Is there really a difference? Debt is debt! Most people do not see it like that and refer to non-mortgage debt as bad debt. They believe that having a mortgage is good debt and it is ok to have that kind of debt load. Some will even lump in vehicle debt as being OK too. Not me.
Yes, I will agree that most people are going into debt to purchase a house. That is a given. However, many buy the wrong house because they can borrow money to do it. To some degree, that has had an affect on our current economic state.
Whether it is a bigger house because we can afford the payment, borrowing to make an investment, or just keeping up with the Jones – mortgage debt should not be considered good debt. No debt is good debt.
Regardless, carrying a mortgage is no fun. You should strive to pay that thing off as fast you can. When you do, then you can truly say you are a “homeowner” and potentially be debt free!!
