They feel very insecure when they know that they owe someone some cash. Cash makes people feel secure. Loans make Russians feel themselves unsecurely.

Generalizing again. 

I would have felt VERY secure and comfortable with my 3-year, 10% car loan, if only the stupid bank would not make the procedure of monthly payments such a pain in the ass.  Instead of quick and easy internet payments, I had to go to the bank physically, and their work day ends at 6 pm (mine ends at 7 pm).  And I had to stand in the line of course.  So it was logistically convenient for me to pay it off early - not because I was uncomfortable with the idea.

[Lily]

Generalizing again. 
 

Yes, I admit my generalization and confess 

[TigerPaws]

I just had the mortgage conversation with my girl.  Hoo boy, there is a huge gap between us and them!  She said no way can we upgrade to a bigger house until I pay my mortgage off.  Wha?? and that its bad to have one.  Even after I explained leveraging.  And how I made a 1000% return on my home so far... none of it made sense.  All she wants to know is how many more years on my mortgage are left and if we can pay it off early.  I said no way, its a 5% fixed rate you'd be crazy to pay it off early! 

DKMM,

I feel your pain sir just do not try to rush it with your lady, it took my wife several years to "somewhat" understand our monetary system and even today she would rather pay cash for things so again do not push it yet.

TigerPaws

[Turboguy]

Personally I have hardly ever bought anything on credit.
Yes I use credit cards but only to collect rewards airmiles
Maybe in US you get tax relief on mortgage interest, we don't and it is quite pointless to keep a huge mortgage and pay interest on top of the capital.

In the USA it is the opposite.   Keeping a hugh mortgage and paying interest on top of capitol for many Americans is the key to whatever wealth a lot of them acquire in thier life.    They buy a house and thier payment with interest and principal is still not much more than rent and perhaps less and as the value of the property goes up and the mortgage comes down all of a sudden they have some net worth built up.  

Too many americans have too little self control to do it by saving, investing or retirement programs.   Too many also keep adding to thier mortgage balances with a home equity loan or second mortgage.  It is sad.

Personally I use credit cards for convience only and pay them off each month and have no mortgages.  Of course I only paid $ 3900 for my house.  Why would I need a mortgage.

[catzenmouse]

Personally I use credit cards for convience only and pay them off each month and have no mortgages.  Of course I only paid $ 3900 for my house.  Why would I need a mortgage.

Heck TG, that was a LOT of money back in 1912! 

Sorry, couldn't help myself with the age crack!

Ken

[Turboguy]

That's ok,  I think it is a funny remark too.   Actually I recall my dad paid a little less and had a mortgage with a 1% interest rate.   

I think I bought that house around 95 or so