Or, rather, success depends on how we handle our debt, especially in our prime earning years. Paul Petillo at Target2025 has a few, simple guidelines on how to best service your debt.
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Paying your mortgage should come as no real surprise as the single most important obligation to pay. The easiest way to think about this comes from the relatively inexpensive service cost (interest rate) you pay on that mortgage.
You may be paying as much 15% less for this debt and if inflation is factored into the equation, the length of the loan actually works in your favor. (If inflation goes up and your dollar is worth less, your payment doesn’t change, giving you the illusion that over time, the mortgage will actually be less costly.)