how about paying it off?

[debtbubble]

The real estate bubble has its own distinctly disturbing characteristics. For example one could argue, and quite cogently, that the home has become the new “margin account” as consumers through popular programs like “cash-out” Refinancing increasingly leverage against unrealized gains in their single largest asset. Perhaps the most disturbing hallmark of this Refi mania is the corresponding plunge in homeowners’ equity-stake....The cash-out Refi numbers reveal a “speculative fervor” that makes the Nasdaq mania look tame. According to estimates by Fannie Mae, the average cash-out Refi is $34,000. This sounds like a lot to me, particularly considering that the median home price is just $150,000...e.g., the average Joe is extracting 20% of his home value!

Folks, the borrowing over the past 7 years is coming home to roost. Contrary to what the mortgage industry and the financial services industry have told you.... having no debt is a GOOD idea. After all why would you take advice from two industries now responsible for financial fraud of historic proportions? Wouldn't it be nice to have your home paid for? What would your life be like without a mortgage payment or other debt?
If interested in becoming debt free please contact me.

Jack Miller
jfm92109@yahoo.com

[Short Sale Pro]

Hey Jack,

its good to have you back.  So are you saying that being completely debt free is a good thing?  If that is what you are saying then i will kindly have to disagree.  From what i have read in a few different publications i noticed a trend that kept coming up. 

To have a solid credit rating you have to kept your credit limits below 25% of the actual available credit.  Meaning if you have a credit line for $10,000 it is a good idea to keep your balance at $2,500 or below and make timely payments.

Having no credit is not a good idea.  Lenders want to a steady solid history, and maxing out credit is not a sign of stability.  Am i suggesting that it is good to be debt free?  No just don't get ridiculous with your spending because interest is the number one killer, interest and late payments.

[debtbubble]

I understand what you are saying... it is good idea to have good credit. Nobody can argue that...
The fact is however, that as a nation we have a negative savings rate.  Retirement for many people is a dream. Why? Because they have monthly payment obligations to meet and never have enough to set a side for their future.
Myth- debt is a tool and should be used to to help create prosperity
Truth- Debt isn't used by weathy people nearly as much as we are led to believe.
Debt is dumb.  Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you're in debt, then you're a slave because you do not have the freedom to use your money to benefit your life. The only life you are benefitting is the creditor. 78% of Baby Boomers have mortgage debt, 59% have credit card debt, and 56% have car payments.
I have been a financial planner for 10 yrs... and see it every day. Many families are strapped. What I am suggesting is to pay down the debts. Debt is a double edged sword. What would your life be like without a mortgage payment? How much could you save? How much less stress would you have?  What kind of vacations could you go on? What kind of vacations are the people running the banks and credit cards currently going on?
Wake up America! Debt is ruining your American Dream! Has anyone noticed the price of gas? The price of Gold? The cost of living is rising due to inflation caused by debt. Now your bills are going higher and the debts are still there.
If you are in a hole the first step is to stop digging!
It is ridiculous to assume that borrowing money is better than saving money. It is also ridiculous to assume that little old Charlotte NC is ammune to the fact the United States is currently in a historically large debt bubble. Capital One just announced lower earnings today due to defaults and delinquencies.. Is your 401k safe? Well the Dow has doubled over the last 7 years. True, but the dollar has LOST half its value. Nobody got wealthier!!!  Today the banks are writting off huge losses... and some are suggesting Americans borrow more? To become wealthy you must not follow the crowd. If the crowd has debt up to their eye balls what should you do?