The Truth About Debt - Unprecedented numbers of Americans are in debt for record amounts. More than HALF of all the money you make in your lifetime will go towards taxes, debt payments, and fees. Every day, over 2,200 Americans lose their jobs. However, the rates then increase considerably, usually after only six months.
People commonly borrow against their home equity.
United Jersey Bank advertises that you can make minimum payments, only on interest, for up to ten years . Imagine, ten years could pass, you could pay thousands of dollars, and still have made NO progress on reducing your loan. Nothing like throwing away your future for a little immediate gratification. Every dollar you pay above the minimum monthly payment on a debt earns you a gain equivalent to the interest rate the debt charges. That's way better than most investments average over time.